Revocation of IRC 501(c)(3) Organizations for failure to meet the code section requirements. Contributions made to the organizations by individual donors are no longer deductible under IRC 170(b)(1)(A).

Notice 2024-31 provides for adjustments to the limitation on housing expenses for purposes of section 911 of the Internal Revenue Code for the 2024 tax year. These adjustments are made on the basis of geographic differences in housing costs relative to housing costs in the United States. If the limitation on housing expenses is higher for the 2024 tax year than the adjusted limitations on housing expenses provided in Notice 2023-26, qualified taxpayers may apply the adjusted limitations in this notice for the 2024 tax year to their 2023 tax year.

Generally, U.S. citizens or resident aliens living and working abroad are taxed on their worldwide income. However, if their tax home is in a foreign country and they meet either the bona fide residence test or the physical presence test, they can choose to exclude from their income a limited amount of their foreign earned income (up to $120,000 for 2023). Both the bona fide residence test and the physical presence test contain minimum time requirements. Revenue Procedure 2024-17 provides a waiver under section 911(d)(4) for the time requirements for individuals electing to exclude their foreign earned income who must leave a foreign country because of war, civil unrest, or similar adverse conditions in that country. Rev. Proc. 2024-17 adds Ukraine, Belarus, Sudan, Haiti, Niger, and Iraq to the list of waiver countries for tax year 2023 for which the minimum time requirements are waived.

26 CFR 1.911-2: Qualified Individuals.

(Also: Part I, § 911.)

This revenue procedure supplements Rev. Proc. 2023-32, 2023-41 I.R.B. 1064, by publishing amounts of unused housing credit carryovers allocated to qualified states under § 42(h)(3)(D) of the Internal Revenue Code for calendar year 2023 in addition to those amounts published in Rev. Proc. 2023-32.

The final regulations describe the rules for the elective payment of applicable credit amounts in a taxable year, including definitions and special rules applicable to partnerships and S corporations. In addition, the final regulations provide rules related to a required IRS pre-filing registration process. Temporary regulations that were previously issued to describe rules for the pre-filing registration process are removed. The pre-filing registration process is necessary to complete before filing an effective elective payment election for applicable credits.

26 CFR 1.6417-1 through 1.6417-6; 26 CFR 301.6241-1(a)(6)(iii) and (b)(1); 26 CFR 301.6241-7(j) through (k)

These final regulations describe the rules for the elective payment election under section 48D(d) of the Internal Revenue Code, as established by the CHIPS Act of 2022. The final regulations describe rules related to an IRS pre-filing registration process as a condition of, and prior to, any amount being treated as a payment made by or to the taxpayer. The final regulations also describe special rules applicable to partnerships and S corporations, repayment of excessive payments, and basis reduction and recapture.

26 CFR 1.48D-6: Elective Payment of Advanced Manufacturing Investment Credit