With new deductions and provisions, the 2026 tax filing season is underway and 164 million people are expected to file taxes by the federal tax deadline on April 15. BDO USA, a professional services firm that provides assurance, tax, financial advisory and consulting services, has taken steps to und erstand new tax laws and their impacts along with clients’ goals in order to limit their tax exposures. Unlike in previous years, the firm’s tax preparers didn’t need to handle tax deadline extensions related to disaster relief, allowing them to do additional planning at the end of 2025. “One thing that’s a little different this year than prior years, we’ve been living in a constant state of delays only because of the hurricane extensions from prior years that the IRS extends and states extend,” said BDO Florida Tax Market Leader Daniel Castro. “So comparing year-over-year, we were still working on some hurricane extensions, whereas this year we had all that behind us with a normal compliance season, so we can transition and roll into the new tax year. So that allowed us, at the end of last year, to do a lot more year-end planning.” Mr. Castro added that BDO emphasizes a total tax approach, meaning all taxes at the international, federal, state and local levels are taken into consideration. “One thing about us at BDO, we focus our tax practice and our tax strategy and vision from a total tax approach, and what that means is we look at federal, we look at state, we look at international, foreign, direct and indirect, to really be very strategic for our clients from a total tax liability standpoint, and be very creative, consultative and strategic and finding ways to minimize their tax liability across the whole spectrum,” he said. “And so heavy focus on accelerating a lot of that work and planning earlier this year,” he added, “so we could hit the new year out of the gates running and being very focused on strategic planning of resources, workflows, client information, trying to get as much work done earlier … so we could create capacity to do more of the great tax planning and use our expertise and capabilities … so it’s been more of an emphasis and focus for our practice this year.” The One Big Beautiful Bill Act, which was signed into law last July, adds new tax rules, including an increase in child tax credit from $2,000 to $2,200 per child. There are also new rules for overtime, tips and auto loan interest. “The regulatory side is complex, continues to increase in complexity,” Mr. Castro said. “Clients’ expectations are only increasing. We’re facing challenges when it comes to the technologies and the resources and talent, so we’re trying to be more upfront when it comes to understanding the business and the individual’s goals and strategies for the current and for the upcoming, near future so we could be more proactive when it comes to planning and minimizing tax across the whole total tax landscape.” “Obviously, there’s the one that we call the OB three, which is the One Big Beautiful Bill that was passed last year, so new regulatory, new tax laws that take effect for 2025 and going forward,” he continued, “so understanding the new rules and the new laws, how do they impact our clients? Is there any planning or any things that – the elections or things they need to consider to take full advantage of the tax incentives that came across the new legislation?“So, very proactive dialogue, meetings, planning, right,” he said, “to understand where they’re at, how they’re performing, what their strategies are and how it can help them maximize the incentives and benefits available with all the new laws that are in place.” The post Professional preparers deal with new tax cuts appeared first on Miami Today. ...read more read less