Recently, the IRS made several announcements regarding information all tax professionals should know about, as well as pass along to their clients:
- Technical guidance for cost of living adjustments affecting dollar limitations for pension plans and other retirement-related items for tax year 2017 are included in Notice 2016-62. For more information, click here.
- Revenue Procedure 2016-55 provides details about tax year 2017 annual inflation adjustments for more than 50 tax provisions, including tax rate schedules and other tax changes. The tax year 2017 adjustments generally are used on tax returns filed in 2018. For more information, click here.
Check back often on the Intuit® ProConnect™ Tax Pro Center for tax updates from the IRS, along with information affecting you and your practice.