Business Consulting

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

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

Light bulb

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