Monthly Archives November 2017

Is This Your Situation: Wondering If An Audit Can Benefit You

November 30, 2017 | by | Comments Off on Is This Your Situation: Wondering If An Audit Can Benefit You

Your privately owned business may not need a financial statement audit according to law, but that doesn’t mean you should skip it. Read through to learn why an audit can be a smart move. With the vicissitudes of change combined with technological advances, we’re living in an age of transparency where businesses are required to disclose more information about their taxes, financial records, operations and executive salaries.  While private companies are spared the intense scrutiny of professional auditors and not required to provide an external review of their financial statements, there are advantages to having an external audit many business heads
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Categories: Newsletter and Updates.
Tags: audit, auditors, business, cpa, external audit, finance, firm, tax, taxation, wfy, and wright ford young.

Big Changes in Social Security and Retirement Plans for 2018

November 16, 2017 | by | Comments Off on Big Changes in Social Security and Retirement Plans for 2018

From 401(k) plans to individual retirement accounts to Social Security, the federal government has been busy in recent weeks adjusting numbers for 2018. Whether you’re an employee or business owner, senior management or nonexempt staff, these changes may affect how you approach retirement in the coming months and years. Social Security: New ceilings First, let’s start with what is not changing. The 7.65 percent Social Security deduction remains the same. And as before, it’s doubled to 15.30 percent for the self-employed. However, the maximum earnings subject to Social Security rises from $127,200 to $128,700, a $1,500 increase. The Society for Human Resource
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Categories: Industry News and Newsletter and Updates.
Tags: 401k, cpa, plan, retirement, social security, tax, wfy, and wright ford young.

Senate Tax Plan Outline Released

November 15, 2017 | by | Comments Off on Senate Tax Plan Outline Released

The Senate Republican’s tax reform plan was released last week. Several proposals changed from the House Tax bill. The key changes in the plan from the current law are as follows: Individuals: Current tax rates: Seven brackets from 10% to 39.6%. Proposed tax rates: Seven brackets at 10%, 12%, 22.5%, 25%, 32.5%, 35% and 38.5%. Current standard deduction: $6,350 individuals and $12,700 married filing joint. Proposed standard deduction: $12,000 individuals and $24,000 married filing joint. Elimination of personal exemptions, worth $4,050 per person. Increase child tax credit from $1,000 to $1,650 and add a $500 credit for nonchild dependents. Eliminate
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Categories: Industry News and Newsletter and Updates.
Tags: bill, cpa, deduction, house bill, individuals, proposals, senate bill, tax, tax reform, wfy, and wright ford young.

House Tax Bill Outline Released

November 2, 2017 | by | Comments Off on House Tax Bill Outline Released

On the heels of the recently passed 2018 budget resolution that allows for tax legislation to increase the federal deficit by $1.5 trillion over 10 years the House Republican leaders released details of its tax overhaul plan. The key changes in the plan from the current law are as follows: Individuals: Current tax rates: Seven brackets from 10% to 39.6%. Proposed tax rates: Four brackets at 12%, 25%, 35% and 39.6%. Current standard deduction: $6,350 individuals and $12,700 married filing joint. Proposed standard deduction: $12,000 individuals and $24,000 married filing joint. Elimination of personal exemptions, worth $4,050 per person. Increase
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Categories: Industry News and Newsletter and Updates.
Tags: cpa, house tax bill, tax, taxation, wfy, and wright ford young.

The Pros and Cons of Becoming an ESOP

November 1, 2017 | by | Comments Off on The Pros and Cons of Becoming an ESOP

An ESOP is not the only way for employees to own a company, but it is by far the most common. Although the concept was almost unknown until 1974, by 2014, about 7,000 companies had ESOPs covering 13.5 million employees, according to the National Center for Employee Ownership, a nonprofit membership group that provides information and research on ESOPs. An ESOP can work in a variety of ways. Employees can buy stock directly, be offered it as a bonus, receive stock options or obtain stock through a profit-sharing plan. Some employees become owners through worker cooperatives in which every staffer
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Categories: Newsletter and Updates.
Tags: article, blog, cpa, esop, firm, national center for employee ownership, newsletter, plan, tax, taxation, wfy, and wright ford young.