The IRS recently announced its 2020 annual inflation adjustments for more than 60 tax provisions, including the tax rate schedules and other tax changes. Details of the adjustments can be found in Revenue Procedure 2019-44 (PDF).
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 the tax year 2021.
Under the new tax year 2020 adjustments, the standard deduction for married filing jointly rises to $24,800 for tax year 2020 (up $400 from the prior year). For single taxpayers and married individuals filing separately, the standard deduction rises to $12,400 (up $200). For heads of households, the standard deduction rises to $18,650 (up $300).
The personal exemption for the tax year 2020 will remain the same at zero. Elimination of the exemption was a provision in the Tax Cuts and Jobs Act.