Support | M-Th 7-4
Pathway to Mid-year
With Spring Meetings coming to an end, we want to make sure 2026 is tidy and prepare for mid-year reviews right around the corner!
Small business financials and supporting documentation must be current for mid-year reporting and tax planning in June/July. Please take this time to ensure that all of your small business documentation has been submitted for 2026.
Tax Planning
With the addition of Income Tax filing this year we are offering tax review and planning services so that you can holistically monitor your business and personal tax implications at key points of the year. This service is optional and we will continue to support the CPA team of your choice with any tax planning efforts.
If you're current with your CFO Services, then you're eligible for Income Tax Services! Check your email this month to include a tax review this mid-year.
Small Business Changes & Reminders
Mileage Deduction
The 2026 standard mileage rate for business is 72.5 cents per mile.
1099 Threshold
Beginning with the 2026 tax year, the threshold for issuing 1099s has increased to $2,000, up from $600. As a reminder, you do no need to issue 1099s when payments to contracts have been made via credit card.
Corporate Minutes
All corporations (LLCs) need to hold and document an annual shareholder(s) meeting. You can hold more meetings, if needed, but one per year is the minimum requirement. Documentation of this meeting is referred to as 'minutes'. Learn more
Tax Withholding
With the IRS's Tax Withholding Estimator tool, you can use your business financials and household paystubs to:
- Estimate your federal income tax withholding,
- See how your refund, take-home pay, or tax due are affected by withholding amount, or
- Choose an estimated withholding amount that works for you.
Supporting Documentation
Supporting documentation audits were completed in April and communications sent for any outstanding items needed. By supplying your supporting documentation for the first part of the year, we can ensure your small business is compliant and prepare your mid-year financial information!
Reminder: Receipts are required for all expenses that do not have verified Bookkeeping Rules. Written notes, in lieu of receipts, will remove eligibility of CFO Services and Annual Support Services.
Receipt Capture
Receipt Capture is available for current expense receipts only. Receipt Capture does not support expenses that are for previous months. Receipt Capture does not support statements, deposits, letters, or documentation that is not an expense receipt.