Tax Planning

Affordable Care Act Reporting Requirements are Looming – Employers Need to Prepare

Yeo & Yeo CPAs & Business Consultants

In early 2016, employers with 50 or more full-time or full-time equivalent employees, labeled Applicable Large Employers (ALEs) by the federal government’s Affordable Care Act, will be required for the first time to report information about their employees and health insurance coverage afforded to them in 2015. New Forms 1095-B (Health Coverage)...

What You Need to Know About the Tax Increase Prevention Act of 2014

Yeo & Yeo CPAs & Business Consultants

The Tax Increase Prevention Act of 2014 extends the “tax extenders” retroactively for one year (through 2014). This allows taxpayers to claim the temporary incentives on their 2014 tax returns that are filed in 2015. It also includes the Achieving a Better Life Experience (ABLE) Act, creating tax-favored savings accounts for individual...

Michigan Personal Property Tax - Still an Issue for Michigan Businesses

Yeo & Yeo CPAs & Business Consultants

Personal Property Tax Reform was passed in Michigan during 2014, but Michigan businesses still have a Personal Property Tax (PPT) filing requirement in 2015. Small businesses - those with less than $80,000 in personal property within a taxing jurisdiction need to file an affidavit to claim exemption from PPT. It is due Febru...