Michigan Manufacturers Must Certify and Pay Essential Services Assessment No Later Than August 15

July 11, 2016 by Yeo & Yeo

The next step in the State of Michigan's Personal Property Tax reform process was recently released by the Department of Treasury. Eligible Manufacturing Personal Property (EMPP) claimants now need to certify and pay the Essential Services Assessment (ESA) no later than August 15, 2016.

The electronic ESA Statement is currently available through Michigan Treasury Online (MTO)
for claimants who filed and received the exemption by February 22, 2016, and for those Form 5278 filings processed during the second filing window which ended May 31, 2016.

This ESA Statement is only available online and will not be mailed to the claimant. To receive the EMPP exemption for...

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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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Security Awareness Training ― CyberSecurity for Your Manufacturing Organization

June 7, 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, according to the recent IBM X-Force Research’s 2016 Cyber Security Intelligence Index, the manufacturing sector is now one of the most frequently hacked industries, second only to healthcare. A tool that many are...

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Five Ways to Improve Inventory Management

February 11, 2016 by Yeo & Yeo

The latest manufacturing industry statistics are generally encouraging and most observers remain cautiously optimistic as 2016 approaches.

But news coverage usually focuses on output. What about handling inventory in this environment of varying supply and demand? This is a constant concern for manufacturers, and possibly you're among them. By improving inventory management, you may be able to brighten your firm's immediate outlook by maintaining good customer service and trimming costs.

Potential Problem Areas

Naturally, different sorts of problems arise in different markets, whether its pharmaceuticals, packaged goods or some other industry. But there are ...

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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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The New-and-Improved Research Credit is Now Permanent

January 27, 2016 by Yeo & Yeo

The research credit is back — this time for good — and it's better than ever for some small companies. The Protecting Americans from Tax Hikes (PATH) Act of 2015, signed into law by the president on December 18, does much more than extend this credit. Under the PATH Act, the research credit is restored retroactive to January 1, 2015, and has finally been made permanent. The new law also provides two additional tax benefits that take effect in 2016 for certain employers.

What Is the Research Credit?

The research credit was introduced in 1981 to encourage spending on research and experimentation activities by cutting-edge companies. But it was...

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