News

Megan Tuckey of Yeo & Yeo Receives Fundamental Payroll Certificate

June 13, 2016 by Yeo & Yeo

Yeo & Yeo CPAs & Business Consultants, a leading Michigan accounting firm, is pleased to announce that Payroll Specialist Megan Tuckey has earned the Fundamental Payroll Certification (FPC) designation from the American Payroll Association. The certification is exam-based and proves extensive knowledge of payroll and how it relates to tax laws and regulatory compliance.

Tuckey’s areas of specialization include calculation of payroll taxes, filing and submitting payments for payroll taxes, processing payroll, and time management. She is a member of the board of directors of the Great Lakes Bay Chapter of the American Payroll Association. She holds a bachelor’s degree from...

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Department of Labor’s Final Rule on Overtime Signals Big Changes for Companies

May 20, 2016 by Yeo & Yeo

The U.S. Department of Labor (DOL) has issued the “Final Rule” version of its amendments to overtime pay requirements, affecting more than four million workers who may qualify for overtime pay. The new rules will take effect December 1, 2016. 

The new rules include changes to the criteria used to define overtime exemption for executive, administrative, professional, outside sales and computer employees (white collar workers) under the Fair Labor Standards Act. 

Until now, workers who earned more than $23,660 per year, or $455 per week, were exempt from overtime if they performed managerial or professional ...

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QuickBooks Desktop 2016 Now Available

November 20, 2015 by Yeo & Yeo

QuickBooks Desktop 2016 is now available for purchase or download. Many new and minor improvements to the program's interface and features were implemented with this new release.

The key features of QuickBooks 2016 are easily tailored to your industry.

  • "Bill Tracker" provides a dedicated dashboard to view data for purchase orders and bills.
  • Instant view of the money-out in "Bill Tracker" without having to run reports.
  • Bulk clear is now available to delete or void multiple transactions.
  • New reporting features that allow for advance filtering...

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IRS Allows Additional Time to Claim Retroactive Work Opportunity Tax Credit

March 9, 2015 by Yeo & Yeo

The IRS has provided employers with additional time to obtain the certification necessary to claim the Work Opportunity Tax Credit for 2014, which was retroactively extended by the Tax Increase Prevention Act of 2014 to cover eligible employees who began work before Jan. 1, 2015.

An employer that hired a member of a targeted group, or a tax-exempt organization that hired a qualified veteran, during 2014 will meet the requirements for the credit if a pre-screening notice to request certification is filed with the appropriate Designated Local Agency (DLA) no later than Apr. 30, 2015.

The Work Opportunity Tax Credit is available to virtually all private, for-profit employers who hire new employees from targeted groups. These...

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Affordable Care Act Reporting Requirements are Looming – Employers Need to Prepare

March 5, 2015 by Yeo & Yeo

In early 2016, employers with 50 or more full-time or full-time equivalent employees, labeled Applicable Large Employers (ALEs) by the federal government’s Affordable Care Act, will be required for the first time to report information about their employees and health insurance coverage afforded to them in 2015.

New Forms 1095-B (Health Coverage), and 1095-C (Employer-Provided Health Insurance Offer and Coverage), will be issued similar to the traditional Forms W-2, but with considerably different information. Additional Forms 1094-B and 1094-C will be used as transmittals to the IRS for these forms. This reporting is voluntary for 2014, but the instructions for Forms 1094-C and 1095-C were not issued until early February 2015, so it seems unlikely there will be...

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