The notice informs taxpayers that the Treasury Department and the IRS intend to issue proposed regulations providing that the reduction of the exemption amount to zero under §151(d)(5)(A) for taxable years 2018–2025 will not be taken into account in determining whether a taxpayer is a “qualifying relative” under §152(d)(1)(B) for various provisions of the Code, including the credit for other dependents under §24(h)(4) and the head-of-household filing status under §2(b). The §151(d) exemption amount referenced in §152(d)(1)(B) will be treated as $4,150 (adjusted for inflation) for taxable years in which the §151(d)(5)(A) exemption amount is zero.

This revenue procedure provides a current list of jurisdictions with respect to which the reporting requirement of §§ 1.6049–4(b)(5) and 1.6049–8(a) of the Income Tax Regulations applies, effective for interest paid on or after January 1, 2019. This revenue procedure adds two countries, Argentina and Moldova, to this list. This revenue procedure also provides a current list of jurisdictions with which the Department of the Treasury and the Internal Revenue Service have determined that it is appropriate to have an automatic exchange relationship with respect to the information collected under §§ 1.6049–4(b)(5) and 1.6049–8(a). This revenue procedure adds one country, Greece, to this list. These two lists were last updated by Rev. Proc. 2017–46, 2017–43 I.R.B. 372.