A Business Owner’s Key to Success: Focusing on the Big Picture

David W. Schaeffer

Why do so many businesses continuously struggle to make ends meet, while others appear to thrive year after year? Why do some business owners seem to have an unlimited amount of time to take family vacations and play active roles in their communities, while others work an excessive amount of hours and are seemingly chained to their business? On... Learn the Keys to Success

Understanding the Domestic Production Activities Deduction

Steven Treece

The domestic production activities deduction, also known as “DPAD” or “Section 199 deduction,” is meant to encourage domestic production. This potentially valuable tax break can be used by many types of businesses, from manufacturing to farming. Understanding the acronyms Before trying to calculate the DPAD, it helps to understa... Learn More

Get Ready for FASB’s New Lease Accounting Requirements

Jacob R. Sopczynski

Winter is coming, and so are changes to accounting standards. Changes in revenue recognition were introduced recently and now changes are coming for lease accounting. Although FASB’s Accounting Standards Update of Topic 842 isn’t effective for nonpublic entities until years beginning after December 15, 2019 (years beginning January, 1, ... Learn More

Accelerated Filing Deadline for 2016 Form W-2 and Form 1099

Yeo & Yeo CPAs & Business Consultants

Employers and small businesses will soon face a new filing deadline for Form W-2 reporting wages and Form 1099-MISC reporting non-employee compensation. This new deadline was enacted by the PATH Act of 2015 to help the IRS verify the legitimacy of tax refunds before issuing them. Beginning with the 2016 forms (those filed in 2017),... Learn More

Uncertainty for Valuation Discounts on Transfers of Family-Controlled Entities

A.J. Licht

Imagine working a lifetime in hopes of one day passing on the many fruits of your labor to those who you love, but in the blink of an eye as much as 40 percent of it is taken away in the form of estate taxes. While there are many strategies to help protect your estate or at the very least mitigate the effects of the high estate tax rates... Act Now

Succession Planning for Farm Families

Alex Wilson

Ninety-seven percent of all farms in the United States are family-owned, but the vast majority of those operations do not have a succession plan in place. In today’s agribusiness environment, it is crucial to be proactive in terms of planning, because nothing is guaranteed. Succession planning can be a very emotional process for all th... Learn How You Can Plan

The Four Cornerstones of Internal Controls

Christopher Sheridan

Employees of most small to mid-size businesses are seen as part of the family, and business owners could never imagine that their family would steal from them. In fact, employees pose the greatest fraud threat in today’s economy. In its 2016 Report to the Nations on Occupational Fraud and Abuse, the Association of Certified Fraud Exami... Avoid Fraud

Are You Receiving the Maximum Credit Allowed for Property Taxes Paid on Your Farm?

Steven Treece

 When it comes to farmers and the Michigan Homestead Property Tax Credit, taxes paid on property other than your principle residence may also be eligible for the credit. Depending on your total gross receipts from farming activities and other sources of income you may have in a given year, all or a portion of the property taxes you ... Check Now

There’s Still Time For Homeowners to Save with Green Tax Credits

Yeo & Yeo CPAs & Business Consultants

The income tax credit for certain energy-efficient home improvements and equipment purchases was extended through 2016 by the Protecting Americans from Tax Hikes Act of 2015 (the PATH Act). So, you still have time to save both energy and taxes by making these eco-friendly investments. What qualifies The credit is for expenses re... Read More