The IRS has issued Revenue Procedure 2022-38, which sets forth inflation-adjusted items for various provisions of the Internal Revenue Code which will be applicable in 2023. Here are some of the highlights:
Income Tax Adjustments. Below is the tax table applicable to married individuals filing joint returns (and “Surviving Spouses”), for tax years beginning after December 31, 2022:
| If Taxable Income Is | The Tax Is |
| Not over $22,000 | 10% of the taxable income |
| Over $22,000 but not over $89,450 | $2,200 plus 12% of the excess over $22,000 |
| Over $89,450 but not over $190,750 | $10,294 plus ... |
If an individual or business owes federal taxes and does not have the current ability to pay these taxes, the IRS can consider placing the account into "currently not collectible" (CNC) status. If placed in CNC status, a taxpayer is not required to make a current payment on the unpaid taxes to the IRS, and the IRS will also not "levy" or "garnish" wages or seize bank accounts while an account is in CNC status.
Before the IRS will consider placing a taxpayer's account into CNC status, the individual or business must be up-to-date or "current" with the filing of their required tax returns, and ...