FocusPay Solutions wants to share an important update regarding changes to catch-up contributions effective for the 2026 plan year. We want to make sure you understand what is changing, who is affected, and how you can plan accordingly.
The Internal Revenue Service has issued a release explaining changes in retirement plan limits for 2026. Below is a summary of this release. The provisions can be complex, so current and prospective plan participants should work with a financial professional.
Posted in Business Advisory
If your business has employees or uses independent contractors, you have associated annual information reporting obligations. The One Big Beautiful Bill Act (OBBBA) makes changes impacting these rules, but not for the 2025 tax year.
Posted in Business Advisory
As 2025 winds down, it’s important to review your company’s accounting for unused paid time off (PTO). Many employers allow employees to carry forward unused vacation, sick leave, or personal time. This policy may create liabilities under U.S. Generally Accepted Accounting Principles (GAAP) — and, if your staff tends to bank time off, your PTO accrual may be larger than expected. Here’s what to consider as you finalize your financials.
Posted in Audit & Assurance
Year-end is fast approaching. Calendar-year entities that issue audited financial statements may be gearing up for the start of audit fieldwork — closing their books, preparing schedules, and coordinating with external auditors. But there’s one valuable audit deliverable that often gets overlooked: the management letter (sometimes called the “internal control letter” or “letter of recommendations”).
Posted in Audit & Assurance
With the passing of the One Big Beautiful Bill Act (OBBBA), the Federal Reserve cutting interest rates, and inflation showing signs of moderating, tax planning remains as important as ever for taxpayers seeking to manage cash flows and reduce their tax liabilities over time.
Posted in Individual Tax
Interest paid or accrued by a business is generally deductible for federal tax purposes. But limitations apply. Now, some changes under the One Big Beautiful Bill Act (OBBBA) will result in larger deductions for affected taxpayers.
Posted in Business Tax
Year-round tax planning generally produces the best results, but there are some steps you can still take in December to lower your 2025 taxes. Here are six to consider:
Posted in Business Tax
Choosing the right bookkeeper is one of the most important staffing decisions your business will make. A skilled bookkeeper maintains accurate financial records, manages cash flow, and ensures compliance with accounting and tax requirements. But finding the right person can be challenging, especially in today’s competitive job market. Whether you’re replacing a long-time team member or hiring for the first time, here are some key factors to consider when interviewing candidates.
Posted in Accounting & Outsourcing
As we approach year-end and begin preparing for W-2 distribution, it’s important for employers to revisit a key federal requirement that is often overlooked: all payroll and tax reporting must reflect an employee’s legal name exactly as it appears on their Social Security card.
Posted in Payroll, HR & Benefits
