During the ongoing management of COVID-19 restrictions, we are all trying to determine and assess the short- and long-term damage on businesses, the economy, and the capital markets. While we don’t pretend to have answers better than others, we would like to share our thoughts on the impact of the virus on M&A transactions. First off, we don’t want to trivialize the health impact imposed by the pandemic nor the human element of lost jobs, life disruptions, and family separations. Our intent is to provide our strategic thoughts while we try to maintain a sense of normalcy. Prior to the
Read More
Monthly Archives April 2020
Learn the Business Benefits of the CARES Act
Our WFY Tax Partner, Richard Huffman, has created a 15-minute video presentation to illustrate the benefits your business may qualify for under the CARES Act. Included are the Paycheck Protection Program Loans, Employee Retention Credit and deferral and income tax benefits. Watch the video to learn which benefits apply to you. Please contact your WFY advisor to discuss how your business can benefit from these programs or you can contact us here.
Read More
IRS Launches Economic Impact Payment Direct Deposit Portal
Today, the IRS launched a portal specifically focusing around the Economic Impact Payment. The portal is designed for taxpayers to check the status of their stimulus payment, set up direct deposit, and more. Click here to visit the Economic Impact Payment Direct Deposit portal. When clicking the “Get My Payment” button, taxpayers will be able to: Get their payment status Confirm their payment type (direct deposit or check) Other information if needed, such as their bank account information Taxpayers who want to accelerate the process of receiving their payment must add their bank account information and provide the following information:
Read More
Disaster Relief Payment Tax Assistance to Employees Affected by COVID-19
Richard A. Huffman, CPA, MST Tax Partner The national emergency declaration on March 13 triggered a tax benefit which allows employers to make non-taxable qualified disaster relief payments to employees for reasonable and necessary expenses resulting from the coronavirus pandemic. Reimbursable expenses excludable from employee taxable income are as follows: Unreimbursed medical expenses including co-pays, deductibles, vitamins and supplements Increased expenses associated with being quarantined at home (e.g., increased utilities and home office expenses) Home office expenses include expenses associated with setting up or maintaining a home office such as enhanced internet connections, computer monitors, laptops, printers, office supplies,
Read More
Avoid Phishing in the Time of COVID-19
As the uncertainty of the coronavirus pandemic continues, scammers are using different ways to gather your information and use it for ransom. Some websites are offering information on COVID-19 relief programs in exchange for signing up through them as a subscription or requesting a fee. With this, the websites hold your basic information ransom and could possibly cause you problems in the near future. WFY wants to make sure there aren’t any more problems for our clients who are already going through an ambiguous period of time. Fraud will only increase as the coronavirus pandemic goes on. Therefore, we advise
Read More
Summary Analysis of Coronavirus Enacted Laws
Richard A. Huffman, CPA, MST Tax Partner With the recently enacted laws to help companies with the current Coronavirus pandemic, there has been confusion regarding which benefit programs will apply to what companies. In our efforts to assist you in which benefits can help you and your company, WFY has created a breakdown summary spreadsheet and flowchart below.
Read More
Newsletter and Updates.
accountants, accounting, benefits, california, cares act, certified public accountants, coronavirus, coronavirus help, covid, covid19, cpa, cpa firm, family first corona virus act, irvine, orange county, paycheck protection program, payroll tax credit, payroll tax deferral, ppp, sba loans, tax, tax benefits, tax firm, wfy, and wright ford young.
accountants, accounting, benefits, california, cares act, certified public accountants, coronavirus, coronavirus help, covid, covid19, cpa, cpa firm, family first corona virus act, irvine, orange county, paycheck protection program, payroll tax credit, payroll tax deferral, ppp, sba loans, tax, tax benefits, tax firm, wfy, and wright ford young.