Inflation Adjustments for 2022 Returns
This article explains the new inflation adjustments that are being made by the IRS issued through Rev. Proc. 2021-45. The IRS also cautioned that “with legislation pending in Congress that might affect 2022 tax returns, taxpayers should consult future IRS guidance to determine if the adjusted amounts in Rev. Proc. 2021-45 remain applicable in 2022.”…