Revenue Procedure 2011-20 provides information to any individual who failed to meet the eligibility requirements of section 911(d)(1) of the Internal Revenue Code because adverse conditions in a foreign country precluded the individual from meeting those requirements for taxable year 2010. This revenue procedure lists the countries for which the eligibility requirements of section 911(d)(1) are waived for taxable year 2010.
Announcement 2011-20 advises hospital organizations described in § 501(c)(3) to delay filing their 2010 Form 990 until July 1, 2011. Hospital organizations with return due dates prior to August 15, 2011 have been granted automatic three-month extensions of time to file and these affected hospital organization may rely that no late filing penalties under § 6652(c)(1)(A)(i) will apply if they file by their extended due dates.
Notice 2011-14 providing guidance on the federal tax consequences of payments made to or on behalf of financially distressed homeowners under programs established pursuant to the Treasury Department’s Housing Finance Agency Innovative Fund for the Hardest-Hit Housing Markets and the Department of Housing and Urban Development’s Emergency Homeowners’ Loan Program. This notice also provides guidance on the information reporting requirements for these payments.