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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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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​Reduce taxes on your investments with these year-end strategies

December 4, 2015 by Yeo & Yeo

While tax consequences should never drive investment decisions, it’s critical that they be considered — especially by higher-income taxpayers, who may be facing the 39.6% short-term capital gains rate, the 20% long-term capital gains rate and the 3.8% net investment income tax (NIIT).

Holding on to an investment until you’ve owned it more than one year so the gains qualify for long-term treatment may help substantially cut tax on any gain. Here are some other tax-saving strategies:

  • Use unrealized losses to absorb gains.
  • Avoid wash...

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Expired Tax Provisions: Will Relief Arrive in Time to Plan?

October 26, 2015 by Yeo & Yeo

The fate of 51 tax incentives is in the hands of our legislators in Washington. While some bills are pending in Congress, at this time none has gained enough traction to predict approval of extender legislation before December 31, 2015.

Tax extenders are a broad set of temporary tax breaks that sunset every few years and require a new vote to reinstate them. In December 2014 Congress retroactively extended numerous provisions, but only for 2014. As the end of 2015 rapidly approaches, we still have no clear indication that Congress will once again act to reinstate these tax incentives.

Individual tax...

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2015 Year-end Tax Planning Checklist

October 20, 2015 by Yeo & Yeo

As we wind down the 2015 tax year, year-end tax planning will be especially challenging. Congress has yet to act on a host of tax breaks that expired at the end of 2014. Some of these tax breaks may be retroactively reinstated and extended, but Congress may not decide the fate of these tax breaks until the very end of this year or possibly not until next year.

Yeo & Yeo’s Year-end Tax Planning Checklist provides action items that may help you save tax dollars if you act before year-end. Yeo & Yeo’s tax professionals can help narrow down the specific actions that you can take and tailor a tax plan for your current situation...

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