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

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

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Michigan Public Act 202 Update

Yeo & Yeo CPAs & Business Consultants

If the Michigan Department of Treasury determined that one or more of your pension or OPEB plans was underfunded after you completed Form 5572 - Local Retirement Government System Annual Report, the Treasury will send a letter regarding their preliminary review of the underfunded status. An application to apply for a waiver will be attached ... Learn More

Pro Bono CPA Services for Growing Companies in Michigan

Yeo & Yeo CPAs & Business Consultants

Yeo & Yeo CPAs & Business Consultants is going into its fifth year of helping to advance Michigan’s growth by nurturing companies through pro bono services under the Pure Michigan Business Connect initiative. This initiative, developed by the Michigan Economic Development Corporation (MEDC), connects early-stage Michigan com... Learn More

The Four Cornerstones of Internal Controls

Christopher Sheridan

Employees of most small to mid-size businesses are seen as part of the family, and business owners could never imagine that their family would steal from them. In fact, employees pose the greatest fraud threat in today’s economy. In its 2016 Report to the Nations on Occupational Fraud and Abuse, the Association of Certified Fraud Exami... Avoid Fraud

How Many Employees Does Your Business Have for ACA Purposes?

Yeo & Yeo CPAs & Business Consultants

It seems like a simple question: How many full-time workers does your business employ? But, when it comes to the Affordable Care Act (ACA), the answer can be complicated. The number of workers you employ determines whether your organization is an applicable large employer (ALE). Just because your business isn’t an ALE one year... Read More

Insuring Your Business with a Buy-Sell Agreement

Michael Espinoza

Life insurance is designed to help protect a household from the financial hardships that may follow the untimely death of a primary wage earner. But how will a death affect a small business? One way of safeguarding a business is to create a buy-sell agreement. A buy-sell agreement is a contract between different entities within a corpo... Learn More

When to Augment Your Staff

Yeo & Yeo CPAs & Business Consultants

Is your company or organization experiencing a key employee’s resignation, a sudden termination, medical leave, retirement, structural change, or simply a shortage of skills? Is the company contending with a merger or acquisition, or experiencing a peak period of business? In many situations like these it might make sense for a company... Learn More

Eight Ways to Prevent Expense Account Fraud

Yeo & Yeo CPAs & Business Consultants

Your employees may be cheating your company by turning in bogus expense reports. While each of these transactions may be small, they can add up to a bundle. Not only does expense account abuse erode profits, it creates an environment in which employees think they can get away with stealing -- and perhaps move on to more lucrative fraud... Learn How