Accelerated Filing Deadline for 2016 Form W-2 and Form 1099

Yeo & Yeo CPAs & Business Consultants

Employers and small businesses will soon face a new filing deadline for Form W-2 reporting wages and Form 1099-MISC reporting non-employee compensation. This new deadline was enacted by the PATH Act of 2015 to help the IRS verify the legitimacy of tax refunds before issuing them. Beginning with the 2016 forms (those filed in 2017),... Learn More

Department of Labor’s Final Rule on Overtime Signals Big Changes for Companies

Yeo & Yeo CPAs & Business Consultants

The U.S. Department of Labor (DOL) has issued the “Final Rule” version of its amendments to overtime pay requirements, affecting more than four million workers who may qualify for overtime pay. The new rules will take effect December 1, 2016.  The new rules include changes to the criteria used to define overtime exemptio... Learn More

Three Common Mistakes Found During School District Audits

Molly Fish

It has been a few months since the audit deadline and hopefully everyone has had a chance to breathe a sigh of relief after surviving the implementation of GASB 68. However, it is always important to identify ways that the district can continue to streamline the accuracy and efficiency of its financial records. In hopes of helping Mich... Read More

How to Max Out on Education-Related Tax Breaks

Yeo & Yeo CPAs & Business Consultants

If there was a college student in your family last year, you may be eligible for some valuable tax breaks on your 2015 return. To max out your education-related breaks, you need to see which ones you’re eligible for and then claim the one(s) that will provide the greatest benefit. In most cases you can take only one break per student, ... Learn More

First Pensions, Now OPEB: What School Districts Need to Know About GASB 74 & 75

Jamie Rivette

The Governmental Accounting Standards Board (GASB) issued two new statements that are very similar to the pension standards GASB 67 and 68. The two new statements are GASB 74 and 75. GASB 74 – Financial Reporting for Postemployment Benefit Plans Other Than Pension Plans Establishes new accounting and financial repo...

Update on 3% Contribution to Education Retiree Healthcare Fund

Yeo & Yeo CPAs & Business Consultants

Action required if your district filed claims with the IRS regarding Michigan Public Act 300 of 2012 At the end of December, the Office of Retirement Services (ORS) sent notification that the Internal Revenue Service (IRS) will soon issue determinations on certain protective claims (Form 941-X*) filed by individual districts in regard to ... Read More