Notice 2023-23 provides guidance to financial institutions on reporting required minimum distributions (RMD) for 2023 after the amendment to section 401(a)(9) of the Internal Revenue Code made by Section 107, Division T of the Consolidated Appropriations Act, 2023, P.L. 117-328 (the SECURE 2.0 Act). Pursuant to Notice 2002-27, if an IRA owner has an RMD due for 2023, the financial institution that maintains the IRA must provide a statement by January 31, 2023, informing the IRA owner of the amount due (or an offer to calculate such amount) and the date by which the RMD must be distributed. Prior to the SECURE 2.0 Act, this statement would have been required for all IRA owners who will attain age 72 in 2023 (the year for which the first RMD is due). However, after the Act, the first RMD will be due for the year in which the IRA owner attains age 73. This notice provides that if the RMD statement is provided in the year in which the IRA owner attains age 72, the IRS will not consider such statement to be incorrect provided the financial institution notifies the IRA owner no later than April 28, 2023, that no RMD is due for 2023.

General Rules and Specifications for Substitute Form 941, Schedule B (Form 941), Schedule D (Form 941), Schedule R (Form 941), and Form 8974.

This revenue procedure provides general rules and specifications from the IRS for paper and computer-generated substitutes for Form 941; Schedule B (Form 941); Schedule D (Form 941); Schedule R (Form 941); and Form 8974. This revenue procedure supersedes Revenue Procedure 2022-15, 2022-13 I.R.B. 908.

NOTE. This revenue procedure will be reproduced as the next revision of IRS Publication 4436, General Rules and Specifications for Substitute Form 941, Schedule B (Form 941), Schedule D (Form 941), Schedule R (Form 941), and Form 8974.

This revenue procedure modifies and supersedes both Rev. Proc. 2016-33 and Rev. Proc. 2017-14. It addresses the procedures for applying to be certified as a Certified Professional Employer Organization (CPEO), the requirements for a CPEO to remain certified, and the procedures relating to suspension and revocation of CPEO certification.

26 CFR 301.7705: Applying for and maintaining certification as a certified professional employer organization.

This notice provides the general rules for determining the credit for production from advanced nuclear power facilities under § 45J (§ 45J credit) and that the amount of the unutilized national megawatt capacity limitation (NMCL) available for allocation is 6,000 megawatts. This notice also provides the procedures for taxpayers to apply for allocations of, and that the Internal Revenue Service (IRS) will use to allocate, the unutilized NMCL to facilities that the Department of Energy previously certified as an “advanced nuclear facility” under Notice 2013-68, 2013-46 I.R.B. 501. In addition, the notice provides the procedures for a “qualified public entity” to elect to transfer all or a portion of the § 45J credit to an “eligible project partner.” Finally, the notice requests comments on issues impacting the § 45J credit.

Notice 2023-26 provides for adjustments to the limitation on housing expenses for purposes of section 911 of the Internal Revenue Code for the 2023 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 2023 tax year than the adjusted limitations on housing expenses provided in Notice 2022-10, qualified taxpayers may apply the adjusted limitations in this notice for the 2023 tax year to their 2022 tax year.

This revenue procedure provides indexing adjustments for the applicable dollar amounts under section 4980H(c)(1) and (b)(1) of the Internal Revenue Code. These indexed amounts are used to calculate the employer shared responsibility payments under section 4980H(a) and (b)(1), respectively.

26 CFR 601.601: Rules and Regulations.

(Also Part I, §§ 4980H; 54.4980H)

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 2022). Both the bona fide residence test and the physical presence test contain minimum time requirements. Revenue Procedure 2023-19 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. 2023-19 adds Ethiopia, Iraq, Ukraine, Belarus, China, and Mali to the list of waiver countries for tax year 2022 for which the minimum time requirements are waived.

26 CFR 1.911-2: Qualified Individuals.

(Also: Part I, § 911.)