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Promotion

Yeo & Yeo Promotes Jessica Rolfe, CPA

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. She is a member of the firm’s Nonprofit Services Group and the Audit Services G...

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 ...

Tax

Tax Reform: Pass-through Deduction Flowchart under the New Tax Code

Yeo & Yeo CPAs & Business Consultants

The Tax Cuts & Jobs Act has introduced a new deduction for pass- through entities. This deduction may have one of the largest impacts on taxpayers of any provision in tax reform. This deduction may also be one of the most complicated provisions in the law. The deduction is generally 20 percent of qualified business income of any pass-th...

YYMBC

Yeo & Yeo Medical Billing & Consulting Launches New Website

Yeo & Yeo CPAs & Business Consultants

Yeo & Yeo Medical Billing & Consulting, an affiliate of Yeo & Yeo CPAs, is pleased to announce the launch of its new website. The website provides physicians, group practices, health care organizations and the community with information about the company’s medical billing and practice management consulting services, and off...

Money

Quality Payment Program Changes for 2018

Yeo & Yeo CPAs & Business Consultants

The Quality Payment Program (QPP), established by the Medicare Access and CHIP Reauthorization Act (MACRA), is a payment incentive program that rewards eligible clinicians based on standards of quality and value. Changes have been made to the QPP’s Merit-based Incentive Payment System (MIPS) for the 2018 reporting year. The changes affec...