Nancy Van Lanen, CTFA, EA Estate and Trust Tax Partner Valeria Barinova, Esq. Estate and Trust Tax Manager Trump Accounts continue to generate significant interest among families looking to save for a child’s future. Recent IRS guidance provides welcome clarity and removes one of the biggest concerns advisors had raised since the program’s creation: potential gift tax reporting requirements on account contributions. How Trump Accounts Work Trump Accounts are a new tax-favored savings vehicle created for children under age 18. Eligible children may receive a one-time $1,000 federal contribution, and parents, grandparents, employers, charitable organizations, and certain government entities
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Monthly Archives July 2026
WFY Managing Partner Jeff Myers Nominated for LA Times Studios’ 2026 OC Executive Forum & Leadership Awards
Wright Ford Young & Co. is proud to announce that Managing Partner Jeff Myers has been nominated for LA Times Studios’ 2026 Orange County Executive Forum & Leadership Awards, recognizing exceptional business leaders who are driving innovation, growth, and positive change throughout Orange County. The awards celebrate executives who have demonstrated outstanding leadership, professional achievement, and meaningful contributions to their organizations and communities. As Managing Partner at WFY, Jeff has helped lead the firm’s continued growth while fostering a culture centered on collaboration, integrity, and exceptional client service. His leadership has strengthened WFY’s reputation as one of Southern California’s premier
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Ask a CPA: 10 Tax, Accounting & Audit Questions Every Business Owner and High-Net-Worth Individual Should Ask in 2026
Successful businesses don’t wait until tax season to ask important financial questions. Throughout the year, business owners face decisions that can impact taxes, cash flow, growth, and long-term success. To help, we’ve asked our CPAs to answer 10 of the most common tax, accounting, and audit questions business owners are asking in 2026. Whether you’re planning ahead or looking for practical guidance, these insights can help you make more informed financial decisions. 1. The tax law changed in 2026. What should I be doing differently before year-end? “Proactive tax planning based on your unique circumstances is especially important this year.
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Planning Considerations for Charitable Donations and Bargain Sales
Albert Yang, CPA Tax Director Charitable giving is an effective way to align philanthropic goals with tax planning, particularly when donating appreciated property. Generally, contributions of long-term capital gain property to qualified charities are deductible at fair market value (FMV), subject to AGI limitations. When the donated property is encumbered by debt, transferring the liability to the charity can be difficult. In these cases, a bargain sale may be a practical alternative. A bargain sale occurs when property is transferred to a charity for less than FMV, creating both: a sale component, and a charitable gift component Importantly, any
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Why a Review Engagement Might Be Exactly What Your Business Needs
Cyndi LeBerthon, CPA Partner in Charge – Audit Department When your business is growing, it is normal to need financing from a bank. Prior to providing lending to your business, your banker may want added confidence in your internal financial statements by an independent CPA. While the highest level of assurance is an audit, you may not always need or want to pay for an audit. That’s where a review engagement can be a great fit. A review engagement is a service provided by an independent CPA where we take a high-level look at your financial statements and perform certain procedures to determine
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