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2022 IRS Mileage Rates Go Up Mid-Year: What You Need to Know
For the first time since 2011, the IRS has made a midyear adjustment to the optional mileage rate used to calculate the deductible costs of operating an automobile for business and other specific purposes. The agency said the change is in recognition of recent...
2022 Transportation Fringe Benefit Limits Have Increased
The IRS has released Revenue Procedure 2021-45, which includes cost-of-living adjustments for employee qualified transportation fringe benefit limits for the 2022 taxable year, along with annually adjusted numbers for 2022 for a number of other tax provisions. The...
2022 Retirement Contribution Limits for 401K and IRA Plans
The Internal Revenue Service (IRS) has released Notice 2021-61, containing cost-of-living adjustments for 2022 that affect retirement contribution limits for employee 401(k) plans and individual retirement accounts (IRAs). 2022 401K and IRA Contribution Increases The...
