Business Consulting

How to Calculate Nondeductible Parking Expenses

Wendy Thompson

Legitimate business expenses – including parking expenses – that have always been deductible may now be nondeductible. There has been an increasingly large uproar about these nondeductible expenses since the regulations were released in December 2018 (Notice 2018-99). The regulations were billed as describing the process for nonprofits, but when... Learn how to calculate your parking expenses

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Will Leasing Equipment or Buying it be More Tax Efficient for Your Business?

Yeo & Yeo CPAs & Business Consultants

Recent changes to federal tax law and accounting rules could affect whether you decide to lease or buy equipment or other fixed assets. Although there’s no universal “right” choice, many businesses that formerly leased assets are now deciding to buy them. Pros and cons of leasing From a cash flow perspective, leasing can be more attractive... Be more Tax Efficient

Tax

Beware the Ides of March — If You Own a Pass-Through Entity

Yeo & Yeo CPAs & Business Consultants

Shakespeare’s words don’t apply just to Julius Caesar; they also apply to calendar-year partnerships, S corporations and limited liability companies (LLCs) treated as partnerships or S corporations for tax purposes. Why? The Ides of March, more commonly known as March 15, is the federal income tax filing deadline for these “pass-through”... Beware the Ides of March

Announcement

State Issues Posters and FAQs for PMLA and Workforce Opportunity Wage Act

Yeo & Yeo CPAs & Business Consultants

The Michigan Department of Licensing and Regulatory Affairs (LARA) has released posters for the Paid Medical Leave Act (PMLA) and Workforce Opportunity Wage Act which go into effect March 29, 2019. LARA also issued Frequently Asked Questions (FAQs) about the PMLA. In December, Governor Rick Snyder signed into law the Paid Medical Leave Act,... Read the posters and FAQs

Tax

Fundamental Tax Truths for C Corporations

Yeo & Yeo CPAs & Business Consultants

The flat 21% federal income tax rate for C corporations under the Tax Cuts and Jobs Act (TCJA) has been great news for these entities and their owners. But some fundamental tax truths for C corporations largely remain the same: C corporations are subject to double taxation. Double taxation occurs when corporate income is taxed once at the co... Learn the fundamental tax truths for C corporations

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5 Standards of Value Every Attorney Should Understand

David W. Schaeffer

There are two common standards of value that are used by valuation analysts that you may be aware of, Fair Market Value and Fair Value. However, when you and your client have determined the need for a valuation, it is important to understand the other standards of value so that you are best able to apply the most appropriate standard for... Read about the 5 standards

Secure

How Secure is QuickBooks Online Data?

Ashley Rabie

Intuit has implemented five major technologies within QuickBooks to keep customers’ data secure while conducting business through QuickBooks Online (QBO). Data backup Each night, Intuit performs backups, and the data is copied to tapes. Periodically, the tapes are moved offsite to a secure location. Each time data is added or... How secure is QuickBooks online data?

Road

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