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School

Five Ways School Districts Work Smarter, Not Harder, When Preparing for an Audit

Yeo & Yeo CPAs & Business Consultants

Often, when you hear that a school district is being audited, it is automatically associated with negativity. The common reactions are “What did they do wrong?” or “There must have been fraud!” However, Michigan Department of Education requires annual financial statement audits, performed in accordance with Generally Accepted Auditing Standards ... Learn five ways school districts work smarter, not harder, when preparing for an audit

Lobbying

Lobbying and Political Expenditures: A Nonprofit Perspective

Bradley DeVries

Within your nonprofit, be careful not to blur the lines between lobbying and political expenditures. Although these terms may seem alike, they are two distinct activities that carry significant compliance requirements and can impact your nonprofit’s tax-exempt status. Therefore, it is imperative to be well-versed in the compliance requir... Learn about the nonprofit perspective on lobbying and political expenditures

Nonprofit

Nonprofit Quick Tip: Operating Reserves

Bradley DeVries

Generally speaking, operating reserves are your organization’s “rainy day fund.” Why are they important? For starters, an organization’s rainy day fund is there to protect against the unexpected. Those of us who have worked in or with the nonprofit industry for a long enough time know not to take anything for granted. Regular contribution so... Read the Nonprofit Quick Tip

Handshake

Hiring This Summer? You May Qualify for a Valuable Tax Credit

Yeo & Yeo CPAs & Business Consultants

Is your business hiring this summer? If the employees come from certain “targeted groups,” you may be eligible for the Work Opportunity Tax Credit (WOTC). This includes youth whom you bring in this summer for two or three months. The maximum credit employers can claim is $2,400 to $9,600 for each eligible employee. 10 targeted groups A... Learn more about the tax credit

Yeo & Yeo Welcomes Back Erin Flannery

Yeo & Yeo CPAs & Business Consultants

Yeo & Yeo CPAs & Business Consultants welcomes Erin Flannery, CPA, back to the firm as a senior accountant in the Auburn Hills office. Previously she worked in Yeo & Yeo’s Alma office before relocating to the Detroit area. “We are thrilled to welcome Erin back to Yeo & Yeo,” says Tammy Moncrief, Managing Principal of th... Read more about Erin

Audit

The Chances of IRS Audit are Down but you Should Still be Prepared

Yeo & Yeo CPAs & Business Consultants

The IRS just released its audit statistics for the 2018 fiscal year, and fewer taxpayers had their returns examined as compared with prior years. However, even though a small percentage of tax returns are being chosen for audit these days, that will be little consolation if yours is one of them. Latest statistics Overall, just 0... Learn more

Team

Employers: Be aware (or Beware) of a Harsh Payroll Tax Penalty

Yeo & Yeo CPAs & Business Consultants

If federal income tax and employment taxes (including Social Security) are withheld from employees’ paychecks and not handed over to the IRS, a harsh penalty can be imposed. To make matters worse, the penalty can be assessed personally against a “responsible individual.” If a business makes payroll tax payments late, there are escalating pe... Be aware or Beware

Taxes

Thinking About Moving to Another State in Retirement? Don’t Forget About Taxes

Yeo & Yeo CPAs & Business Consultants

When you retire, you may consider moving to another state — say, for the weather or to be closer to your loved ones. Don’t forget to factor state and local taxes into the equation. Establishing residency for state tax purposes may be more complicated than it initially appears to be. Identify all applicable taxes It may see... Learn more about out of state retirement taxes