News

United Way of Midland County Names Yeo & Yeo Among Companies That Care

May 23, 2016 by Yeo & Yeo

The United Way of Midland County recently recognized Yeo & Yeo among several Companies That Care at its annual Spirit of the Community Awards Celebration at the Great Hall in Midland. The event recognizes the many ways that individuals and organizations are lending their time and talents to create a better and stronger community. This is the seventh consecutive year that Yeo & Yeo won the award.

“Companies That Care are not only characterized by the financial commitment they and their employees make, but their impact through community advocacy and volunteerism,” says Ann Fillmore, executive director of the United Way of Midland County. “They serve as the foundation for real change and continue the strong legacy...

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Unexpected Retirement Plan Disqualification Can Trigger Serious Tax Problems

May 23, 2016 by Yeo & Yeo

It’s not unusual for the IRS to conduct audits of qualified employee benefit plans, including 401(k)s. Plan sponsors are expected to stay in compliance with numerous, frequently changing federal laws and regulations.

For example, have you identified all employees eligible for your 401(k) plan and given them the opportunity to make deferral elections? Are employee contributions limited to the amounts allowed under tax law for the calendar year? Does your 401(k) plan pass nondiscrimination tests? Traditional 401(k) plans must be regularly tested to ensure that the contributions don’t discriminate in favor of highly compensated employees.

If the IRS uncovers compliance errors and...

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Department of Labor’s Final Rule on Overtime Signals Big Changes for Companies

May 20, 2016 by Yeo & Yeo

The U.S. Department of Labor (DOL) has issued the “Final Rule” version of its amendments to overtime pay requirements, affecting more than four million workers who may qualify for overtime pay. The new rules will take effect December 1, 2016. 

The new rules include changes to the criteria used to define overtime exemption for executive, administrative, professional, outside sales and computer employees (white collar workers) under the Fair Labor Standards Act. 

Until now, workers who earned more than $23,660 per year, or $455 per week, were exempt from overtime if they performed managerial or professional ...

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Take Preventive Measures Against CryptoLocker Malware That Holds Data for Ransom

May 17, 2016 by Yeo & Yeo

You may have heard about CryptoLocker or Ransomware over the past couple of years. CryptoLocker has continued to infect computers worldwide while baffling leading IT security experts. A February 2016 article on BBC describes how CryptoLocker held a Los Angeles-based hospital's information for ransom; its computer systems were offline for more than a week following the ransomware attack.

How does CryptoLocker work?

CryptoLocker seeks out users' personal files and keeps users from accessing them unless they pay a ransom, typically $300 or $400, which may or may not result in the recovery of the files.

Files that this malware seeks can...

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What Picture Are You Painting With Your Form 990?

May 16, 2016 by Yeo & Yeo

Many nonprofit organizations view the Form 990 as a “tax return” – a document that is tedious to complete, and that must be filed with the IRS as one of several requirements to maintain tax-exempt status. However, Form 990 is not really a tax return at all. The core Form 990 and its various sub-schedules are more accurately described as an information return and serve several functions, the most fundamental of which is to serve as a vehicle to transmit information regarding the organization’s activities to the IRS. However, another function of the Form 990 is to paint a picture of the organization that can serve as an invaluable tool to influence public...

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Entrepreneurs: What Can You Deduct and When?

May 13, 2016 by Yeo & Yeo

Starting a new business is an exciting time. But before you even open the doors, you generally have to spend a lot of money. You may have to train workers and pay for rent, utilities, marketing and more.

Entrepreneurs are often unaware that many expenses incurred by start-ups can’t be deducted right away.

How expenses are handled on your tax return

When planning a new enterprise, remember these key points:

  • Start-up costs include those incurred or paid while creating an active trade or business — or investigating the creation or acquisition of ...

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