Yeo & Yeo’s Michael Espinoza Named Volunteer of the Year by Junior Achievement of Northeast Michigan

May 2, 2016 by Yeo & Yeo

Yeo & Yeo CPAs & Business Consultants is pleased to announce that Junior Achievement of Northeast Michigan has named Michael L. Espinoza, CRPC, one of its two Volunteers of the Year. Espinoza was honored at the Junior Achievement Hall of Fame awards dinner on April 28 at the DoubleTree Hotel in Bay City.

Click here to see photos of Michael Espinoza's dedication to community service and read about the appreciation individuals throughout the community have for his faithful volunteerism.

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Facing a HIPAA Audit: What to Know

April 27, 2016 by Yeo & Yeo

Early in the history of the Health Insurance Portability and Accountability Act (HIPAA), violations typically involved receiving a warning letter from the Department of Health and Human Services (HHS). It was basically toothless and carried no penalties. In 2009, Congress passed the Health Information Technology for Economic and Clinical Health Act (HITECH), which supplied the government with a range of tools to support enforcement. In short, HIPAA grew fangs.

In 2010, HHS began holding training seminars for state attorneys general on enforcing HIPAA rules. As a result, that year alone saw an increase of 27 percent in the number of HIPAA-related complaint investigations.

Part of what the HITECH Act added to HIPAA was to replace...

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The Latest Tax Developments for Partnerships

April 25, 2016 by Yeo & Yeo

In recent months, there have been several significant tax developments that affect partnerships. They also apply to multi-member limited liability companies (LLCs) that are treated as partnerships for federal tax purposes. (For simplicity, we'll use the terms "partnership" and "partner" to refer to all entities and owners that are affected by the developments.)

Here are quick summaries of what's brewing on the partnership tax front.

Accelerated Due Dates

The long-standing due dates for filing partnership federal income tax returns (Form 1065) were changed by the Surface Transportation and Veterans Health Care Choice Improvement Act of 2015.

For partnership tax years beginning after December 31, 2015, partnerships must file Form 1065 one month earlier than before. That...

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Green Tax Breaks for Individuals

April 22, 2016 by Yeo & Yeo

Some lucrative federal income tax credits for certain energy-efficient home improvements were extended recently. The extensions were part of the Protecting Americans from Tax Hikes Act of 2015 (the PATH Act), which became law on December 18, 2015. Here's what you need to know to cash in on these tax breaks.

Credit for Energy-Efficient Home Improvements and Equipment

In recent years, individuals could claim a tax credit of up to $500 for qualified energy-saving improvements made to a principal residence in the United States. This credit expired at the end of 2014, but the PATH Act extended it for 2015 and 2016.

The credit equals 10% of certain qualified expenditures plus 100% of certain other qualified...

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Twelve Ways to Negotiate Better

April 21, 2016 by Yeo & Yeo

When a deal is pending, the best negotiators know that the goal isn't to scoop up everything and leave the other side with little or nothing. The real goal is generally to exchange items of value so that both sides leave satisfied they have protected their basic interests and made a deal that benefits their companies.

Like all worthwhile endeavors, success depends on preparation. You must know what to concede, when to compromise, and how to handle concessions. Here are a dozen steps to help you achieve success at the negotiating table:

1. Define what a win looks like to you. For a transaction to make...

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Combat Fraud and Identity Theft by Reviewing Your Statements Each Month

April 20, 2016 by Yeo & Yeo

With the prevalence of automated bill payment, many busy consumers don't bother to review their monthly bank or credit card statements anymore. Or they may review only those charges above a certain dollar threshold. But a recent indictment by the Federal Trade Commission highlights how important it is to review every line item on your statements, even the small ones.

In March, a Nevada grand jury indicted a British man living in Las Vegas, Nevada, on 39 counts of wire fraud, aggravated identity theft and money laundering for withdrawing money from victims' bank accounts without authorization. He used the ill-gotten gains to purchase five airplanes, a Land Rover, ...

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