Key Financial Updates for Tampa Bay Businesses in 2026

Recent IRS Guidance on Employee Retention Credit

As of May 2026, the IRS has issued new clarifications regarding the Employee Retention Credit (ERC). This credit, initially designed to support businesses during the COVID-19 pandemic, is still applicable under certain conditions for businesses that continue to face economic challenges.Lengthening the claims deadline, businesses can now file a claim for prior years’ credits until April 15, 2028, helping those who missed earlier filing opportunities.

For Tampa Bay entities, especially nonprofits and churches, this is a crucial update. If your organization saw significant revenue drops in 2020 or 2021, it’s worthwhile to review your eligibility. Our team at Hallmark CPA Group can assist in determining your eligibility and ensuring that you maximize this valuable credit.

Changes in Florida Statutes Affecting HOAs and Nonprofits

In early 2026, the Florida legislature enacted amendments to the Florida Statutes concerning Homeowners Associations (HOAs) and nonprofits. One significant change is the increase in financial disclosure requirements for HOAs. These associations are now mandated to provide more detailed annual financial statements to their members, promoting greater transparency.

For nonprofit organizations, the new laws require more frequent reporting of financial activities if they are receiving state funding. This change emphasizes proper financial stewardship and could impact how these organizations manage their accounting practices.

For local HOAs, this means establishing a reliable bookkeeping process to ensure compliance. The Hallmark team can help streamline these processes, ensuring that your HOA's financial reporting meets the new standards without overwhelming your board members.

Updated Accounting Standards Overview

The Financial Accounting Standards Board (FASB) has introduced several updates that are effective this year, particularly affecting construction companies and law firms. One of the most critical updates pertains to Revenue Recognition, which now requires even more detailed reporting on contracts and performance obligations.

For construction businesses in Tampa Bay, this means that recognizing revenue based on progress rather than completion could lead to more accurate financial reporting. For example, if your construction company is working on a long-term project, understanding this revenue recognition can impact your cash flow management and tax planning.

Similarly, law firms should be aware of how these updates affect their billing practices and the recognition of fees. With the latest guidelines, Hallmark CPA Group can provide tailored solutions that help you navigate these changes, ensuring compliance and optimizing your financial management.

Conclusion

Staying updated with the latest IRS guidance, Florida statute changes, and accounting standards is vital for small and medium-sized businesses across the Tampa Bay area. These updates could influence your financial strategies and operational practices. At Hallmark CPA Group, we are committed to helping local businesses navigate these changes efficiently. If you have any questions about how these updates affect your organization or if you need assistance with financial reporting or compliance, don’t hesitate to reach out to us.