Tax News & IRS Updates 2026 | E Alex Ortiz, CPA, PA

Stay informed about important tax law changes, filing deadlines, and IRS updates that may affect you. For questions specific to your situation, please call our office at 305-340-2000.

2026 Tax Filing Season

Filing Season Opens: January 26, 2026
Tax Filing Deadline: April 15, 2026

The IRS will begin accepting 2025 tax returns on January 26, 2026. This filing season includes major changes from the One Big Beautiful Bill Act (OBBBA), signed into law in July 2025. The new Schedule 1-A form will be used to claim new deductions for tips, overtime pay, and car loan interest.

IRS: Get Ready for the 2026 Tax Filing Season →

One Big Beautiful Bill Act (OBBBA) — Key Changes

The One Big Beautiful Bill Act (H.R. 1, P.L. 119-21), signed on July 4, 2025, made sweeping changes to federal tax law. Many provisions from the 2017 Tax Cuts and Jobs Act have been made permanent, and new tax benefits have been added.

Key Provisions for Individuals:

Standard Deduction (Permanent): $15,750 (single), $23,625 (head of household), $31,500 (married filing jointly)
SALT Cap Increase: State and local tax deduction limit raised to $40,000 (from $10,000)
Child Tax Credit: Increased to $2,200 per child for 2025, indexed for inflation
New Deduction for Tips: Up to $25,000 in reported tip income can be excluded from taxable income
New Deduction for Overtime: Up to $12,500 ($25,000 joint) of overtime pay is deductible
Senior Deduction: Temporary $6,000 deduction for taxpayers age 65+ (2025–2028)
Car Loan Interest Deduction: New deduction for interest on specified passenger vehicle loans

Resources from the AICPA

Journal of Accountancy: Tax Provisions in the OBBBA →

Business Tax Provisions

The OBBBA also includes important changes for businesses, including extensions of TCJA provisions and updates to pass-through entity taxation. Key areas include:

Permanent extension of the 20% qualified business income (QBI) deduction under Section 199A
Preservation of pass-through entity tax (PTET) SALT deduction
Changes to excess business loss carryforward rules
Updates to corporate foreign income taxation provisions

For guidance specific to your business, please contact our office.

Important Reminders

Direct Deposit Required: The IRS is phasing out paper refund checks. Ensure you have bank account information ready for direct deposit.
Digital Asset Reporting: New Form 1099-DA will be used to report digital asset (cryptocurrency) transactions.
IRS Online Account: Access your tax records, payment history, and more at IRS.gov.

Questions?

Our office is here to help you understand how these tax law changes may affect your situation. Please contact us to schedule an appointment.

Phone: 305-340-2000
Email: info@alexortizcpa.com