Industry News
Accounting & bookkeeping news for the industries we serve
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Utah HVAC Contractor Convicted on 11 Felonies for Hiding $780,000 in Wages
Idaho AG Forces HOAs and Property Manager to Refund Undisclosed Transfer Fees
93% of Small Businesses Forecast 2026 Growth as Cash Flow Overtakes Inflation as Top Concern
79 Percent of Accounting Firms Hit by Regulatory Complexity as Talent and Client Pressures Mount in 2026
12-18% After-Tax Boost: OBBBA Lets Multifamily Contractors Defer Taxes via Completed Contract Method
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Electrical Contractors: New $12,500 Overtime Deduction Demands Immediate Payroll Updates
Electrical contractors relying on overtime to meet tight project deadlines, emergency service calls, and data center buildouts now face a dual reality: a...
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SKIPHVAC Contractors: June 30 Deadline for Up to $5.81 Per Square Foot Section 179D Deductions
HVAC contractors working on commercial building upgrades have roughly two months left to begin construction on qualifying projects or forfeit tax deductions...
Grant Thornton83% Noncompliance Exposed: California Law Firms Scramble as CTAPP Trust Account Reviews Ramp Up in 2026
A voluntary pilot by the State Bar of California delivered a sobering assessment of trust accounting practices: 83% of participating law firms kept...
State Bar of California1099 Threshold Jumps to $2,000: 3.6 Million Payors Gain 16.8 Million Compliance Hours
3.6 million payors will no longer need to issue information returns for payments between $600 and $2,000 under new IRS rules taking effect for 2026, delivering...
Federal RegisterBC Accounting and Bookkeeping Services Hit with 7% PST Effective October 2026
British Columbia professional services firms will add 7% to client bills for accounting, bookkeeping, and assurance work beginning October 1, 2026 — a change...
Province of British ColumbiaConstruction Contractors Losing $45K Revenue: Close the $11K Tech Integration Gap
Construction firms added headcount, won more bids, and still watched average revenue fall $45,610 per business last year. At the same time, labor costs rose...
Intuit QuickBooksElectricians Face New Quarterly Tax Updates Under Making Tax Digital Starting April 2026
61% of tradespeople currently manage their own accounting. Starting April 6, 2026, self-employed electricians with income over £50,000 must switch to digital...
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SKIPDOL Proposes Two-Factor Independent Contractor Test for HVAC Contractors
HVAC contractors using independent technicians just received clearer federal direction on worker classification — but the clock is ticking. The U.S. Department...
ACHR NewsFlorida Drops HOA Audit Threshold to $250K: Property Managers Brace for Thousands of New Compliance Mandates
Property managers overseeing Florida HOAs just lost their biggest exemption. Starting July 1, 2026, any association generating more than $250,000 in annual...
CBIZIRS Opens Digital Tax Portal to Millions of Partnerships and Nonprofits
Millions of partnerships, nonprofits, and government entities can now check their IRS balances, download tax transcripts, and make payments without picking up...
Internal Revenue Service79% of Accounting Firms Hit by Regulatory Complexity as 2026 Challenges Mount
Regulatory complexity will significantly disrupt operations for 79% of accounting firms in the coming year, according to new data that shows the profession...
Wolters KluwerConstruction Contractors Risk 5-Year GPS Loss for Supply Chain Fraud Under New CIS Rules
Effective April 6, 2026, a main contractor in the UK construction industry can lose Gross Payment Status (GPS) for five years if HMRC determines they “knew or...
PBC TodayElectrical Contractors Face New W-2 Mandates as Electricians Claim Up to $1,750 in Overtime Tax Savings
Electricians working overtime on data center builds or emergency service calls could save $1,400 to $1,750 in federal taxes this filing season under a new...
BuildForceOBBBA Delivers $2.5M Equipment Writeoff for Plumbing Contractors in 2026
The One Big Beautiful Bill Act makes 100% bonus depreciation permanent, allowing contractors to deduct the full cost of qualifying machinery, trucks and...
Adams Brown CPAFederal Payroll Forms Invalid After September 2026 — HVAC Contractors Face Hard Deadline
HVAC contractors working on federal projects exceeding $2,000 have until September 30, 2026 to switch to updated WH-347 certified payroll forms — after that...
Points NorthCalifornia Mandates 'Designated Licensee' for All Trust Accounts as of January 1, 2026
Effective January 1, 2026, new requirements under Business and Professions Code section 6091.3 and rule 2.5 of the Rules of the State Bar will apply to all...
California State BarProperty Managers Save Thousands as IRS Raises 1099 Threshold to $2,000
Starting with payments made in 2026, property management companies will only need to issue 1099 forms to contractors paid $2,000 or more per year — up from the...
1-800AccountantThree-Way IOLTA Reconciliation Now Mandatory in 12 States — Firms Have 90 Days to Comply
Twelve state bar associations have adopted a uniform IOLTA compliance standard that cuts the monthly reconciliation deadline from 45 days to 30 and mandates...
American Bar AssociationIRS Drops 1099 Threshold to $500 — An Estimated 3 Million New Filings Expected
The IRS has finalized regulations lowering the 1099-NEC reporting threshold from $600 to $500, effective for tax year 2027. The change is expected to add...
IRS.govDOL Lowers Prevailing Wage Threshold to $1,500 — HVAC Contractors Face New Payroll Burden
The Department of Labor just made federal HVAC work a lot more paperwork-intensive. Starting July 1, 2026, the prevailing wage threshold for Davis-Bacon...
Department of LaborFlorida, Texas, and California Just Made HOA Financial Audits Mandatory for Smaller Associations
Property managers in Florida, Texas, and California just got a major new compliance headache. All three states have enacted stricter HOA financial audit...
Community Associations InstituteSBA Raises Surety Bond Ceiling to $15M — Small Contractors Can Now Chase Bigger Federal Jobs
The SBA just opened the door to bigger federal projects for small construction firms. The Surety Bond Guarantee Program ceiling rises from $10 million to $15...
Small Business AdministrationQuickBooks Online Hikes Prices 15-25% Across All Plans — Here's What You'll Pay
Intuit just announced the largest single price increase in QuickBooks Online history. Every subscription tier goes up 15-25% on May 1, 2026 — and if you bundle...
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