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.