Everyday Business Podcast

Episode 15: Introducing Our New CEO

Welcome to Everyday Business, Yeo & Yeo’s podcast. We’ve had the privilege of advising Michigan businesses for more than 95 years, and we want to share our knowledge with you.

Covering tax, accounting, technology, financial and advisory topics relevant to you and your business, Yeo & Yeo’s podcast is hosted by industry and subject matter experts, where we go beyond the beans.

On episode 15 of Everyday Business, host Taylor Bartosiewicz, marketing associate, is joined by Dave Youngstrom, Yeo & Yeo's new President & CEO. Listen in as Taylor talks to Dave about his career and his vision for the future of Yeo & Yeo. Dave, a principal and shareholder, serves on Yeo & Yeo's board of directors, is a member of the firm's strategic planning team and has led Yeo & Yeo's Assurance Service Line since 2015. He has very successfully directed the firm-wide audit practice, streamlining and growing the firm's assurance solutions.

Thank you for tuning in to Yeo & Yeo’s Everyday Business Podcast. Yeo & Yeo’s podcast can be heard on Apple Podcasts, PodBean and, of course, our website. Please subscribe, rate and review.

For more business insights, visit our Resource Center and subscribe to our eNewsletters.

DISCLAIMER
The information provided in this podcast is believed to be valid and accurate on the date it was first published. The views, information, or opinions expressed during the podcast reflect the views of the speakers. This podcast does not constitute tax, accounting, legal or other business advice, or an advisor-client relationship. Before making any decision or taking action, consult with a professional regarding your specific circumstances.

Episode 14: Everything Sales Tax

Welcome to Everyday Business, Yeo & Yeo’s podcast. We’ve had the privilege of advising Michigan businesses for more than 95 years, and we want to share our knowledge with you.

Covering tax, accounting, technology, financial and advisory topics relevant to you and your business, Yeo & Yeo’s podcast is hosted by industry and subject matter experts, where we go beyond the beans.

On episode 14 of Everyday Business, host David Jewell, tax partner in Kalamazoo, is joined by Kelly Brown, a tax manager in our Saginaw office. Listen in as David and Kelly discuss everything sales tax, the rules and regulations, and how it has changed since the Wayfair ruling.

• How has Wayfair changed sales tax over the last three years? (1:20)
• What are marketplace laws (2:45)
• How do transaction counts affect small sellers and the sales tax collected? (3:25)
• What is the current outlook of sales tax for multi-state sellers? (4:50)
• What is the outlook of Michigan's sales/use tax? Specifically for construction and contractors (6:02)
• Review any issues for exempt projects for not-for-profit entities and governments (7:59)
• Why is it important for contractors and nonprofit entities to understand their responsibilities and obligations? (9:19)
• Knowing that contractors aren’t allowed to use the governmental agency’s exemption certificate can the agency buy materials with the contractor or for the contractor and not pay sales tax? (10:17)
• How do the contractors pay the use tax and is this an honor system? (11:27)
• Why are vendor contracts a big point of contention in an audit and why do they provide contractors with a false sense of security? (14:00)
• How does a contractor show that they have paid use tax? (15:10)
• How does use tax work for smaller jobs or contractors who also sell materials? (15:50)
• What resources are available to wade through all of the sales tax rules? (17:40)

Thank you for tuning in to Yeo & Yeo’s Everyday Business Podcast. Yeo & Yeo’s podcast can be heard on Apple Podcasts, PodBean and, of course, our website. Please subscribe, rate and review.

For more business insights, visit our Resource Center and subscribe to our eNewsletters.

DISCLAIMER
The information provided in this podcast is believed to be valid and accurate on the date it was first published. The views, information, or opinions expressed during the podcast reflect the views of the speakers. This podcast does not constitute tax, accounting, legal or other business advice, or an advisor-client relationship. Before making any decision or taking action, consult with a professional regarding your specific circumstances.

Episode 13: Michigan Uniform Chart of Accounts for Local Government

Welcome to Everyday Business, Yeo & Yeo’s podcast. We’ve had the privilege of advising Michigan businesses for more than 95 years, and we want to share our knowledge with you.

Covering tax, accounting, technology, financial and advisory topics relevant to you and your business, Yeo & Yeo’s podcast is hosted by industry and subject matter experts, where we go beyond the beans.

On episode 13 of Everyday Business, host Ali Barnes, principal and member of Yeo & Yeo’s Government Services Group, is joined by Alan Panter, also a principal and member of the Government Services Group.

Listen in as Ali and Alan discuss the Michigan Uniform Chart of Accounts for local government in the second of our two-part podcast series focusing on auditing and accounting for government entities.

• Overview of the Michigan Uniform Chart of Accounts (1:13)
• Governmental accounting components that make up an account number (3:36)
• Why is the Michigan Chart of Accounts coming up now? (6:15)
  •  Excerpt of key implementation dates to remember from this episode:
    • Compliance with the uniform chart of accounts is required, as a minimum, as of any fiscal year-end of October 31, 2022, or later. So, for a government with a December 31 year-end, the final implementation would not be required until December 31, 2022. September 30 fiscal year-ends are the last to go and would not be required to implement until September 30, 2023. Depending on what software you are using, and whether your vendor supports an in-year conversion, and how that process works, you may be able to wait until year-end to implement the uniform chart of accounts. This would be an acceptable method from a compliance standpoint but would not be the recommended method. We recommend implementing the chart of accounts as of the beginning of the fiscal year, whenever that falls. We recommend, however, that you implement the changes as of the beginning of the fiscal year, which would be January 1, 2022.
• What changes are in the updated chart of accounts to align general ledger accounting with some of the new standards? (8:35)
• Other fundamental changes to note (10:50)
• Recommendations for successful implementation (13:25)
• Can software such as QuickBooks help governments stay in compliance? (16:57)
• Suggested resources (18:36)

Thank you for tuning in to Yeo & Yeo’s Everyday Business Podcast. Yeo & Yeo’s podcast can be heard on Apple Podcasts, PodBean and, of course, our website. Please subscribe, rate and review.

For more business insights, visit our Resource Center and subscribe to our eNewsletters.

DISCLAIMER
The information provided in this podcast is believed to be valid and accurate on the date it was first published. The views, information, or opinions expressed during the podcast reflect the views of the speakers. This podcast does not constitute tax, accounting, legal, or other business advice or an advisor-client relationship. Before making any decision or taking action, consult with a professional regarding your specific circumstances.

Episode 12: Single Audits for Government Entities

Episode 12: Single Audits for Government Entities

Welcome to Everyday Business, Yeo & Yeo’s podcast. We’ve had the privilege of advising Michigan businesses for more than 95 years, and we want to share our knowledge with you.

Covering tax, accounting, technology, financial and advisory topics relevant to you and your business, Yeo & Yeo’s podcast is hosted by industry and subject matter experts, where we go beyond the beans.

On episode 12 of Everyday Business, host Alan Panter, principal and member of Yeo & Yeo’s Government Services Group, is joined by Jamie Rivette, principal and leader of the Government Services Group.    

Listen in as Alan and Jamie discuss single audits for government entities in the first of our two-part podcast series focusing on auditing and accounting for government entities.

• What is a Single Audit, and how do I determine if one is required? How should the federal dollars be reported in the financial statements? (1:20)
• Who is responsible for preparing the SEFA? (3:42)
• Which grants should be included in the SEFA and which should not? (4:08)
• What else do I need to prepare? (4:53)
• Which items will the auditor want to test in the SEFA? (6:30)
• Which programs will the auditors select for testing? (8:20)
• Who sets compliance requirements, and how will I know which areas will be tested? (10:00)
• What else should I pay attention to? (11:20)

Thank you for tuning in to Yeo & Yeo’s Everyday Business Podcast. Yeo & Yeo’s podcast can be heard on Apple Podcasts, PodBean and, of course, our website. Please subscribe, rate and review.

For more business insights, visit our Resource Center and subscribe to our eNewsletters.

DISCLAIMER
The information provided in this podcast is believed to be valid and accurate on the date it was first published. The views, information, or opinions expressed during the podcast reflect the views of the speakers. This podcast does not constitute tax, accounting, legal or other business advice or an advisor-client relationship. Before making any decision or taking action, consult with a professional regarding your specific circumstances.

Episode 11: Tax Effects of Cryptocurrency

Welcome to Everyday Business, Yeo & Yeo’s podcast. We’ve had the privilege of advising Michigan businesses for more than 95 years, and we want to share our knowledge with you.

Covering tax, accounting, technology, financial and advisory topics relevant to you and your business, Yeo & Yeo’s podcast is hosted by industry and subject matter experts, where we go beyond the beans.

On episode 11 of Everyday Business, host Jacob Sopczynski, principal is joined by Randy Howard, CPA, and Zaher Basha, CPA, CMAA.

Listen in as Jacob, Randy, and Zaher discuss the tax effects of cryptocurrency in the second of our two-part series on blockchain.

• When do cryptocurrencies become taxable (1:11)
• Transferring cryptocurrency and its effects (3:00)
• Being compensated through cryptocurrency (4:42)
• Nontaxable cryptocurrency transactions (5:50)
• Is buying and trading in cryptocurrency taxable? (7:04)
• Reporting (8:27)
• Cost to cost tracking (10:10)
• Penalties for not reporting cryptocurrency (14:40)
• Foreign reporting (15:14) 
• How TCJA changed the taxation of cryptocurrency (16:20)
• Tax considerations with forking (17:00)
• Credit cards that give cash back via bitcoin (17:48)
• Reporting and what records should be maintained when paying employees? (18:23)

Thank you for tuning in to Yeo & Yeo’s Everyday Business Podcast. Yeo & Yeo’s podcast can be heard on Apple Podcasts, PodBean and, of course, our website. Please subscribe, rate and review.

For more business insights, visit our Resource Center and subscribe to our eNewsletters.

Episode 10: The Basics of Blockchain

Welcome to Everyday Business, Yeo & Yeo’s podcast. We’ve had the privilege of advising Michigan businesses for more than 95 years, and we want to share our knowledge with you.

Covering tax, accounting, technology, financial and advisory topics relevant to you and your business, Yeo & Yeo’s podcast is hosted by industry and subject matter experts, where we go beyond the beans.

On episode 10 of Everyday Business, host Jacob Sopczynski, principal in the Flint office, is joined by Robert Konsdorf, CEO of EOS Detroit. Learn more about EOS Detroit on their LinkedIn and Twitter pages. 

Listen in as Jacob and Rob discuss the basics of blockchain in part one of our two-part series about blockchain and its tax effects.

• What is blockchain (1:35)
• Public and decentralized ledgers (2:55)
• Examples of proof of stake (6:01)
• The use of blockchain technology in private ledgers (8:12)
• How will blockchain technology impact us in the future (11:10)
• Additional blockchain use cases (16:07)
• The limitations of blockchain (18:26)
• Will be see the monataty transactional system increase in the coming years? (21:05)
• The future of blockchain (27:00)

Thank you for tuning in to Yeo & Yeo’s Everyday Business Podcast. Yeo & Yeo’s podcast can be heard on Apple Podcasts, PodBean and, of course, our website. Please subscribe, rate and review.

For more business insights, visit our Resource Center and subscribe to our eNewsletters.

Episode Nine: The Tax Impact of Receiving Inheritance

On episode nine of Everyday Business, host Rebecca Millsap, managing principal of the Flint office, is joined by Andrew Matuzak, manager in Saginaw.

Listen in as Rebecca and Andrew discuss personal and business inheritances and the tax impact of receiving an inheritance.

• Ways someone can receive an inheritance (1:15)
• Breaking down different types of inheritance (3:38)
• Passing down real estate and personal property (7:47)
• Inheriting a business and knowing the value (10:19)

Thank you for tuning in to Yeo & Yeo’s Everyday Business Podcast. Yeo & Yeo’s podcast can be heard on Apple Podcasts, PodBean and, of course, our website. Please subscribe, rate and review.

For more business insights, visit our Resource Center and subscribe to our eNewsletters.

Episode Eight: The Benefits of Trusts

On episode eight of Everyday Business, host Rebecca Millsap, managing principal of the Flint office, is joined by Andrew Matuzak, manager in Saginaw.

Listen in as Rebecca and Andrew discuss the benefits of trusts as part of your estate plan and when you should consider setting up your own trust.

• What is a trust? (1:20)
• When should you set up a trust? (2:50)
• What are the benefits of trusts? (3:41)
• Can a trust help minimize taxes? (6:28)

Thank you for tuning in to Yeo & Yeo’s Everyday Business Podcast. Yeo & Yeo’s podcast can be heard on Apple Podcasts, PodBean and, of course, our website. Please subscribe, rate and review.

For more business insights, visit our Resource Center and subscribe to our eNewsletters.

Episode Seven: Retirement Plans and Strategies

Listen in as David Jewell and Peter Bender discuss how tax and financial advisors work together to bring value to clients and review retirement plans and strategies as we transition toward 2021.

Episode Six: Presidential Candidate Tax Platforms

On episode six David Jewell and John Haag Sr. discuss individual and corporate tax topics surrounding the 2020 Presidental Election.

Thank you for tuning in to Yeo & Yeo’s Everyday Business Podcast. Please subscribe, rate and review.