Business Consulting

Business-Team

It’s a Good Time to Buy Business Equipment and Other Depreciable Property

Yeo & Yeo CPAs & Business Consultants

There’s good news about the Section 179 depreciation deduction for business property. The election has long provided a tax windfall to businesses, enabling them to claim immediate deductions for qualified assets, instead of taking depreciation deductions over time. And it was increased and expanded by the Tax Cuts and Jobs Act (TCJA). ... It's a good time to buy business equipment

Business Team

Which Entity is Most Suitable for Your New or Existing Business?

Yeo & Yeo CPAs & Business Consultants

The Tax Cuts and Jobs Act (TCJA) has changed the landscape for business taxpayers. That’s because the law introduced a flat 21% federal income tax rate for C corporations. Under prior law, profitable C corporations paid up to 35%. The TCJA also cut individual income tax rates, which apply to sole proprietorships and pass-through entities, i...

Employees

Succession Planning for Family Businesses: Is It Ever Too Early?

Nolan Felsing

There is an old saying, “The best time to plant a tree was 20 years ago; the next best time is now.” This saying can be used when thinking about future planning for your family business. Only 1/3 of all family businesses successfully make the transition to the next generation. Many different factors can play into this statistic, but almost all o... It is ever too early?

Handshake

Hiring This Summer? You May Qualify for a Valuable Tax Credit

Yeo & Yeo CPAs & Business Consultants

Is your business hiring this summer? If the employees come from certain “targeted groups,” you may be eligible for the Work Opportunity Tax Credit (WOTC). This includes youth whom you bring in this summer for two or three months. The maximum credit employers can claim is $2,400 to $9,600 for each eligible employee. 10 targeted groups A... Learn more about the tax credit

Audit

The Chances of IRS Audit are Down but you Should Still be Prepared

Yeo & Yeo CPAs & Business Consultants

The IRS just released its audit statistics for the 2018 fiscal year, and fewer taxpayers had their returns examined as compared with prior years. However, even though a small percentage of tax returns are being chosen for audit these days, that will be little consolation if yours is one of them. Latest statistics Overall, just 0... Learn more

Records

Records Retention Guidelines to Remember During Spring Cleaning

Yeo & Yeo CPAs & Business Consultants

Warm weather and rainy days bring the urge to purge. But before you clean your file cabinets or declutter your computer files, it's important to review these guidelines. Federal Tax Records Most tax advisors recommend that you retain copies of your finished tax returns indefinitely to prove that you actually filed. Even if you don't keep th... Learn more

Fraud

Look Out for These Five Fraud Perpetrators

Amy Buben

The Embezzler. The Common Thief. The Hacker. The Inventor. The Glutton. No, these aren't cartoon villains. They're all-too-real occupational fraud perpetrators who fleeced their employers of thousands — or even millions — of dollars. Although we've attached the names to actual criminals in cases reported by the U.S. Justice D... Look out

Tax

Divorcing Business Owners Need to Pay Attention to Tax Implications

Yeo & Yeo CPAs & Business Consultants

If you’re getting a divorce, you know it’s a highly stressful time. But if you’re a business owner, tax issues can complicate matters even more. Your business ownership interest is one of your biggest personal assets and your marital property will include all or part of it. Transferring property tax-free You can generally divide most asse... Learn more