Succession Planning Requires Smart Strategies

February 4, 2016 by Yeo & Yeo

Succession planning is important in any business, but it's sometimes overlooked in family-owned operations. This is a big mistake. There are numerous former family-run companies that no longer exist due to poor or no succession plan.

The plan needs to be well thought out and discussed with everyone affected. Don't just assume that a son or daughter will want to carry on the family business. Even if your children say they will take over, they may not have the true desire required to continue a successful operation.

The "heir to the throne" also may not have the business skills to succeed...

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FASB Revenue Recognition Training Webinar

February 3, 2016 by Yeo & Yeo

In 2015, FASB finalized the long-awaited revenue recognition project. This impacts GAAP financial statements for all for-profits and any not-for-profit entities that have exchange transaction revenues (non-contribution revenues.) Non-public companies must adopt the revenue recognition standard for years beginning after December 15, 2018. FASB is still working through implementation questions that have come up and additional guidance is still being issued.

Why the long implementation period? It's simple; many entities will need to make changes in their accounting and other computer systems to properly track and aggregate the data needed to implement these changes.

What should...

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Yeo & Yeo Goes Red

February 1, 2016 by Yeo & Yeo

Kicking off February 1, organizations around the country will support American Heart Month, and Yeo & Yeo is joining in by being casual for a cause. Firm employees will dress in red shirts and wear jeans on Fridays throughout February. The Michigan accounting firm is proud to support the cause by promoting and providing opportunities for firm-wide support to unite in life-saving awareness-to-action movements.

Stay tuned throughout February to hear from David Schaeffer, managing principal of the firm’s Saginaw office, survivor of a “widow maker” heart attack and a truly positive light in his community. Also shared will be the heart-healthy stories of James Kuch, Jill Uhrich...

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File Early to Avoid Identity Theft

January 28, 2016 by Yeo & Yeo

If you’re like many Americans, you may not start thinking about filing your tax return until the April 15 deadline (this year, April 18) is just a few weeks — or perhaps even just a few days — away. But there’s another date you should keep in mind: January 19. That’s the date the IRS began accepting 2015 returns, and filing as close to that date as possible could protect you from tax identity theft.

How filing early helps

In this increasingly common scam, thieves use victims’ personal information to file fraudulent tax returns electronically and claim bogus refunds. When the real...

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The New-and-Improved Research Credit is Now Permanent

January 27, 2016 by Yeo & Yeo

The research credit is back — this time for good — and it's better than ever for some small companies. The Protecting Americans from Tax Hikes (PATH) Act of 2015, signed into law by the president on December 18, does much more than extend this credit. Under the PATH Act, the research credit is restored retroactive to January 1, 2015, and has finally been made permanent. The new law also provides two additional tax benefits that take effect in 2016 for certain employers.

What Is the Research Credit?

The research credit was introduced in 1981 to encourage spending on research and experimentation activities by cutting-edge companies. But it was...

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Yeo & Yeo Launches Advisor eNewsletters Featuring Industry Insights from CPAs in Michigan

January 21, 2016 by Yeo & Yeo

Yeo & Yeo is excited to announce the launch of its new Advisor eNewsletters. The eNewsletters provide us with an exciting way to communicate insightful articles, industry-specific news, and developments within our Michigan accounting firm that may impact your business or organization. We are confident the articles and announcements included in our Advisor eNewsletters will be a respected and a valuable source of information for you. 

Our new eNewsletter will help you stay current within your industry. We offer several industry and service-focused Advisor eNewsletters covering timely regulatory information, management and operational insight, human resource issues and best practices, business and personal tax planning, succession planning and more.