IRS Rev. Proc.: 2026 Inflation-Adjusted Tax Items Following OBBBA

The IRS issued revenue procedures updating inflation-adjusted amounts for 2026 following enactment of the One Big Beautiful Bill Act (OBBBA). The revenue procedure modifies Rev. Proc. 2024-40 to reflect OBBBA amendments, including permanent tax rate tables under I.R.C. §1(j), increased standard deduction amounts under I.R.C. §63(c)(7), enhanced child tax credit provisions under I.R.C. §24, and expanded section 179 expense limits under I.R.C. §179. It also provides inflation adjustments for over 60 tax provisions affecting individual and business taxpayers, including income thresholds, deduction limits, credit amounts, penalty figures, and various exclusions for tax year 2026. [Rev Proc. 2025-32, (Oct. 09, 2025)] ...