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Higher Mileage Rate May Mean Larger Tax Deductions for Business Miles in 2019

Yeo & Yeo CPAs & Business Consultants

This year, the optional standard mileage rate used to calculate the deductible costs of operating an automobile for business increased by 3.5 cents, to the highest level since 2008. As a result, you might be able to claim a larger deduction for vehicle-related expense for 2019 than you can for 2018. Actual costs vs. mileage rate Busine... Learn more about the higher mileage rate

5 Audit and Financial Statement Tips for Newly Elected Officials

Jamie Rivette

  The audit process, and review of financial statements, can be a bit overwhelming for you as an elected official if you don’t have a strong financial background. Here are five tips to help you wrap your arms around this task. 1. Look through last year’s audited financial statements. Ask for a copy of the previous year’s financial... Learn More

Four Key Ways to Utilize Your Auditor for More than Just the Audit

David R. Youngstrom

Audits have a stigma that leads people to believe that audits (and the auditors) are only a requirement to check off the annual business cycle. Hopefully, you have a great relationship with your auditor that allows the audit process to go smoothly. Once the financial statements have been released, the audit submitted to the State, and the Board ... Learn More

Dixon Earns AICPA Advanced Single Audit Certification

Yeo & Yeo CPAs & Business Consultants

Yeo & Yeo CPAs & Business Consultants is pleased to announce that Brian Dixon, CPA, has achieved the Advanced Single Audit Certification from the American Institute of CPAs (AICPA). The certification is reserved for auditors with a minimum of seven years of experience planning, performing, reviewing, and reporting single aud... Learn More

IRS Encourages 'Paycheck Checkup' for Taxpayers to Check Their Withholding

Yeo & Yeo CPAs & Business Consultants

Taxpayers who have questions about the Tax Cuts and Jobs Act have several resources that will help answer questions. The legislation, passed in December 2017, changes many areas of the tax law. Here are some of the resources on IRS.gov that will help individual taxpayers and businesses. New Tax Reform Web Page. The IRS created the Tax ... Learn More

Jamie Rivette Receives CGFM Credential

Yeo & Yeo CPAs & Business Consultants

Yeo & Yeo CPAs & Business Consultants is pleased to announce that Jamie L. Rivette , CPA, has achieved the Certified Government Financial Manager (CGFM) credential, awarded by the Association of Government Accountants (AGA). “This recognition reinforces Jamie’s leadership in our government niche as she continues to be a driving fo... Learn More

Make Sure Repairs to Tangible Property Were Actually Repairs Before You Deduct the Cost

Yeo & Yeo CPAs & Business Consultants

Repairs to tangible property, such as buildings, machinery, equipment or vehicles, can provide businesses a valuable current tax deduction — as long as the so-called repairs weren’t actually “improvements.” The costs of incidental repairs and maintenance can be immediately expensed and deducted on the current year’s income tax retu... Learn More

GASB 84 – Planning Ahead for a Smooth Transition

Alan Panter

In January 2017, the Governmental Accounting Standards Board (GASB) issued Statement No. 84 Fiduciary Activities (GASB 84). The Statement is effective for fiscal years beginning after December 15, 2018, which in practice means for fiscal years ending December 31, 2019, and later. Fiduciary activities are those activities that state and l... Learn More

Three Questions to Ask Your IT Staff About Cybersecurity

Joe Malott

As a responsible party to the security of your companies data, it boils down to a simple question – when it comes to cybersecurity, how do you know that your organization is secure? Yeo & Yeo Computer Consulting is providing three questions, and a little background about each topic, so you can be confident when reporting to ... Learn More

Unclaimed Property – State of Michigan Filing Requirements

Kristi Krafft-Bellsky

It’s that time of the year when the State of Michigan would like all organizations to look through their bank reconciliations to determine if there are any uncleared checks that have reached a dormancy period as of March 31, 2018, that would require reporting to the state. A general rule of thumb is that the dormancy period is one year f... Learn More