News

Pro Bono CPA Services for Growing Companies in Michigan

July 1, 2016 by Yeo & Yeo

Yeo & Yeo CPAs & Business Consultants is going into its fourth year of helping to advance Michigan’s growth by nurturing companies through pro bono services under the Pure Michigan Business Connect initiative. This initiative, developed by the Michigan Economic Development Corporation (MEDC), connects early-stage Michigan companies with professionals who will provide legal, accounting and other services at little to no cost.

In January 2013, Yeo & Yeo committed to donate up to a grand total of $250,000 in services to select Pure Michigan Business Connect program participants over a five-year period, 2013 through...

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Will You Be Able To Communicate During a Crisis?

June 16, 2016 by Yeo & Yeo

If disaster struck your company tomorrow, would you know how to quickly reach employees and their families? Would you be able to talk to them quickly and efficiently? If the answer to those questions is anything but a resounding "yes," it's time to create or review your crisis communication plan.

Basic Info

One of the most important ingredients for emergency preparedness is also the thing that many companies pay minimal attention to: employee contact information. Although organizations typically ask new hires for these details, they often forget to update the data. So make it a habit to ask employees to refresh their contact information at least once a year. To help you remember, tie it...

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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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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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Strictly Speaking: Travel and Entertainment Recordkeeping

March 24, 2016 by Yeo & Yeo

If you're reporting travel and entertainment (T&E) expenses on your tax return and you're audited, there's a good chance an agent will take a hard look at those items.

Often the challenge won't be whether the expense was appropriate for the business, but whether your records meet the letter of the law. And the IRS and courts take a strict position on recordkeeping — miss one element and the deduction is most likely to be disallowed.

The Basics

The rules for travel recordkeeping are slightly different from those for entertainment. For travel expenses, you'll need records to support the:

  • Cost of each separate expense for travel, lodging and meals (though incidental expenses may be totaled in reasonable...

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Another Tax Break for Research Expenses

February 5, 2016 by Yeo & Yeo

The research credit isn't the only tax break available for research activities. Section 174 of the tax code allows taxpayers to elect to either: 1) deduct "research or experimental expenditures" or 2) amortize the costs over a period of not less than 60 months. Qualified expenses are limited to the following:

  • In-house wages and supplies attributable to qualified research,
  • Certain time-sharing costs for computer use in qualified research, and
  • 65% of contract research expenses, that is, amounts paid to outside contractors in the U.S. for conducting qualified research on the taxpayer's ...

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