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IR-2024-273, Oct. 22, 2024. WASHINGTON — The Internal Revenue Service announced today the annual inflation adjustments for tax year 2025. Revenue Procedure 2024-40 PDF provides detailed information on adjustments and changes to more than 60 tax provisions that will impact taxpayers when they file their returns in 2026.
Here's a summary of the major tax law changes coming in 2026 and some steps individuals and business owners can take to prepare.
WASHINGTON — The Internal Revenue Service today announced the annual inflation adjustments for more than 60 tax provisions for tax year 2024, including the tax rate schedules and other tax changes. Revenue Procedure 2023-34 provides detailed information about these annual adjustments.
To help, we put together a list of the most important tax law changes and adjustments for 2024, with some related items grouped.
With higher standard deduction amounts, expanded income tax brackets and changes to business write-offs, the 2024 tax season will look different. Ready or not, the 2024 tax filing season is...
IRS announces sweeping effort to restore fairness to tax system with Inflation Reduction Act funding; new compliance efforts focused on increasing scrutiny on high-income, partnerships, corporations and promoters abusing tax rules on the books.
President Joe Biden signed into law Aug. 16 a sweeping tax reconciliation bill with more than $450 billion in tax increases and $260 billion in energy tax incentives. The legislation, known as the “Inflation Reduction Act” (H.R. 5376), passed the House on Aug. 12 by a vote of 220-207, after passing the evenly divided Senate on Aug. 7.