The One, Big, Beautiful Bill Act (OBBBA) was signed into law on July 4. The new law includes a number of favorable changes that will affect small business taxpayers, and some unfavorable changes, too. Here’s a quick summary of some of the most important provisions.
Posted in Business Advisory
Alabama's Back-to-School Sales Tax Holiday Weekend: July 18–20, 2025
The State of Alabama will participate in its 20th annual Back-to-School Sales Tax Holiday Weekend, beginning Friday, July 18, 2025, at 12:01 a.m. and ending at midnight on Sunday, July 20, 2025. During this three-day event, shoppers can purchase a variety of school-related items free of the state’s 4% sales tax.
Posted in News & Events
The U.S. Census Bureau reports there were nearly 447,000 new business applications in May of 2025. The bureau measures this by tracking the number of businesses applying for an Employer Identification Number.
Posted in Business Tax
In baseball, the triple play is a high-impact defensive feat that knocks the competition out of the inning. In business, you have your own version — three key financial statements that can give you a competitive edge by monitoring profitability, liquidity, and solvency.
Posted in Business Tax
In accrual-basis accounting, timing is everything. One core principle of U.S. Generally Accepted Accounting Principles (GAAP) is the matching concept, which requires organizations to recognize expenses in the same period as the revenue they help generate. Prepaid expenses — payments made for goods or services before they’re used — must be handled carefully to conform to this principle. Here’s an overview of the accounting rules for reporting prepaid items and guidance to help you manage them effectively.
Posted in Accounting & Outsourcing
The president signed into law a sweeping reconciliation tax bill in a July 4 signing ceremony, capping a furious sprint to finish the legislation before the self-imposed holiday deadline. The Senate approved the bill in a 51-50 vote on July 1 after making a number of last-minute changes following intense bicameral negotiations. The House voted 218- 214 on July 3 to send the bill to the president’s desk.
With the legislation now final, taxpayers should focus on assessing its impact and identifying planning opportunities and challenges. The bill offers both tax cuts and increases that would affect nearly all businesses and investors.
Posted in Business Advisory
Hiring a new employee involves more than just onboarding and orientation. Two critical compliance requirements, E-Verify and state new hire reporting, must be addressed early in the employment process. These systems are essential for verifying work eligibility and meeting government mandates, and at FocusPay Solutions, we provide the tools and support to help you manage them effectively.
Posted in Payroll, HR & Benefits
If you’re claiming deductions for business meals or vehicle expenses, expect the IRS to closely review them. In some cases, taxpayers have incomplete documentation or try to create records months (or years) later. In doing so, they fail to meet the strict substantiation requirements set forth under tax law. Tax auditors are adept at rooting out inconsistencies, omissions, and errors in taxpayers’ records, as illustrated by one recent U.S. Tax Court case. (T.C. Memo. 2024-82)
Posted in Business Tax
Performing a mid-year QuickBooks® cleanup is a smart habit that small business owners and bookkeepers can adopt to stay ahead of their financial responsibilities. Waiting until year end to review your accounting records can lead to unnecessary stress, missed deductions and preventable errors.
Posted in Accounting & Outsourcing
If your company’s financial statements are audited, chances are your auditor will send out external confirmations.These information requests may be sent directly to your customers, vendors, banks, attorneys, and benefit plan administrators.
Posted in Accounting & Outsourcing
