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November 9, 2023

IRS releases 2024 inflation adjustments for tax provisions

In Revenue Procedure 2023-34, the IRS announces tax year 2024 annual inflation adjustments for more than 60 tax provisions. These adjustments generally apply to income tax returns filed in 2025. The adjustments are for tax provisions including the estate tax basic exclusion, the gift tax annual exclusion, standard deduction, income tax marginal brackets, Alternative Minimum Tax exemption, foreign earn income exclusion and certain fringe benefits. A Tax Alert is forthcoming.

Published by NTD’s Tax Technical Knowledge Services group; Andrea Ben-Yosef, legal editor