Trying to Manage Seasonal Construction Budgets

Construction is a profitable industry, but there is one major challenge. If you’re in an area that’s blanketed with cold and snow in the winter, you may have significant periods of downtime for your business. Depending on where you live, you and your workers have to plan efficiently to ensure that you’re not coming up… Read more »

PPP Loan Forgiveness: Should I wait to apply?

Many organizations were fortunate to have received a much-needed financial lifeline earlier this year in the form of a Paycheck Protection Program (PPP) loan.  The PPP loan roll-out was a coordinated effort between the United States Small Business Administration (SBA) and participating financial lending institutions.  The PPP loan program skyrocketed in popularity as lawmakers included… Read more »

5 key points about bonus depreciation

1. Under current law, 100% bonus depreciation will be phased out in steps for property placed in service in calendar years 2023 through 2027. Thus, an 80% rate will apply to property placed in service in 2023, 60% in 2024, 40% in 2025, and 20% in 2026, and a 0% rate will apply in 2027… Read more »

5 common accounting software mistakes to avoid

No company can afford to operate without the right accounting software. When considering whether to buy a new product or upgrade their current solutions, however, business owners often fall prey to some common mistakes. Here are five gaffes to avoid: 1. Relying on a generic solution. Some companies rush into buying an accounting system without stopping… Read more »

The IRS issues guidance on the executive action deferring payroll taxes

On August 28, the IRS issued guidance that provides some explanation of how employers can defer withholding and remitting an employee’s share of Social Security tax when wages are below a certain amount. The guidance in Notice 2020-65 was issued to implement President Trump’s executive action signed in early August. The guidance is brief, and… Read more »

Board Governance

Every organization wants proper board governance, however, most lack clarity on what it truly means. While we encourage every organization to establish a training program for new board members, it’s important to make sure even long serving members are current on relevant matters. Board governance is defined as “the set of responsibilities and practices exercised… Read more »

2020 Elite Award Winners

Each year YHB staff nominate their peers to be recognized for their outstanding performance in 4 different categories. This is known to YHB as the E.L.I.T.E. Awards. (Exceptional Leadership In Trust & Excellence) These awards were established to recognize YHB Team Members that personify YHB’s Vision and Mission, and exemplify our Core Values. The categories… Read more »

Business succession and estate planning: It can be complicated

Transferring a family business to the next generation requires a delicate balancing act. Estate and succession planning strategies aren’t always compatible, and family members often have conflicting interests. By starting early and planning carefully, however, it’s possible to resolve these conflicts and transfer the business in a tax-efficient manner. Ownership vs. management succession One reason… Read more »