The U.S. IRS issued Revenue Procedure 2024-40 on 22 October 2024, which provides the tax year 2025 annual inflation adjustments for more than 60 tax provisions, including the tax rate schedules and other tax changes. The adjustments have been summarized by the IRS in the following release:

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IRS releases tax inflation adjustments for tax year 2025

WASHINGTON — The Internal Revenue Servi…