As summer winds down and year-end planning begins, now is a great time to step back and evaluate the opportunities and challenges ahead. From planning strategies tied to the One Big Beautiful Bill Act and Iowa’s new R&D tax credit requirements to economic trends that may affect your business, finances and long-term goals, many of the decisions made today can have a lasting impact tomorrow.
A Big, Beautiful Opportunity
The One Big Beautiful Bill Act (OBBBA) has been in place for a year, and many of its provisions are now creating meaningful planning opportunities for individuals and businesses. Recently, we shared articles highlighting key strategies to consider before year-end, including tax-saving opportunities, business incentives and planning considerations that may require action now.
Mid-year is an ideal time to review your situation and determine whether recent changes could benefit your financial or business goals. If you haven’t had a chance to read them yet, check out our latest insights:
- One year later: Individual planning opportunities you shouldn’t miss – Honkamp
- One year later: Key business tax planning opportunities to act on now – Honkamp
Looking for a broader refresher? We’ve also compiled several articles covering important provisions of the OBBBA and what they may mean for you. Be sure to explore the resources below and connect with your Honkamp advisor to discuss opportunities that may fit your situation.
- Clean Energy Tax Credits – Anniversary – Honkamp
- Paid Family and Medical Leave Credit Is Now Permanent: What Employers Should Know – Honkamp
- Trump Accounts: A New Savings Opportunity for Children – Honkamp
- Qualified Opportunity Zone Funds: Tax Planning Considerations for Capital Gain Deferral and Exclusion – Honkamp
Don’t Let Innovation Get Stuck in the Pipeline
Beginning with the 2026 tax year, Iowa businesses must obtain certification from the Iowa Economic Development Authority before applying for the Research and Development (R&D) Tax Credit. Businesses seeking certification are expected to submit a precertification application by September 30, 2026. If your organization invests in developing new products, improving processes or advancing technology, now is the time to evaluate your eligibility.
Check out our article, Iowa Businesses Face New Precertification Requirement for R&D Tax Credits – Honkamp and connect with your Honkamp advisor to discuss next steps.
USDA Expands Farm Program Benefits for Many Operations
USDA changes beginning with the 2026 program year may create new opportunities for farming operations structured as LLCs, S corporations, partnerships and other pass-through entities. The updates expand payment limitations and eligibility rules, potentially allowing more producers to qualify for USDA payments and certain conservation or disaster assistance programs.
For 2026 only, eligible entities must submit updated farm operating plans to the Farm Service Agency (FSA) by September 15, 2026. If your operation has expanded into agritourism, direct-to-consumer sales or other value-added activities, now may be a good time to review your entity structure and program eligibility.
Read the full article to learn more about these changes and their potential impact on your operation. If you have questions or would like assistance evaluating the tax and business implications, contact your Honkamp advisor: USDA Payment Limitation and Eligibility Changes for 2026 – Honkamp
Missouri Keeps Its Income Tax
Missouri voters recently rejected a proposal to eliminate the state’s individual income tax, reinforcing the important role state tax policy plays in funding services and shaping economic growth. While tax laws and rates vary widely across the country, decisions like this can have a meaningful impact on businesses and individuals alike. As states continue to evaluate tax policy changes, staying informed can help you better understand opportunities, obligations and how your own state’s tax environment compares. If you have any questions about state tax developments and what they may mean for you, connect with your Honkamp advisor.
Blueprint for What’s Ahead
The latest construction industry economic report points to continued growth opportunities despite higher borrowing costs, labor shortages and supply chain pressures. Data centers, power generation and healthcare construction remain strong segments, while rising material costs and interest rates continue to affect project pricing and timelines. If your business operates in the construction industry, we encourage you to review the report and discuss any questions or planning opportunities with your Honkamp advisor: https://www.honkamp.com/wp-content/uploads/2026/08/Honkamp-August-2026-Economic-Report.pdf
Built to Last
What helps a company stand the test of time? In his latest article, Honkamp Shareholder Kyle Kunz explores the qualities that help organizations remain resilient and relevant through changing markets and business conditions. Whether you’re leading a growing business or planning for the future, these insights offer valuable perspective. The strongest companies aren’t simply built to succeed today. They’re built to evolve for tomorrow. Read the full article: What Allows a Company to Stand the Test of Time? – Honkamp
The Economy at a Glance
What trends are shaping the economy in 2026? Our Q1 2026 Economic Overview provides insights into key developments affecting businesses and individuals, including economic growth, inflation, interest rates, employment and housing activity. While the economy remains strong, persistent inflation, shifting market conditions and ongoing uncertainty continue to influence planning decisions. The report also highlights trends impacting the Midwest and several key industries. Read the full Q1 2026 Economic Overview for a closer look at the economic forces shaping the year ahead: 26Q1-Economic-Overview.pdf
A Little Extra Financial Perspective
Growth is exciting, but it can also bring new financial challenges. As businesses evolve, owners often find themselves needing deeper financial insight, stronger reporting or extra support for special projects without adding another full-time position. Honkamp’s Outsourced CFO + Controller Services are designed to help fill those gaps, providing experienced financial guidance tailored to your organization’s needs. Whether you’re navigating a period of growth, planning for the future or simply looking for additional perspective, the right financial insights can help you make more informed business decisions. It’s a practical way to gain experienced support while keeping your team focused on what they do best. Learn more about how outsourced financial leadership can help support your business goals: Outsourced Controller + CFO | Honkamp P.C., CPA & Business Advisory
QuickBooks Online Keeps You Connected. Honkamp Helps You Explore Options to Better Protect Your Data.
QuickBooks Online gives business owners the flexibility to access financial information from anywhere, collaborate with team members and advisors, and benefit from automatic software updates. What many users don’t realize, however, is that cloud-based access doesn’t necessarily mean their accounting data is protected from accidental deletions, incorrect imports, user errors or unauthorized changes.
To help clients strengthen their data protection strategy, Honkamp now offers access to a third-party backup and recovery solution for QuickBooks Online through a trusted vendor. This solution can help safeguard critical accounting information, provide greater visibility into changes made within your file and allow for more precise recovery of data when issues arise. If you’re using QuickBooks Online, touch base with the Honkamp QuickBooks team at quickbooks@honkamp.com to learn more about this third-party offering, whether it may be a good fit for your business and how it can help support the security and recoverability of your financial data.
Your Password Needs a Wingman
Cybercriminals are getting more sophisticated, but protecting your email doesn’t have to be complicated.
We continue to see client email accounts compromised because a password alone is no longer enough to keep bad actors out. Email is often the gateway to many of your other online accounts, including banking, shopping, social media, healthcare and cloud storage services. When an email account is compromised, cybercriminals can do far more than send fraudulent messages that appear to come from a trusted source. They may gain access to sensitive information, monitor communication, impersonate the account owner, reset passwords for other services, and use the account to facilitate financial fraud, data theft, or additional attacks against friends, family, colleagues, clients, and business partners. Multi-factor authentication (MFA) adds an extra layer of security by requiring a second form of verification before someone can access your account.
If you haven’t turned on MFA for your email account, now is the time. To make it easy, we’ve included step-by-step setup guides for popular providers, including Gmail, Outlook and Yahoo, below:
- Gmail: Turn on 2-Step Verification – Computer – Google Account Help
- Outlook/Microsoft: How to use two-step verification with your Microsoft account | Microsoft Support
- Yahoo: Add two-step verification for extra security | Yahoo Help
Know an Accounting Major? Send Them Our Way!
If you know a college student majoring in accounting, tell them about Honkamp’s Meet the Firm events. Students can connect with professionals, explore internship and career opportunities, learn what it’s like to work in public accounting and expand their professional network in a relaxed setting. Attendees will get a firsthand look at career paths available at one of the region’s leading accounting and business advisory firms. Meet the Firm will be held Sept. 17 in Davenport, Iowa, and Sept. 23 in Dubuque, Iowa, both from 5-6:30 p.m. Plus, dinner is on us, with food trucks at each event. Registration is free, but students should RSVP in advance to reserve a spot: Honkamp Careers
Making an Impact
We’re honored to be recognized by our communities, peers and team members. While we’re proud of these achievements, we’re even more grateful for the clients and colleagues who make them possible.
- Forbes Recognition: Greg Burbach and I have been recognized in Forbes’ America’s Best-In-State CPAs list. Candidates were evaluated with ten weighted categories including; achievements, professional honors, influence on the profession, performance, thought leadership and community service. This recognition highlights exceptional expertise, innovation and dedication to the accounting profession. Honkamp CPAs Recognized by Forbes – Honkamp
- Best Accounting Firm: We’re honored to be recognized as one of the Best Accounting Firms in St. Louis by the readers of Small Business Monthly. This annual recognition is especially meaningful because it’s driven by nominations and votes from local business owners and professionals.
- Top Workplace: For the fourth consecutive year, Honkamp was recognized as a Top Workplace in the Dubuque area, based on employee feedback about workplace culture, leadership and engagement. 2026 Top Workplace – Honkamp
- QCBJ Best Of 2026: We were honored to earn Best Of recognition from the Quad Cities Regional Business Journal, a distinction driven by community support and client confidence. 2026 QCBJ Best Of – Honkamp
- Best in the Corridor: Honkamp was named Best Accounting Firm in the Corridor, reflecting our commitment to delivering exceptional service and trusted advice to businesses and individuals throughout Eastern Iowa. Honkamp named best in the Corridor
- National Recognition: Honkamp earned a spot on Inside Public Accounting’s 2026 Top 200 Firms List, highlighting the firm’s continued growth and standing among accounting firms nationwide.
Honkamp Earns National Recognition on IPA’s 2026 Top 200 Firms List – Honkamp - Honkamp Shareholder James Cash stands out among the crowd of CPAs. He recently was honored as being one of the top accountants in St. Louis. Read more here: STL SBM August 2026 – Powered by PageTurnPro.com