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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How Many Employees Does Your Business Have for ACA Purposes?

June 23, 2016 by Yeo & Yeo

It seems like a simple question: How many full-time workers does your business employ? But, when it comes to the Affordable Care Act (ACA), the answer can be complicated.

The number of workers you employ determines whether your organization is an applicable large employer (ALE). Just because your business isn’t an ALE one year doesn’t mean it won’t be the next year.

50 is the magic number

Your business is an ALE if you had an average of 50 or more full time employees — including full-time equivalent employees — during the prior calendar year. Therefore, you’ll count...

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Finding the Right Tax-Advantaged Account to Fund Your Health Care Expenses

June 22, 2016 by Yeo & Yeo

With health care costs continuing to climb, tax-friendly ways to pay for these expenses are more attractive than ever. Health Savings Accounts (HSAs), Flexible Spending Accounts (FSAs) and Health Reimbursement Accounts (HRAs) all provide opportunities for tax-advantaged funding of health care expenses. But what’s the difference between these three accounts? Here’s an overview:

HSA. If you’re covered by a qualified high-deductible health plan (HDHP), you can contribute pretax income to an employer-sponsored HSA — or make deductible contributions to an HSA you set up yourself — up to $3,350 for self-only coverage and $6,750 for family coverage for 2016. Plus, if you’re...

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Security Awareness Training ― CyberSecurity for Your Healthcare Organization

June 9, 2016 by Yeo & Yeo

Take a moment and think about all of the security features that are used to keep your organization’s network safe. Passwords and firewalls help keep the bad guys away from your vital information. But all of these security measures don’t mean a thing if someone clicks on a malware link inside an email.

As phishing attacks have grown, so too has the emphasis on CyberSecurity. In fact, the healthcare industry sees 340% more security incidents and attacks than the average industry, according to a recent report. A tool that many are using to help prevent cyberattacks...

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Price or Value: Which is Correct?

June 6, 2016 by Yeo & Yeo

When a business is sold, it often sells for more (or less) than the appraised value. This may come as a surprise to laypeople, but valuators understand that there are many valid reasons that "price" and "value" may differ. Businesses that understand this subtlety are better positioned to make informed decisions.

Price vs. Value

Price is specific to an individual buyer and seller. It's the amount of cash (or its equivalent) for which anything is bought, sold or offered for sale. It requires an offer to sell, an acceptance of that offer and an exchange of money (or other property). Some strategic or financial buyers may be willing to pay more than others because...

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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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