Federal Tax Topics

Internal Revenue Service Advisory Council Accepting Applications 

IRS is accepting applications for the Internal Revenue Service Advisory Council (IRSAC) through June 3. Members are appointed to three-year terms beginning in January 2023.

Updated Offer in Compromise Form 656 Booklet 

Tax professionals submitting Offers in Compromise (OICs) to IRS must use the most current year version of the Form 656-B, Offer in Compromise Booklet in order to avoid processing issues.

2022 Passenger Vehicle Depreciation Limits 

Revenue Procedure 2022-17 provides tables of limitations on depreciation deductions for owners of passenger automobiles, trucks and vans placed in service in 2022.

Deferred Payments for COVID Economic Injury Disaster Loan (EIDL) Borrowers 

The SBA announced this week that it will provide an additional deferment of principal and interest payments for existing COVID Economic Injury Disaster Loan (EIDL) program borrowers

IRS Suspends Mailing of Additional Letters 

IRS has suspended more than a dozen automated taxpayer letters, including collection due notices, balance due notices, and unfiled tax return notices, until its backlog of returns is worked through.