Fwd: RP-2014-49 & RP-2014-50

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From: Guidewire <irs@service.govdelivery.com>
Date: Thu, Aug 21, 2014 at 11:43 AM
Subject: RP-2014-49 & RP-2014-50
To: iammejtm@gmail.com

IRS GuideWire August 21, 2014

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Issue Number:    RP-2014-49 & RP-2014-50 Inside This Issue Revenue Procedure 2014-49 which, in the context of a Major Disaster, provides temporary relief from certain requirements of § 42 of the Internal Revenue Code for Agencies and Owners.  The revenue procedure also provides emergency housing relief for individuals who are displaced by a Major Disaster from their principal residences in certain Major Disaster Areas. Revenue Procedure 2014-50, which automatically suspends certain requirements under § 142(d) for qualified residential rental projects financed with exempt facility bonds issued by state and local governments under § 142.  The revenue procedure suspends these requirements for one year following a Presidential declaration of a qualifying major disaster.  During this period, the revenue procedure suspends the income requirements for units occupied by individuals displaced by the disaster and modifies other requirements of § 142(d) to accommodate this suspension. Both will appear in IRB 2014-37 dated Sept. 8, 2014. Back to Top Thank you for subscribing to IRS GuideWire, an IRS e-mail service. If you are a Tax Professional and have a specific concern about your tax situation, call the IRS Practitioner Priority Service 1-866-860-4259. This message was distributed automatically from the IRS GuideWire mailing list. Please Do Not Reply To This Message.

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Jeremy Tobias Matthews