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Some of Your Deductions May be Smaller When You File Your 2018 Tax Return

Yeo & Yeo CPAs & Business Consultants

While the Tax Cuts and Jobs Act (TCJA) reduces most income tax rates and expands some tax breaks, it limits or eliminates several itemized deductions that have been valuable to many individual taxpayers. Here are five deductions you may see shrink or disappear when you file your 2018 income tax return: 1. State and local tax deduction. ... Will your deductions be smaller?

Learning

GASB 84 White Paper: Understanding the Statement to Implement Efficiently in Your School District

Yeo & Yeo CPAs & Business Consultants

In January 2017, the Governmental Accounting Standards Board issued Statement No. 84 Fiduciary Activities (GASB 84). For school districts, the Statement is effective for fiscal years ending in 2020. GASB 84 defines and clarifies fiduciary activities and establishes criteria for identifying those activities with a focus on whether a gover... Download the white paper

Nonprofit

Lobbying and Political Expenditures for Nonprofits

Yeo & Yeo CPAs & Business Consultants

Nonprofits have strict compliance rules for what they can – or, more correctly, cannot – do related to lobbying and political expenditures. Although these terms seem to complement one another, they are in fact distinct from each other, and the layman’s understanding of the terms is not the same as the IRS’s definitions in most cases. Wor... Learn about lobbying and political expenditures for nonprofits

Announcement

State Issues Posters and FAQs for PMLA and Workforce Opportunity Wage Act

Yeo & Yeo CPAs & Business Consultants

The Michigan Department of Licensing and Regulatory Affairs (LARA) has released posters for the Paid Medical Leave Act (PMLA) and Workforce Opportunity Wage Act which go into effect March 29, 2019. LARA also issued Frequently Asked Questions (FAQs) about the PMLA. In December, Governor Rick Snyder signed into law the Paid Medical Leave Act,... Read the posters and FAQs

Tax-Planning

3 Big TCJA Changes Affecting 2018 Individual Tax Returns and Beyond

Yeo & Yeo CPAs & Business Consultants

When you file your 2018 income tax return, you’ll likely find that some big tax law changes affect you — besides the much-discussed tax rate cuts and reduced itemized deductions. For 2018 through 2025, the Tax Cuts and Jobs Act (TCJA) makes significant changes to personal exemptions, standard deductions and the child credit. The de... Read the 3 Big TCJA Changes

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Making Smart Mergers and Acquisitions under Today’s Tax Law

Yeo & Yeo CPAs & Business Consultants

Many businesses will pay less federal income taxes in 2018 and beyond, thanks to the Tax Cuts and Jobs Act (TCJA). And some will spend their tax savings on merging with or acquiring another business. Before you jump on the M&A bandwagon, it's important to understand how your transaction will be taxed under current tax law. Stock vs.... Learn how to make smart mergers under today's tax law

Advocating

Nonprofit Quick Tip: Code of Ethics

Mary Kreider

An organization’s code of ethics establishes the integrity and ethical values that provide a framework for decision-making. It guides behavior to be in support of the mission, for staff, board members, volunteers and others who work with the organization. The code of ethics is also an important step in creating a control environment wher... Read the nonprofit quick tip

Nonprofit

Nonprofit Policy Book and How to Inventory and Update Policies

Mary Kreider

Every nonprofit strives to advance its mission. The board of directors is responsible for guiding the organization in its pursuit of that mission. It is the board’s responsibility to ensure that all assets and activities are used to further the mission, that conflicts of interest are recognized and disclosed, and that the organization ob... Learn about the updates