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maximum penalty is $50,000 per return ($250,000 if the gross assets of the fund are greater than $10,000,000), if the failure to file is due to intentional disregard. These amounts are effective for taxable years that begin after the enactment of the OBBBA. These amounts are adjusted for inflation for returns required to be filed in calendar years beginning after 2026. SECTION 3. 2025 ADJUSTED ITEMS AS MODIFIED, SUPERSEDED OR SUPPLEMENTED .01 Removal of Section 2.15(1) of Rev. Proc. 2024-40. Section 63(c)(7) as amended by the OBBBA provides the standard deduction amounts under § 63(c)(2) for any taxable year beginning in 2025 as follows: Filing Status

Standard Deduction

Married Individuals Filing Joint Returns and Surviving Spouses (§ 1(j)(2)(A)) $31,500 Heads of Households (§ 1(j)(2)(B)) $23,625 Unmarried Individuals (other than Surviving Spouses and Heads of Households) (§ 1(j)(2)(C)) $15,750 Married Individuals Filing Separate Returns (§ 1(j)(2)(D)) $15,750

Accordingly, section 2.15(1) of Rev. Proc. 2024-40 is removed.

.02 Removal of Section 2.25 of Rev. Proc. 2024-40. (1) Section 179(b)(1) as amended by the OBBBA provides that the maximum amount allowable for expensing under § 179 is $2,500,000 for any taxable year beginning in 2025. Section 179(b)(2) as amended by the OBBBA provides that, for any taxable year beginning in 2025, the $2,500,000 amount is reduced by the amount by which the cost of § 179 property placed in service during the taxable year exceeds $4,000,000, but not below $0. Accordingly, section 2.25 of Rev. Proc. 2024-40 is