Financial Insights

The World Cup is at halftime. Is your business tax strategy?
The 2026 FIFA World Cup is happening right now across the United States, Canada, and Mexico — 48 teams, 104 matches, and millions of fans watching every move. While the world focuses on penalty kicks and golden goals, smart entrepreneurs know that mid-July is also one of the most important moments in the financial year.
Just like a soccer team that coasts through the first half only to panic in the second, business owners who ignore taxes until April are already playing from behind. The good news? Halftime adjustments work in business too, if you make them now.

Trump Accounts: Recent Updates for Families (July 2026)
If you haven't had a chance to read our original article on Trump Accounts, you can find it here. Since it was published, several important developments have taken place, including the official account activation process, the contribution start date, initial IRS guidance, and proposed regulations. Below is a concise update outlining what's changed and what families should know moving forward.

Many entrepreneurs use QuickBooks Online to manage bookkeeping in-house as a way to reduce costs and maintain control over their financial data. Monthly bank reconciliations often provide a sense of completion, when the difference is zero and the system shows green checkmarks, it can feel like the books are fully accurate.

The recent introduction of Trump Accounts under the One Big Beautiful Bill Act (2025) has added a new layer to the financial planning landscape for families. As accountants, we’re already seeing increasing questions about how these accounts work, how they’re taxed, and how they fit into broader long-term planning strategies.

While still new, Trump Accounts represent a hybrid savings structure designed to encourage long-term investing for children under age 18.

Through recent budget legislation, Virginia has moved from rolling conformity with the Internal Revenue Code (IRC) to static conformity, clarified its treatment of key federal tax provisions, and extended important pass-through entity tax benefits.

As businesses increasingly incorporate electric vehicles (EVs) into their operations, many owners are reconsidering how they reimburse employees for vehicle use. A common assumption is that EVs require a special approach or a different IRS mileage rate, but the rules are simpler than they appear. The IRS makes no distinction between electric and gasoline‑powered vehicles for reimbursement purposes.

For retirement plans that permit it, participants that are 50 years or older may make an additional elective deferral, commonly called a “catch-up” contribution. As of January 1, 2026, legislation from the SECURE 2.0 Act requires certain higher-paid employees to make catch-up contributions on a Roth basis.

As we move further along into tax filing season, Virginia taxpayers and businesses should anticipate a filing environment that is more complex than in prior years. A combination of recent federal tax law changes, Virginia’s conformity rules, and ongoing legislative activity during the current General Assembly session may influence how and when returns can be completed.

Starting in 2025, the One Big Beautiful Bill Act introduced a new federal income tax deduction for qualified overtime pay. Eligible employees can deduct up to $12,500 (or $25,000 for joint filers) from their taxable income. This deduction phases out for taxpayers with modified adjusted gross income over $150,000 (or $300,000 for joint filers).