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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Posts by Chanelle Bosert
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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WFY Welcomes Three New Additions to Audit Department
WFY would like to welcome three new additions to our audit department this month. We are thrilled to welcome this group of people to our team! John Tran This month, John Tran recently joined Wright Ford Young & Co. as an Audit Staff member and is beginning his career in public accounting. He graduated from California State University, Long Beach with a Bachelor’s degree in Accounting and is excited to gain hands-on experience in the profession. John plans to pursue his CPA license as soon as possible and is looking forward to continuing his professional development. Outside of work, he
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Cash Flow Management: The Lifeline of a Successful Business
While profitability often receives the most attention, cash flow is what keeps a business operating day to day. A company can report strong revenues and healthy profits on paper, yet still face financial challenges if cash is not available when needed. Effective cash flow management is one of the most important responsibilities of business owners and leadership teams, particularly in today’s evolving economic environment. Understanding Cash Flow Cash flow represents the movement of money into and out of a business. Positive cash flow occurs when incoming cash exceeds outgoing expenses, while negative cash flow occurs when expenses outpace available cash.
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WFY Announces Tim Smith as New Audit Partner
Wright Ford Young & Co. is pleased to welcome Tim Smith as its newest Audit Partner. The firm practices a full spectrum of accounting services for closely held companies and family business owners, including audit, tax, estates and trusts, and business consulting. Tim began his accounting career with a large international firm, where he spent 12 years serving a diverse client base ranging from closely held family-owned companies to large public corporations. Over the course of his career, he has developed extensive industry expertise in manufacturing and distribution, retail, consumer products, professional services, and construction industries. He has significant experienced
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8 Key Strategies to Implement for Your Mid-Year Tax Planning in 2026
By mid-2026, taxpayers have a valuable—yet often underutilized—opportunity to reassess their financial position and make proactive decisions that can materially impact their year-end tax outcome. Waiting until Q4 (or worse, filing season) limits your options. Effective mid-year tax planning is about using real-time data to optimize cash flow, reduce liabilities, and avoid surprises. Below is a structured approach to making the most of your mid-year tax review. Key Areas to Evaluate Income and Tax Bracket Management Start with a projection of total 2026 income: W-2 wages Business or self-employment income Investment and capital gains Rental income Planning opportunities: Accelerate or
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WFY Hosts First Annual Swing for a Cause Charity Golf Tournament
Wright Ford Young & Co. is proud to host its first annual Swing for a Cause Charity Golf Tournament, presented by FBFK Law. More than just a day on the course, this event serves as a meaningful tribute to the legacy of our late founder, Bob Wright, whose generosity and dedication to community continue to inspire our firm. Bob Wright firmly believed in the importance of giving back. His leadership was defined by compassion, integrity, and a commitment to creating opportunities for others. This tournament honors his legacy by carrying forward the values he instilled—service, impact, and community involvement. All
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AI-Driven Tax Scams: Protecting Your Wealth and Business This Filing Season
As artificial intelligence continues to transform business operations and financial management, it’s also creating new opportunities for fraud. For high-net-worth individuals (HNWIs) and business owners, the stakes are especially high—larger transactions, complex financial structures, and multiple points of contact make you a prime target for increasingly sophisticated scams. As we continue tax season, understanding how AI-driven scams intersect with tax filing is critical to protecting your wealth and sensitive financial data. The Rise of AI-Powered Scams Scammers are now leveraging AI to create highly convincing and targeted attacks. Unlike traditional phishing attempts, these scams are: Hyper-personalized: AI can analyze publicly
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California SDI Exemption for Sole Shareholder/Corporate Officers
Thomas S. Kim, CPA Tax Partner In California, if you are an officer and the sole shareholder of a corporation (or the only shareholders are you and your spouse), you may elect to stop California State Disability Insurance (SDI) withholding from your wages by filing an exclusion election with the California Employment Development Department (EDD). SDI Withholding Update Effective January 1, 2024, California eliminated the SDI taxable wage limit and maximum withholding amount. This means all wages are subject to SDI withholding. The current SDI rate for 2026 is 1.3%. Example: If your wages are $500,000, SDI withholding
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