Tax Planning

Property

Unclaimed Property – Zero Balance Reporting Requirement Rescinded

Kristi Krafft-Bellsky

New Online System Beginning October 1, 2018, a new system is accessible on the Michigan Department of Treasury’s website for both reporting unclaimed property and filing to receive unclaimed property. Business and individuals can search for unclaimed property in their name and submit validation information online to claim the unclaimed... Learn about the rescinded zero balance reporting requirement

Tax Planning For Investments Gets More Complicated

Yeo & Yeo CPAs & Business Consultants

For investors, fall is a good time to review year-to-date gains and losses. Not only can it help you assess your financial health, but it also can help you determine whether to buy or sell investments before year end to save taxes. This year, you also need to keep in mind the impact of the Tax Cuts and Jobs Act (TCJA). While the TCJA did... Learn more about the new tax planning news

The Tax Deduction Ins And Outs Of Donating Artwork To Charity

Yeo & Yeo CPAs & Business Consultants

If you’re charitably inclined and you collect art, appreciated artwork can make one of the best charitable gifts from a tax perspective. In general, donating appreciated property is doubly beneficial because you can both enjoy a valuable tax deduction and avoid the capital gains taxes you’d owe if you sold the property. The ... Learn More

A Cost Segregation Study Can Accelerate Depreciation Deductions

Amy Buben

Businesses that acquire, construct or substantially improve a building — or did so in previous years — should consider a cost segregation study. These studies combine accounting and engineering techniques to identify building costs that are properly allocable to tangible personal property rather than real property. This may a... Learn more

Tax Reform Webinar: Business Tax Changes Contained in the Tax Reform Bill

Yeo & Yeo CPAs & Business Consultants

Thursday, September 20, 201811:30 AM - 12:30 PM EST Webinar has passed, visit our Events page for future Tax Reform webinars.View a recording of the webinar The Tax Cuts & Jobs Act included sweeping changes for closely-held businesses, regardless of structure. This webinar will discuss changes and strategies related to depreciation, acco... Learn More

Keep it SIMPLE: A Tax-Advantaged Retirement Plan Solution For Small Businesses

Yeo & Yeo CPAs & Business Consultants

If your small business doesn’t offer its employees a retirement plan, you may want to consider a SIMPLE IRA. Offering a retirement plan can provide your business with valuable tax deductions and help you attract and retain employees. For a variety of reasons, a SIMPLE IRA can be a particularly appealing option for small businesses. The d... Learn More

Play Your Tax Cards Right With Gambling Wins And Losses

Yeo & Yeo CPAs & Business Consultants

If you gamble, be sure you understand the tax consequences. Both wins and losses can affect your income tax bill. And changes under the Tax Cuts and Jobs Act (TCJA) could also have an impact. Wins and taxable income You must report 100% of your gambling winnings as taxable income. The value of complimentary goodies (“comps”) provided by ga... Learn More

The TCJA Prohibits Undoing 2018 Roth IRA Conversions, 2017 Conversions Are Eligible

Yeo & Yeo CPAs & Business Consultants

Converting a traditional IRA to a Roth IRA can provide tax-free growth and tax-free withdrawals in retirement. But what if you convert your traditional IRA — subject to income taxes on all earnings and deductible contributions — and then discover you would have been better off if you hadn’t converted it? Before the Tax Cuts ... Learn More

An FLP Can Save Tax in a Family Business Succession

Yeo & Yeo CPAs & Business Consultants

One of the biggest concerns for family business owners is succession planning — transferring ownership and control of the company to the next generation. Often, the best time tax-wise to start transferring ownership is long before the owner is ready to give up control of the business. A family limited partnership (FLP) can help own... Learn More

Webinar: What Does the Wayfair Ruling Mean for Your Business?

Yeo & Yeo CPAs & Business Consultants

Wednesday, August 15, 201811:30 AM - 12:30 PM EST Visit our Events page for revordings of past webinars. Do you have customers outside of your home state? If so, this ruling may impact you. In the most notable sales tax case in the past 25 years, the U.S. Supreme Court announced in June its highly anticipated decision in South Dakota v. ... Learn More