Upcoming holiday period marks peak time for IRS phones lines and Technical Guidance

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e-News for Tax Professionals February 14, 2025

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Issue Number:  2025-07

Inside This Issue

* Upcoming holiday period marks peak time for IRS phone lines; use IRS online resources for help [ #First ]
* Technical Guidance [ #Second ]
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*1.  Upcoming holiday period marks peak time for IRS phone lines; use IRS online resources for help*

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Presidents Day weekend historically marks a peak period for IRS phone lines [ [link removed] ]. Encourage your clients to use online self-help tools [ [link removed] ] and resources available on IRS.gov to get quick answers and avoid phone delays during the anticipated peak demand for IRS phone lines around the federal holiday. The IRS also has a variety of information available on IRS.gov to help taxpayers and tax professionals, including the Let us help you [ [link removed] ] page. 

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*2.  Technical Guidance*

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Notice 2025-14 [ [link removed] ] sets forth updates on the corporate bond monthly yield curve, the corresponding spot segment rates for January 2025 used under section 417(e)(3)(D), the 24-month average segment rates applicable for February 2025, and the 30-year Treasury rates, as reflected by the application of section 430(h)(2)(C)(iv).

Revenue Procedure 2025-15 [ [link removed] ] sets forth the unpaid loss discount factors for the 2024 accident year for purposes of section 846 of the Internal Revenue Code. This revenue procedure also provides the salvage discount factors for the 2024 accident year, which must be used to compute discounted estimated salvage recoverable under section 832 of the Internal Revenue Code.

Revenue Procedure 2025-16 [ [link removed] ] provides: (1) two tables of limitations on depreciation deductions for owners of passenger automobiles placed in service by the taxpayer during calendar year 2025; and (2) a table of dollar amounts that must be used to determine income inclusions by lessees of passenger automobiles with a lease term beginning in calendar year 2025.

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