News & Resources

FAQ: Exempt Employee Deductions

Courtesy of Ahola Corporation Small business owners and leaders often have questions about exempt and non-exempt employee deductions. Read one of these frequently asked questions below. When can we deduct […]

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February 28, 2022

10 Considerations for Claiming PPP Loan Forgiveness and the Employee Retention Credit

Courtesy of Ahola Corporation As business owners who received a Paycheck Protection Program loan prepare to file their 2021 taxes, they need to consider whether they are also eligible to […]

December 8, 2021

Michigan’s Minimum Wage Will Increase on January 1, 2022

Courtesy of Yeo & Yeo Michigan’s minimum wage rate will increase to $9.87 on January 1, 2022, an increase from the current $9.65. Michigan’s Improved Workforce Opportunity Wage Act establishes the […]

December 7, 2021

Handle Payroll Taxes With Kid Gloves

Courtesy of Yeo & Yeo If you operate a business that collects payroll taxes from employees, here’s a warning: Regardless of what your corporate financial situation is, don’t borrow from the […]

November 30, 2021

7 Tax-Smart Reasons to Hire Your Spouse

Courtesy of Yeo & Yeo Many businesses are having trouble recruiting and retaining qualified workers today. Nearly 90% of employers reported difficulty filling open positions, according to a recent survey conducted […]

November 27, 2021

The Infrastructure Investment and Jobs Act Includes Tax-related Provisions You’ll Want to Know About

Courtesy of Yeo & Yeo Almost three months after it passed the U.S. Senate, the U.S. House of Representatives has passed the Infrastructure Investment and Jobs Act (IIJA), better known […]

August 25, 2021

Don’t Forget About the Work Opportunity Tax Credit

Courtesy of Yeo & Yeo Are you a business owner thinking about hiring? Be aware that a recent law extended a credit for hiring individuals from one or more targeted […]

March 25, 2021

What are the Tax Implications of Buying or Selling a Business?

By Zaher Basha, CPA, CM&AA, courtesy of Yeo & Yeo Merger and acquisition activity in many industries slowed during 2020 due to COVID-19. But analysts expect it to improve in 2021 […]

March 24, 2021

Follow Detailed Recordkeeping Rules for Vehicle Expense Deductions

Courtesy of Yeo & Yeo Many business owners fail to follow the strict tax rules for substantiating vehicle expenses. But if your business is audited, the IRS will most likely ask […]

March 19, 2021

Federal Income Tax Filing Deadline Extended to May 17

Courtesy of Ahola Corporation The filing date for the federal income tax has been postponed until May 17. The IRS has announced that individual taxpayers can also postpone federal income […]

March 6, 2021

Salary History Bans – Know the Limitations

By Sheila Hoover, courtesy of SBAM Approved Partner ASE ASE has received many questions regarding the salary history ban many states have enacted recently. A salary history ban prohibits employers […]

February 27, 2021

Employee Retention Tax Credit Overview

Courtesy of Ahola Corporation The second relief bill, passed at the end of 2020, contains updates to the employee retention credit, a refundable payroll tax credit. Each option has its […]

February 16, 2021

Inoculating Your Business for the Post-COVID Economy: Disruptions Create Opportunity

By Leon LeBrecque, originally featured in SBAM’s FOCUS Magazine Good riddance to 2020, to pandemics, to shutdowns, to complicated new regulations and to elections. The question we need to ask […]

January 19, 2021

Quick Action Required – New Stimulus For Small Business

By Leon LaBrecque, JD, CPA, CFP®, CFA | Chief Growth Officer, Sequoia Financial The Consolidated Appropriations Act (CAA) gave us some last-minute fiscal relief, notably $600 stimulus checks for individuals and […]

January 4, 2021

COVID Relief Bill: Tax Credits for Paid Leave Extended to March 31

Courtesy of Ahola Corporation A new $900 billion coronavirus relief bill has become law and answers the question of whether federal Emergency Paid Sick Leave (EPSL) and Emergency Family and […]

December 31, 2020

Understanding IRS Audit Guidance

Courtesy of Yeo & Yeo IRS examiners usually do their homework before meeting with taxpayers and their professional representatives. This includes reviewing any relevant Audit Techniques Guides (ATGs) that typically focus […]

December 22, 2020

Family Business Owners Must Weave Together Succession and Estate Planning

By Rebecca Millsap, CPA, courtesy of Yeo & Yeo It’s been estimated that there are roughly 5 million family-owned businesses in the United States. Annually, these companies make substantial contributions to both […]

December 21, 2020

FAQs About Tax-Free Disaster Relief Payments During the COVID-19 Crisis

Courtesy of Yeo & Yeo Many people are struggling to make ends meet during the COVID-19 pandemic. Fortunately, some individuals qualify for federal-income-tax-free disaster relief and disaster mitigation payments paid by […]