Federal Tax, Tax

IRS Announces Tax Year 2020 Annual Inflation Adjustments

The IRS announced tax year 2020 annual inflation adjustments for more than 60 tax provisions, including the tax rate schedules and other tax changes. Revenue Procedure 2019-44 provides details about these annual adjustments. The tax law change covered in the revenue procedure was added by the Taxpayer First Act of 2019, which increased the failure to file penalty to $330 for returns due after the end of 2019. The new penalty will be adjusted for inflation beginning with tax year 2021. Click here for all the information. Contact the Cg Team fore more information.

“Rev. Proc. 2019-44.” IRS.gov. https://www.irs.gov/pub/irs-drop/rp-19-44.pdf?fbclid=IwAR1Ih3eBDhuBgmAm-0nUTPe3SB-UzxWsuTya_LKg7s_WI9UvD917svLTpEQ.