Everyday Business Podcast

Welcome to Everyday Business, Yeo & Yeo’s podcast. We’ve had the privilege of advising Michigan businesses for more than 99 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 22 of Everyday Business, host Peter Bender, tax principal, and leader of Yeo & Yeo Wealth Management is joined by Matthew Cash, financial planning consultant for Avantax Planning PartnersSM.

Listen in as Pete and Matt discuss the tax-smart strategies for wealth transferring in the fourth in our series focusing on wealth management.

• Different types of estate taxes (2:44)
• How might a changing regulatory environment affect wealth transfer plans? (5:20)  
• What are some strategies that can be applied not to help minimize state taxes? (8:23)
• Contributing to a 529 educational savings account and the bunching rule (11:23)
• Donating appreciated property (13:18)
• Differences of beneficiaries of a ROTH or traditional IRA (14:24)
• When should someone look for an estate planning attorney? (15:56)

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.

Investment advisory services are offered through Avantax Planning PartnersSM. Commission-based securities products are offered through Avantax Investment ServicesSM, Member FINRA, SIPC. Insurance services offered through licensed agents of Avantax Planning Partners. 3200 Olympus Blvd., Suite 100, Dallas, TX 75019. The Avantax entities are independent of and unrelated to Yeo & Yeo Wealth Management. Peter Bender is an Avantax registered representative. Not all Financial Professionals are licensed to offer all products or services. Financial planning and investment advisory services require separate licenses. Avantax affiliated advisors may only conduct business with residents of the states for which they are properly registered. Please note that not all of the investments and services mentioned are available in every state.

This material is for informational purposes only. It is not intended as investment, tax or other advice or an offer or solicitation for the purchase or sale of any financial instrument. Indices are unmanaged, represent past performance, do not incur fees or expenses, and cannot be invested into directly. Past performance is no guarantee of future results. Consult with your financial, tax or other appropriate advisors on all matters pertaining to financial, accounting or tax obligations and requirements.

Check the background of Pete Bender on FINRA’s BrokerCheck.

Welcome to Everyday Business, Yeo & Yeo’s podcast. We’ve had the privilege of advising Michigan businesses for more than 99 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 21 of Everyday Business, host Peter Bender, leader of Yeo & Yeo Wealth Management., is joined by Kevin Dement, Principal, Client Development, Avantax Retirement Plan ServicesSM and Matthew Cash, financial planning consultant for Avantax Planning PartnersSM.

Listen in as Pete, Kevin and Matt discuss retirement plans, the benefits and challenges that come with them and the many rules and regulations to consider in the third episode in our series focusing on wealth management.

• What are the main benefits of sponsoring an employee retirement plan? (1:55)
• What is a fiduciary and the responsibilities of employers (3:04)
• Rules for employers to follow when it comes to contributions and distributions (5:30)
• Steps sponsors can take to ensure retirement plans are running smoothly (7:40)
• Is an investment company or group that oversees the retirement plan recommended for a company? (9:40)
• How often should a retirement plan be reviewed? (11:30)
• What does the retirement plan review look like and picking a partner (13:15)
• How Yeo & Yeo and Avantax work together and the benefits (16:20)

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.

Investment advisory services are offered through Avantax Planning PartnersSM. Commission-based securities products are offered through Avantax Investment ServicesSM, Member FINRA, SIPC. Insurance services offered through licensed agents of Avantax Planning Partners. 3200 Olympus Blvd., Suite 100, Dallas, TX 75019. The Avantax entities are independent of and unrelated to Yeo & Yeo Wealth Management. Peter Bender is an Avantax registered representative. Not all Financial Professionals are licensed to offer all products or services. Financial planning and investment advisory services require separate licenses. Avantax affiliated advisors may only conduct business with residents of the states for which they are properly registered. Please note that not all of the investments and services mentioned are available in every state.

This material is for informational purposes only. It is not intended as investment, tax or other advice or an offer or solicitation for the purchase or sale of any financial instrument. Indices are unmanaged, represent past performance, do not incur fees or expenses, and cannot be invested into directly. Past performance is no guarantee of future results. Consult with your financial, tax or other appropriate advisors on all matters pertaining to financial, accounting or tax obligations and requirements.

Check the background of Pete Bender on FINRA’s BrokerCheck.

Welcome to Everyday Business, Yeo & Yeo’s podcast. We’ve had the privilege of advising Michigan businesses for more than 99 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 20 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 tax nexus and exposure, such as income taxes, franchise taxes and gross receipts taxes.

• Nexus and eliminating the mystery of taxes for businesses crossing state lines (1:30)
• Nexus and warehouse inventory and Why businesses need to be vigilant of where they are leaving a footprint (2:10)
• Do businesses have nexus if they don’t have “stuff” in a state? (2:55)
• Is there a certain dollar amount of sales that it would need to have before this economic nexus is met? (5:50)
• How do state laws spell out their vague state laws for economic nexus? (7:00)
• Taxes that business owners are often subject to and surprised by (7:55)
• What is voluntary disclosure and the alternative? (8:43)
• What can a business do if they aren’t sure whether they need to be filing in additional jurisdictions? (10:00)

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.

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.

Welcome to Everyday Business, Yeo & Yeo’s podcast. We’ve had the privilege of advising Michigan businesses for more than 99 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 19 of Everyday Business, host Peter Bender, principal and leader of Yeo & Yeo Wealth Management., is joined by Matthew Cash, financial planning consultant for Avantax Planning PartnersSM.

Listen in as Pete and Matt discuss the financial planning process in the second in our series focusing on wealth management.

• The differences between investors and financial planning partners (1:55)
• Financial advisor fee structure vs commission based structure (4:06)
• Yeo & Yeo’s unique financial planning process with Avantax (7:20)
• The differences in the types of investments (10:05)
• The GPS (Guidance Planning Strategies) process (12:16)
• Strategies to help clients make good financial decisions (16:33)

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.

Investment advisory services are offered through Avantax Planning PartnersSM. Commission-based securities products are offered through Avantax Investment ServicesSM, Member FINRA, SIPC. Insurance services offered through licensed agents of Avantax Planning Partners. 3200 Olympus Blvd., Suite 100, Dallas, TX 75019. The Avantax entities are independent of and unrelated to Yeo & Yeo Wealth Management. Peter Bender is an Avantax registered representative. Not all Financial Professionals are licensed to offer all products or services. Financial planning and investment advisory services require separate licenses. Avantax affiliated advisors may only conduct business with residents of the states for which they are properly registered. Please note that not all of the investments and services mentioned are available in every state.

This material is for informational purposes only. It is not intended as investment, tax or other advice or an offer or solicitation for the purchase or sale of any financial instrument. Indices are unmanaged, represent past performance, do not incur fees or expenses, and cannot be invested into directly. Past performance is no guarantee of future results. Consult with your financial, tax or other appropriate advisors on all matters pertaining to financial, accounting or tax obligations and requirements.

Check the background of Pete Bender on FINRA’s BrokerCheck.

Welcome to Everyday Business, Yeo & Yeo’s podcast. We’ve had the privilege of advising Michigan businesses for more than 99 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 18 of Everyday Business, host Peter Bender, managing principal of the Saginaw office and leader of Yeo & Yeo Wealth Management., is joined by Matthew Cash, financial planning consultant for Avantax Planning PartnersSM.

Listen in as Pete and Matt discuss the inflation and market volatility in the first in our series focusing on wealth management.

• Causes of inflation (2:10)
• Why is inflation so much more impactful for those in their retirement years? (5:22)
• Interest rate increases and how it will infect investors (9:00)
• What can investors do to offset inflation in their portfolios now? (13:05)
• What are some things investors can do in volatile times to offset changes in the market? (16:15)

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.

Investment advisory services are offered through Avantax Planning PartnersSM. Commission-based securities products are offered through Avantax Investment ServicesSM, Member FINRA, SIPC. Insurance services offered through licensed agents of Avantax Planning Partners. 3200 Olympus Blvd., Suite 100, Dallas, TX 75019. The Avantax entities are independent of and unrelated to Yeo & Yeo Wealth Management. Peter Bender is an Avantax registered representative. Not all Financial Professionals are licensed to offer all products or services. Financial planning and investment advisory services require separate licenses. Avantax affiliated advisors may only conduct business with residents of the states for which they are properly registered. Please note that not all of the investments and services mentioned are available in every state.

This material is for informational purposes only. It is not intended as investment, tax or other advice or an offer or solicitation for the purchase or sale of any financial instrument. Indices are unmanaged, represent past performance, do not incur fees or expenses, and cannot be invested into directly. Past performance is no guarantee of future results. Consult with your financial, tax or other appropriate advisors on all matters pertaining to financial, accounting or tax obligations and requirements.

Check the background of Pete Bender on FINRA’s BrokerCheck.

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 17 of Everyday Business, host Thomas O’Sullivan, managing principal and member of Yeo & Yeo’s Cannabis Services Group, is joined by Alex Wilson, senior manager and leader of the Cannabis Services Group.    

Listen in as Tom and Alex discuss the cannabis industry in Michigan in the second of our two-part podcast series focusing on cannabusiness.

• Accounting and what owners need to do before opening their doors (1:30)
• Entity structure and what needs to be in place before starting a business (4:35)
• How to be successful moving forward. Find your process (6:30)
• Annual Financial Statement (AFS) filing (8:00)
• Helping your clients through the maze of regulatory issues (12:10)
• Why having a trusted advisor is important (14:02)

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.

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 16 of Everyday Business, host Thomas O’Sullivan, managing principal and member of Yeo & Yeo’s Cannabis Services Group, is joined by Alex Wilson, senior manager and leader of the Cannabis Services Group.    

Listen in as Tom and Alex discuss the cannabis industry in Michigan in the first of our two-part podcast series focusing on cannabusiness.

• How did we get here? The legalization of cannabis in Michigan (1:30)
• Cannabis industry regulations (3:35)
• Medical and recreational legalization in Michigan (4:57)
• Insight on the cannabusiness licensing and vetting process (7:25)
• The different types of licenses (8:37)
• Michigan cannabis restrictions (13:30)
• Federal regulations and how they affect Michigan cannabusiness (16:45)
• Banking rules (18:15)
• Important notes for those looking to start a cannabusiness (20:16)
• Takeaways from part one (23:20)

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.

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.

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.

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.