January 2022
During the last few months of 2021, the IRS issued Rev. Proc. 2021-45, adjusting for inflation a wide array of amounts applicable to the 2022 tax year for use with individual, business and estate and trust returns and related tax issues. This was partially due to the rising inflation rate, which has drastically risen from 1.7% in November 2020 to 7.04% in December 2021. In this article, we discuss how these changes may affect your 2022 tax returns.
