By Payroll and Entitlements Editorial Staff
The IRS has released the annual inflation figures for 2020. The amounts include 2020 tax brackets, the standard deduction, alternative minimum tax amounts, among others. The amounts are based upon Consumer Price Index figures released by the U.S. Department of Labor.
The Tax Cuts and Jobs Act of 2017 (TCJA) (P.L. 115-97) mandated a change from the Consumer Price Index for All Urban Consumers (CPI-U) to the Chained Consumer Price Index for All Urban Consumers (C-CPI-U). (IRS New Release IR-2019-180, November 6, 2019; IRS Rev. Proc. 2019-44, IRB 2019-47, dated November 18, 2019.)
Interested in submitting an article?
Submit your information to us today!Learn More