Tax

Treasury Warns of New Collections Scam

Yeo & Yeo CPAs & Business Consultants

Scammers are Attempting to Collect Past-due Tax Debts with Fake Letters Michigan taxpayers with past-due tax debts should be aware of a new scam making the rounds through the U.S. Postal Service, according to the Michigan Department of Treasury. In the scheme, taxpayers are sent what appears to be a government-looking letter about an overdue... Learn how scammers are attempting to collect past-due tax debts with fake letters

Prepare Now for New Medicare Card Numbers

Yeo & Yeo CPAs & Business Consultants

Throughout the next 12 months, Medicare will remove social security numbers from Medicare cards and mail new cards to consumers. This change will help the Centers for Medicare & Medicaid Services (CMS) prevent fraud and identity theft, and protect financial information. Medicare Beneficiary Identifier numbers will replace the Health ... Learn More

5 Tips for Fraud Prevention in School Districts

Molly Fish

School districts are as vulnerable to fraud as organizations in the private sector. The types of fraud most often perpetrated in the education industry include procurement schemes, corruption (conflicts of interest, bribery, illegal gratuities and economic extortion) and skimming. The Association of Certified Fraud Examiners’ most recent rep... Learn More

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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Beware of “Council for Corporations” Corporate Records Service Scam

Yeo & Yeo CPAs & Business Consultants

The “Corporate Records Service” scam has resurfaced. Michigan businesses are receiving an official-looking form called the “Annual Records Solicitation Form” from the “Michigan Council for Corporations.” Although this document looks like an official government form, the Michigan Council for Corporations is not a government agency. They a...

5 Costly Mistakes to Avoid When You Suspect Fraud in Your Organization

David R. Youngstrom

Many workplace crimes are "inside jobs." They can involve employees stealing cash, inventory, equipment or intellectual property, or they could include more sophisticated schemes such as bribery, kickbacks or payroll fraud. Internal fraud investigations can pose numerous challenges. Here are five costly mistakes an organization can make ... Read More

Spotlight on Fraud in the Manufacturing Industry

Amy Buben

The Association of Certified Fraud Examiners (ACFE) has published its 2016 Report to the Nations on Occupational Fraud and Abuse. The latest biennial study breaks down white collar crimes by industry, highlighting the common scams that manufacturers need to watch for and ways for them to minimize potential losses from fraud. How much doe... 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