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Welcome to our May 2026 Newsletter


Protax Consulting Services Inc. ("Protax") your Global Mobility Tax Services leader is actively engaged in the 2025 U.S. income tax season.  We are at the precipice of our most robust and busiest tax season ever in our history and we look forward to serving you for the upcoming 2025 U.S income tax season.


The Individual Highlights of the Tax Year 2025 Effects of the 2017 Tax Cuts and Jobs Act (TCJA) and the 2025 One Big Beautiful Bill Act (OBBBA)


The tax reform 2017 Tax Cuts and Jobs Act (TCJA) passed December 22, 2017 and it’s successor the 2025 One Big Beautiful Bill Act (OBBBA) passed July 4, 2025 in part to make permanent many of the provisions of the TCJA 2017 that were due to sunset on January 1, 2026.

The 2017 TCJA and successor OBBBA 2025 have had significant impacts on tax years starting 2018, now made permanent.   Here are summaries of some of the key provisions affecting tax years 2025 and 2026:


Individual tax calendar: Key deadlines for the remainder of 2026


Yes, the April 15 tax deadline is now behind us. But there are also deadlines during the rest of the year that are important to be aware of. To help you not miss any, here’s when some key tax-related forms, payments and other actions are due. Keep in mind that this list isn’t all-inclusive. There may be additional deadlines that apply to you.


4 Types of Deductible Interest Expense for Individuals


Taxpayers who take out certain kinds of loans may qualify for a deduction on their federal returns. We outline the four key types of deductible interest expense for individuals: mortgage, investment, student loan and auto loan. A sidebar examines the business interest expense deduction, which has been affected by recent tax law changes.


Are you eligible for mileage deductions?


Whether you’re filing your 2025 individual income tax return or planning for 2026, it’s important to know if you can deduct vehicle-related expenses. A change that was made permanent by last year’s One Big Beautiful Bill Act (OBBBA) limits who can claim a deduction for business mileage. But you might still be eligible, and deductions also may be available if you use your vehicle for certain nonbusiness purposes.  


What Happens If You Haven't Filed Tax Returns In Years


So you didn't file last year. Or the year before that, even though you were required to file. You may be facing some penalties, but all is not lost. Click through to learn how to get back into the IRS's good graces.



 


Protax Consulting Services, Inc.
Email: protax@protaxconsulting.com
Tel: (212) 714-9070
Fax: (212) 714-6654
Web: www.protaxconsulting.com
Seven Penn Plaza, Suite 816
New York, NY 10001

 

The tax advice included in this newsletter is an overview of some complex tax rules and is not intended as a thorough in-depth analysis of the tax issues discussed. Do not act on the information included in this newsletter without first determining how these issues apply to your particular set of circumstances and if there are any special tax laws or regulations that might apply to your situation.



Seven Penn Plaza, Suite 816
New York, NY 10001