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Tax and financial planning news from around the web: October 31 – November 4, 2022

Written on Oct 31, 2022

The IRS recently set forth administrative guidance indicating it is extending the transition period during which taxpayers are required to adhere to the much more arduous and onerous R&D tax credit reporting requirements. 

The limit on contributions to retirement savings account will rise by $2,000 to a maximum of $22,500 next year, reflecting the change in the consumer price index.