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Team

Yeo & Yeo Joins Leading Edge Alliance’s Global Fight Against Hunger

Yeo & Yeo CPAs & Business Consultants

Yeo & Yeo CPAs & Business Consultants was proud to join with the Young Professionals group of the Leading Edge Alliance (LEA YPs) for its annual LEA YP Global Volunteer Days. LEA member firms worldwide were encouraged to donate to or volunteer for a local charity. This year all member firms decided to rally around a single cause:... Learn more

Piggy-Bank

Taking Distributions From Your Traditional IRA

Yeo & Yeo CPAs & Business Consultants

If you’re like many people, you’ve worked hard to accumulate a large nest egg in your traditional IRA (including a SEP-IRA). It’s even more critical to carefully plan for withdrawals from these retirement-savings vehicles. Knowing the fine points of the IRA distribution rules can make a significant difference in how much you and your fam... Learn the fine points of the IRA distribution rules

Meeting

Should You Elect S Corporation Status?

Yeo & Yeo CPAs & Business Consultants

Operating a business as an S corporation may provide many advantages, including limited liability for owners and no double taxation (at least at the federal level). Self-employed people may also be able to lower their exposure to Social Security and Medicare taxes if they structure their businesses as S corps for federal tax purposes. Bu... Should you elect S corporation status?

Calculator

IRS Launches New Tax Withholding Estimator

Yeo & Yeo CPAs & Business Consultants

Redesigned Online Tool Makes it Easier to Do a Paycheck Checkup IRS News Release August 6, 2019: The Internal Revenue Service today launched the new Tax Withholding Estimator, an expanded, mobile-friendly online tool designed to make it easier for everyone to have the right amount of tax withheld during the year. The Tax Withholding Es... Learn about the new calculator

Business-Team

Wayfair: Update on State Sales Tax

Kelly Brown

It has been a year since the landmark case of South Dakota v. Wayfair, Inc. was decided. One by one, states continue to pass economic nexus provisions for sales tax. Economic nexus requires out-of-state businesses to collect sales tax (on taxable goods and services) for states in which they are not physically present once the business re... Read the Wayfair Update

Tax Planning

Using Nongrantor Trusts as an Effective Tax Planning Tool After the TCJA

Andrew Matuzak

The record-high lifetime exemption amount currently in effect means that fewer families are affected by gift and estate taxes. As a result, the estate planning focus for many people has shifted from transfer taxes to income taxes. However, the Tax Cuts and Jobs Act (TCJA) imposed limitations on certain itemized deductions that affected m... Using nongrantor trusts as an effective tax planning tool

Nonprofit

How to Dissolve a Nonprofit Organization

Mary Kreider

A nonprofit organization may wind up its affairs and close its doors for many different reasons. Whatever the underlying reason is, it’s important to follow the proper steps to report the liquidation, dissolution or termination of your nonprofit organization to the IRS and the State of Michigan. The required steps will vary based on details part... How to dissolve a nonprofit

Tax

The Tax Implications of Being a Winner

Yeo & Yeo CPAs & Business Consultants

If you’re lucky enough to be a winner at gambling or the lottery, congratulations! After you celebrate, be ready to deal with the tax consequences of your good fortune. Winning at gambling Whether you win at the casino, a bingo hall, or elsewhere, you must report 100% of your winnings as taxable income. They’re reported on the “... Read the tax brief