Manufacturing

Throw a Company Picnic for Employees This Summer and Enjoy Larger Deductions

Yeo & Yeo CPAs & Business Consultants

Many businesses host a picnic for employees in the summer. It’s a fun activity for your staff and you may be able to take a larger deduction for the cost than you would on other meal and entertainment expenses. Deduction limits Generally, businesses are limited to deducting 50% of allowable meal and entertainment expenses. B... Learn How

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

Entrepreneurs: What Can You Deduct and When?

Yeo & Yeo CPAs & Business Consultants

Starting a new business is an exciting time. But before you even open the doors, you generally have to spend a lot of money. You may have to train workers and pay for rent, utilities, marketing and more. Entrepreneurs are often unaware that many expenses incurred by start-ups can’t be deducted right away. How expenses are handled ... Learn More

Five Ways to Improve Inventory Management

Yeo & Yeo CPAs & Business Consultants

The latest manufacturing industry statistics are generally encouraging and most observers remain cautiously optimistic as 2016 approaches. But news coverage usually focuses on output. What about handling inventory in this environment of varying supply and demand? This is a constant concern for manufacturers, and possibly you're amo... Learn More

Another Tax Break for Research Expenses

Yeo & Yeo CPAs & Business Consultants

The research credit isn't the only tax break available for research activities. Section 174 of the tax code allows taxpayers to elect to either: 1) deduct "research or experimental expenditures" or 2) amortize the costs over a period of not less than 60 months. Qualified expenses are limited to the following: In-house wages a... Learn More

The New-and-Improved Research Credit is Now Permanent

Yeo & Yeo CPAs & Business Consultants

The research credit is back — this time for good — and it's better than ever for some small companies. The Protecting Americans from Tax Hikes (PATH) Act of 2015, signed into law by the president on December 18, does much more than extend this credit. Under the PATH Act, the research credit is restored retroactive to Januar... Learn More

Michigan Personal Property Tax - Significant Changes for Manufacturers in 2016

Yeo & Yeo CPAs & Business Consultants

Personal Property Tax Reform was passed in Michigan during 2014 and established a seven-year phase-in for changes to personal property taxation on eligible manufacturing personal property in Michigan. It also established a new Essential Services Assessment (ESA) which will be due August 15, 2016, for the first time. With the arriv...