Yeo & Yeo Supports Boys & Girls Clubs During Leading Edge Alliance’s Young Professionals Global Volunteer Week

June 28, 2016 by Yeo & Yeo

Yeo & Yeo CPAs & Business Consultants was proud to join with the Young Professionals group of the Leading Edge Alliance (LEA YPs) for its sixth annual Global Volunteer Week. LEA member firms worldwide were encouraged to donate to or volunteer for a local charity.

Yeo & Yeo’s volunteer effort began in May, when the firm’s young professionals collected playground toys and equipment, and outdoor games for Boys & Girls Clubs located in the communities that Yeo & Yeo serves. Firm-wide, a total of 265 items were collected, which included bikes, balls, jump ropes and games, along with monetary donations....

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ACA Information Returns - Electronic Submission Due June 30, 2016

June 28, 2016 by Yeo & Yeo

We remind you that self-insured employers and applicable large employers who choose or are required to electronically file Affordable Care Act information returns, Forms 1094-B, 1095-B, 1094-C and/or 1095-C, must do so by Thursday, June 30, 2016.

Employers who file 250 or more Form 1095-Cs are required to submit the information returns electronically. Smaller employers filing fewer than 250 forms can choose to use electronic or non-electronic filing. Non-electronic, paper-submitted returns were due May 31, 2016.   ...

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How Many Employees Does Your Business Have for ACA Purposes?

June 23, 2016 by Yeo & Yeo

It seems like a simple question: How many full-time workers does your business employ? But, when it comes to the Affordable Care Act (ACA), the answer can be complicated.

The number of workers you employ determines whether your organization is an applicable large employer (ALE). Just because your business isn’t an ALE one year doesn’t mean it won’t be the next year.

50 is the magic number

Your business is an ALE if you had an average of 50 or more full time employees — including full-time equivalent employees — during the prior calendar year. Therefore, you’ll count...

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Finding the Right Tax-Advantaged Account to Fund Your Health Care Expenses

June 22, 2016 by Yeo & Yeo

With health care costs continuing to climb, tax-friendly ways to pay for these expenses are more attractive than ever. Health Savings Accounts (HSAs), Flexible Spending Accounts (FSAs) and Health Reimbursement Accounts (HRAs) all provide opportunities for tax-advantaged funding of health care expenses. But what’s the difference between these three accounts? Here’s an overview:

HSA. If you’re covered by a qualified high-deductible health plan (HDHP), you can contribute pretax income to an employer-sponsored HSA — or make deductible contributions to an HSA you set up yourself — up to $3,350 for self-only coverage and $6,750 for family coverage for 2016. Plus, if you’re...

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Stock Market Volatility Can Cut Tax on a Roth IRA Conversion

June 21, 2016 by Yeo & Yeo

This year’s stock market volatility can be unnerving, but if you have a traditional IRA, this volatility may provide a valuable opportunity: It can allow you to convert your traditional IRA to a Roth IRA at a lower tax cost.

Traditional IRAs

Contributions to a traditional IRA may be deductible, depending on your modified adjusted gross income (MAGI) and whether you participate in a qualified retirement plan, such as a 401(k). Funds in the account can grow tax-deferred.

On the downside, you generally must pay income tax on withdrawals, and, with only a few exceptions, you’ll face a penalty if you...

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Throw a Company Picnic for Employees This Summer and Enjoy Larger Deductions

June 17, 2016 by Yeo & Yeo

Many businesses host a picnic for employees in the summer. It’s a fun activity for your staff and you may be able to take a larger deduction for the cost than you would on other meal and entertainment expenses.

Deduction limits

Generally, businesses are limited to deducting 50% of allowable meal and entertainment expenses. But certain expenses are 100% deductible, including expenses:

  • For recreational or social activities for employees, such as summer picnics and holiday parties,
  • For food and beverages furnished at the workplace primarily for...

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