Annual Inflation Adjustments for Tax Year 2022
The Internal Revenue Service has announced annual inflation adjustments for tax year 2022. The new details on tax rates can be found on Revenue Procedure 2021-45 released on November 10, 2021 https://www.irs.gov/pub/irs-drop/rp-21-45.pdf. The new amounts for retirement contributions can be found on IRS Notice 2021-61 released on November 4, 2021 https://www.irs.gov/pub/irs-drop/n-21-61.pdf.
If you have any questions on these new amounts, please contact the Attorneys at Allison & Mosby-Scott.