Ankit Consulting Services Inc

Ankit Consulting Services Inc We are a Orange County CPA firm based in Rancho Santa Margarita committed to excellence integrity qu
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We offer a full array of accounting, auditing, tax preparation and consulting services to a wide-range of business and individual clients.

01/26/2026

TAX SEASON HAS OFFICIALLY BEGUN The Internal Revenue Service announced that today Monday, January 26, 2026, as the opening of the nation’s 2026 filing season. This year, several new tax law provisions of the One, Big, Beautiful Bill become effective, which could impact federal taxes, credits and deductions.
Major New Law: “One Big Beautiful Bill Act” (OBBBA)
Many of the biggest changes come from this new tax law signed in July 2025 — it massively alters deductions and credits for 2025 filings.
📈 Bigger Deductions & Credits
1. Increased Standard Deduction
• Standard deduction amounts went up (e.g., single ~$15,750; joint ~$31,500).
2. State & Local Tax (SALT) Deduction Cap Up
• SALT cap raised from $10,000 → $40,000 (2025–2029) for most filers (phases down for high earners).
3. Child Tax Credit Increased
• Maximum child tax credit bumped to $2,200 per qualifying child.
4. New Targeted Deductions
• Senior Deduction: up to $6,000 for filers 65+ (in addition to standard).
• Qualified Tips Deduction: avoid tax on certain tip income.
• Overtime Deduction: may deduct part of overtime income.
• Auto Loan Interest: up to $10,000 deductible if vehicle assembled in the U.S.
🧑‍💻 Filing Season Logistics
• Filing dates:
• IRS began accepting 2025 tax returns in late January 2026 and the deadline is April 15, 2026.
• Phasing out paper checks:
Refunds by paper check are being phased out — direct deposit is now emphasized.
• IRS modernization / staffing changes:
The IRS is reorganizing operations ahead of 2026 season, partly due to these new rules.
• No IRS Direct File:
The free government-run Direct File system was discontinued after 2025.
📊 Other Key Shifts Affecting Many Filers
• Tax Bracket Inflation Adjustments
Rates stay the same but thresholds were adjusted for inflation, meaning taxpayers may be pushed into lower bracket levels relative to income growth.
• Energy & Electric Vehicle Credits Changing
Some clean-energy and EV tax credits expired or are limited after 2025.
• Continued Impact of TCJA Extensions
Many Tax Cuts and Jobs Act (TCJA) benefits — like individual rate cuts and the QBI pass-through deduction — remain in effect under the new law.

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11/14/2024

Dear Valued Clients,

In light of the recent changes brought about by the Corporate Transparency Act (CTA) and the Beneficial Ownership Information (BOI) requirements, we are reaching out to provide you with crucial updates and assure you of our commitment to helping you achieve full compliance.



Beginning January 1, 2024, a significant change is coming that could affect the individuals and businesses. Whether it's single-member LLCs, small multi-member LLCs, small S corporations, or small C corporations, you may be required to provide detailed reporting on the beneficial owners—the people who own or control these entities.

The new FinCEN reporting applies to many of you, including any that own rental properties in an LLC.

Small corporations and LLCs are those with



20 or fewer full-time employees.

$5 million or less in domestic gross receipts reported on their prior tax return.

A physical U.S. presence.



To ensure compliance, the penalties for willfully violating the Business Ownership Information (BOI) reporting requirements include



Civil penalties of up to $500 for each day a violation is not remedied.

A criminal fine of up to $10,000.

Possible imprisonment of up to two years.



There’s no limit on the number of people who can be subject to these penalties. Both senior managers and corporate entities can be held liable for willful violations of the BOI filing rules, including

Anyone who willfully files a false or fraudulent BOI report on a company’s behalf.

Anyone who willfully provides false information to the filer of a BOI report.

Beneficial owners who willfully fail to file a BOI report or file a false report, including corporate officers, directors, or employees and LLC members and employees.



The new regulations are designed to enhance transparency, making it more difficult to conceal illicit activities through anonymous corporate structures.



You are required to file with FinCEN and report any changes within 30 days.

The rules are effective for both new and existing entities in 2024:



New entities have to file within 90 days of formation.



Existing entities have to file on or before January 1, 2025 (which is closer than you think).



Ignoring the new reporting requirements is not an option


We’re here to make regulatory compliance as seamless as possible for you.

If you have any questions or need assistance, please don't hesitate to contact us.

You can reach us by phone at (949)-683-3034 or by email at [email protected]





Ankit Consulting Services Inc

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Address

30211 Avenida De Las Bandera Ste 200
Rancho Santa Margarita, CA
92688

Opening Hours

Monday 8am - 6pm
Tuesday 8am - 6pm
Wednesday 8am - 6pm
Thursday 8am - 6pm
Friday 8am - 6pm

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