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Tax

Tax Credit for Hiring From Certain “Target Groups” Can Provide Substantial Tax Savings

Yeo & Yeo CPAs & Business Consultants

Many businesses hired in 2017, and more are planning to hire in 2018. If you’re among them and your hires include members of a “target group,” you may be eligible for the Work Opportunity tax credit (WOTC). If you made qualifying hires in 2017 and obtained proper certification, you can claim the WOTC on your 2017 tax return....

Tax

Tax Deduction for Moving Costs: 2017 vs. 2018

Yeo & Yeo CPAs & Business Consultants

If you moved for work-related reasons in 2017, you might be able to deduct some of the costs on your 2017 return — even if you don’t itemize deductions. (Or, if your employer reimbursed you for moving expenses, that reimbursement might be excludable from your income.) The bad news is that, if you move in 2018, the costs likely won’...

Home

A Joint Home Purchase Can Ease Estate Tax Liability

Yeo & Yeo CPAs & Business Consultants

If you’re planning on buying a home that you one day wish to pass on to your adult children, a joint purchase can reduce estate tax liability, provided the children have sufficient funds to finance their portion of the purchase. With the gift and estate tax exemption now set at an inflation-adjusted $10 million thanks to the Tax Cuts and...

Promotion

Jessica Rolfe, Nonprofit Services Group Leader, Promoted to Senior Manager

Yeo & Yeo CPAs & Business Consultants

Yeo & Yeo CPAs & Business Consultants is pleased to announce the promotion of Jessica Rolfe, CPA, to senior manager. Her areas of expertise include audits for government entities, school districts, nonprofit organizations and healthcare organizations. Jessica leads the firm's Nonprofit Services Group and is a member of ...

Money

Follow IRS Rules to Ensure you Receive Your Charitable Tax Deductions

Yeo & Yeo CPAs & Business Consultants

If reducing your taxable estate is an important estate planning goal, making lifetime charitable donations can help achieve that goal and benefit your favorite organizations. In addition, by making donations during your lifetime, rather than at death, you can claim income tax deductions. But some of your charitable deductions could be den...

Best Practices for Writing Board Minutes

Jenna Romain

Writing board meeting minutes may seem like a purely administrative task, but in reality the board minutes are a key insight into the inner workings of a nonprofit organization. Having clear, concise board minutes is important for organizations of all sizes. Board minutes need to be maintained for many purposes. 1. Minutes document the lea... Learn More

Tax Break

Bipartisan Budget Act of 2018 Prolongs Tax Breaks

Yeo & Yeo CPAs & Business Consultants

The Bipartisan Budget Act of 2018, enacted on February 9, contains a number of tax breaks for both individuals and businesses. The Act retroactively extended through 2017 over 30 “Extender Provisions,” reinstating for 2017 tax credits and deductions that had expired on December 31, 2016. INDIVIDUAL EXTENDER PROVISIONS The Act extended the ...

Warning

IRS Warns of New Scam — Falsely Filed Returns with Refunds Deposited into Taxpayer’s Account

Yeo & Yeo CPAs & Business Consultants

The Internal Revenue Service issued a new warning for taxpayers to be alert for a quickly growing scam involving erroneous tax refunds being deposited into taxpayers’ bank accounts. Criminals have put a new twist on an old scam: They file fraudulent tax returns and use taxpayers' real bank accounts for the deposit of the fraudulent refund...

Stock

Only Certain Trusts Can Own S Corporation Stock

Yeo & Yeo CPAs & Business Consultants

S corporations must comply with several strict requirements or risk losing their tax-advantaged status. Among other things, they can have no more than 100 shareholders, can have no more than one class of stock and are permitted to have only certain types of shareholders. In an estate planning context, it’s critical that any trusts that w...

Family Photo

Families With College Students May Save Tax on Their 2017 Returns With One of These Breaks

Yeo & Yeo CPAs & Business Consultants

Whether you had a child in college (or graduate school) last year or were a student yourself, you may be eligible for some valuable tax breaks on your 2017 return. One such break that had expired December 31, 2016, was just extended under the recently passed Bipartisan Budget Act of 2018: the tuition and fees deduction. But a couple ...