News

Has Your Organization Done Everything It Needs to for Compliance with the Uniform Grant Guidance?

February 17, 2016 by Yeo & Yeo

If your organization receives federal funds, whether from a pass-through entity, such as the State of Michigan, or directly from the federal government, you need to be aware that the Uniform Grant Guidance 2 CFR 200 is now applicable. Watch our video to learn about those things you need to verify are in place now, before your auditor comes asking questions. Even if federal funds are below the threshold requiring an audit, the compliance requirements of the Uniform Grant Guidance, including many required policies and procedures, still apply.

We encourage you to watch Yeo & Yeo's Uniform Grant Guidance Webinar to stay informed. Our webinar will provide you with answers you have been searching for about Uniform Grant...

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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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Update on 3% Contribution to Education Retiree Healthcare Fund

January 14, 2016 by Yeo & Yeo

Action required if your district filed claims with the IRS regarding Michigan Public Act 300 of 2012

At the end of December, the Office of Retirement Services (ORS) sent notification that the Internal Revenue Service (IRS) will soon issue determinations on certain protective claims (Form 941-X*) filed by individual districts in regard to the federal tax treatment of the retiree healthcare contributions (HCC) remitted under Public Act 300 of 2012. While no official determinations have been issued, the IRS has informally indicated that it will be considering the retiree HCC under both Public Act 75 of 2010 and Public Act 300 of 2012 as exempt from federal income taxes. Furthermore, ORS announced that...

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IRS Withdraws Proposed Donor Reporting Procedure

January 11, 2016 by Yeo & Yeo

On January 7, the IRS withdrew proposed regulations that would have provided for an optional donor reporting process that could be used by charitable organizations instead of individual donor substantiation letters. Charitable nonprofits would have had the option to collect and provide to the IRS the name, address, and Social Security numbers of their donors to serve as evidence of contributions for tax purposes.

Since its issuance, the proposed rule has been strongly opposed by charitable nonprofits across the United States. Yeo & Yeo was one of many accounting firms that submitted a response to the IRS on behalf of its clients, pointing out potential unintended...

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AICPA's Governmental Audit Quality Center Web Event on Preparing for a Single Audit

January 11, 2016 by Yeo & Yeo

Yeo & Yeo is a member of the AICPA's Governmental Audit Quality Center (GAQC). One benefit of our membership is that we are provided the opportunity to participate in periodic continuing professional education (CPE) Web events. Occasionally, due to the nature of certain topics, the GAQC opens its Web events to non-members.    

In January a webinar was held by the GAQC titled, Preparing for a Single Audit: An Auditee Perspective. This web event was intended to assist auditees in the very important role they play in the single audit process under OMB's Uniform Administrative...

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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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