This month WFY will be sponsoring the event Stepping Through Spring Fundraising Walk created by Orange County Teen Challenge (OCTC). The free outdoor event will take place at Orange County First Assembly on April 24th at 9:00am. This will be the first in-person fundraiser of 2021 for the nonprofit. For the event, there will be COVID practices set in place to keep everyone safe. Kids are welcome to join the walk. WFY’s donation helped cover the cost of the fundraising walk and the organization met their minimum goal of $30,000. In result to WFY’s donation, there is no registration fee
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Posts by Chanelle Bosert
AI in Auditing
By Carissa DeLuca, CPA, CFE Audit Manager For several years now we’ve been hearing about how Artificial Intelligence (AI) is the future of seemingly just about every industry. Industries from healthcare to banking have started to uncover the benefits of using AI. The accounting profession is no different and is starting to adapt AI in many service areas. The Wright Ford Young & Co. audit team has taken a dive into the use of AI with some of our 2020 audit engagements. We have a selected a program that will enhance our review of our clients’ general ledgers and
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Company News, Industry News, and Newsletter and Updates.
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Employers with Over 50 Employees Must Register with CalSavers by June 30
By June 30, 2021, nonexempt employers with more than 50 California W-2 employees must register with the CalSavers program. For exempt employers, if you’ve already offered a retirement plan, you do not have to participate in the program, but you still must register as “exempt” on the CalSavers website. Nonprofit organizations must register with CalSavers as well (if not exempt), but religious organizations are exempt from the registration requirements. How to Register for CalSavers Program For registering, employers will be notified via letter of their requirement to register with the CalSavers program. An access code will be given to them
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Industry News and Newsletter and Updates.
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Significant Tax Provisions from Biden’s American Rescue Plan Act
Richard A. Huffman, CPA, MST Tax Partner The American Rescue Plan Act signed into law by President Biden includes the following significant tax provisions: Business tax provisions: Family and sick leave credits – Extends tax credits through 9/30/21. Employee retention credit – Extended through 12/31/21, program criteria as follows: To qualify experienced a full or partial suspension of business operations due to COVID-19 governmental orders or incurred at least 20% decline in quarterly gross receipts as compared to the 2019 year quarter. Main benefits for employers with up to 500 full-time employees (limited benefits for employers with more than
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Industry News and Newsletter and Updates.
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WFY Introduces Demo Days presented by Restaurant Finance Monitor
Join our friends at the Restaurant Finance Monitor for a complimentary live webinar. Watch three software providers demonstrate how technology can help you run your multi-unit restaurant business more efficiently. Time: Wednesday, March 10th from 8-10am PT Who should attend: This event is designed for technology focused restaurant owners, CFOs and controllers. Register at: restfinance.com/demoday The following companies will present a short 30-minute demonstration: Sage Intacct Accounting and financial reporting software—Sage Intacct is the leader in financial and accounting cloud software for restaurant and hospitality organizations. Sage Intacct helps their restaurant customers to better navigate uncertainty and prepare
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Bookkeeper Bonnie Thompson Retiring After 50 Years at WFY
After many years of being a part of our team, our first member of the firm, Bonnie Thompson, is retiring after 50 great years at Wright Ford Young & Co. Bonnie started working with WFY from the very beginning. She was a non-bookkeeper at first, but has advanced to our firm’s top bookkeeper. Not only was she the first WFY employee, she was the first receptionist, first bookkeeper, first audit assistant, first tax preparer, and so-on. Founder Bob Wright said “Bonnie is anyone’s dream employee. Bonnie advanced the firm to new heights from being a hard-working, dedicated team member and
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CA Lawmakers Reach COVID Relief Deal Including Partial PPP Conformity
Richard A. Huffman, CPA, MST Tax Partner The long awaited recently announced California pandemic relief package includes the following benefit highlights for businesses and individuals: California partial conformity to federal tax treatment of Paycheck Protection Plan loans allowing companies to deduct up to $150,000 in expenses covered by the PPP loan (including Economic Injury Disaster Loan grants). Increase the funds available for the small business and nonprofit grant program (2018 or 2019 gross revenues less than $2.5M) from $500 million to more then $2 billion. Information regarding this grant program can be found at the following link: https://www.grants.ca.gov/grants/california-small-business-covid-19-relief-grant-program/. Two
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Industry News and Newsletter and Updates.
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The Most Common Anti-Fraud Control
Carissa DeLuca, CPA, CFE Audit Manager In the Association of Certified Fraud Examiners, Inc. (ACFE)’s Report to the Nations 2020 Global Study on Occupational Fraud and Abuse, they noted external audits of financial statements were the number one most common anti-fraud control in the small and large businesses they studied. However, the auditor’s responsibility regarding fraud is only to provide reasonable assurance that the financial statements do not include material misstatements due to fraud or misappropriation of assets. In fact, it’s management’s responsibility to design, implement and maintain internal controls that prevent and detect fraud. This is even more
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Newsletter and Updates.
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New Tax Senior Joins WFY’s Tax Department
Our new tax senior who will be joining our Tax Department at Wright Ford Young & Co. is Queenie Qin. We are excited to have Queenie join WFY. Welcome to the team! Queenie Qin In January, Queenie Qin joined WFY as a Tax Senior. She graduated Pepperdine University with her Bachelor’s degree in Accounting in 2017, and she graduated from UCI with her Master’s degree in Professional Accountancy in 2018. Her experience in accounting includes interning and working fulltime at another public accounting firm and her CPA license is pending. During her time off, she enjoys traveling and visiting her
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Company News and Newsletter and Updates.
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WFY Welcomes New Audit Senior
We are pleased to announce a new Audit Senior who is joining our Audit Department: Robert Caicedo. Welcome to the WFY team! Robert Caicedo Robert Caicedo joined WFY in mid-January as an Audit Senior. In 2013, Robert graduated from UCSD with a Bachelor’s degree in Management Science and Economics. He continued going to school at night while working in the accounting department of one of his previous jobs to be able to take the CPA exam. His experience in accounting is mainly ERISA audits, private industry audits, and non-profits. In his free time, Robert likes to mountain bike, play soccer,
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Company News and Newsletter and Updates.
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