On November 8, 2021, the IRS published Revenue Procedure 2021-45, which includes information return penalties for tax year 2022. We have prepared a chart that includes the increases from tax year 2020 to tax year 2021 and finally the new penalties adjusted for inflation for reporting 2022 information in the year 2023.
Check out inflation increases in Revenue Procedure 2021-45 here:
https://www.irs.gov/pub/irs-drop/rp-21-45.pdf
Click here to view our helpful charts!