Posts by Chanelle Bosert

CA Proposition 19 and the Qualified Personal Residence Trust

December 17, 2020 | by | Comments Off on CA Proposition 19 and the Qualified Personal Residence Trust

Nancy Van Lanen, CTFA, EA Estate & Trust Director   The recently passed Proposition 19 in California provides expanded property tax benefits by allowing homeowners who are disabled, over 55 years of age, or whose homes were damaged in wildfire or other natural disasters, to transfer their property tax base value to a replacement residence of any value anywhere in the state.   This new law becomes effective on April 1, 2021. However, Proposition 19 limits the availability of the parent-child exclusion for purposes of real estate tax assessments.  It now requires inherited homes that are not used by the child
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Categories: Industry News and Newsletter and Updates.
Tags: accountants, accounting, ca proposition 19, cpa, cpa firm, estate planning, irvine, orange county, prop 19, property tax, property tax benefits, proposition 19, qprt, so cal, tax, tax firm, tax planning, taxation, wfy, wright ford young, and wright ford young & co.

WFY Welcomes New E&T Director

December 3, 2020 | by | Comments Off on WFY Welcomes New E&T Director

Wright Ford Young & Co. would like to introduce the newest addition to our firm. Nancy Van Lanen comes to WFY as our new Estate & Trust Director. We are pleased to welcome her to the WFY team. Nancy Van Lanen In November, Nancy Van Lanen started with WFY as the Estate & Trust Director. She has over 20 years of working in tax and accounting especially in Estate and Trust. She specializes in high net worth individuals, trusts, estates, and gift tax work. When she’s out of the office, she enjoys many outdoor activities with her family.   Interested
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Categories: Newsletter and Updates.

PPP Loan Forgiveness Taxability in 2020

November 20, 2020 | by | Comments Off on PPP Loan Forgiveness Taxability in 2020

Richard A. Huffman, CPA, MST Tax Partner Tony Maldonado, CPA Tax Senior   While the current law states forgiven Paycheck Protection Program (PPP) loans are tax-free, the Internal Revenue Service previously issued guidance stating that the qualifying expenses paid with the forgiven loan funds are nondeductible for income tax purposes.  There has been uncertainty as to whether the qualifying expenses would be non-tax deductible when paid in 2020 or when the loan is forgiven which could go into 2021. The IRS just recently released awaited guidance stating if your business received a PPP loan and there is a reasonable expectation
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Categories: Industry News and Newsletter and Updates.
Tags: accountant, accountants, accounting, accounting firm, business, ca, california, certified public accountants, coronavirus, covid, covid19, cpa, cpa firm, firm, irvine, law, newsletter, oc, pandemic, ppp, ppp loan, small business, so cal, southern california, tax, tax firm, tax law, tax planning, tax reform, taxation, taxes, wfy, wright ford young, and wright ford young & co.

WFY Sponsors VLI’s Lawyers for Warriors Event

November 12, 2020 | by | Comments Off on WFY Sponsors VLI’s Lawyers for Warriors Event

  Wright Ford Young & Co. was the Title Sponsor for Veterans Legal Institute’s annual Lawyers for Warriors fundraising event on November 9th. This year the event had to shift to broadcasting over live stream because of the pandemic, but that didn’t slow Veterans Legal Institute down. The non-profit raised over $100,000 at the event for pro bono legal services for veterans in need. Many other individuals and businesses were either long-term advocates for the non-profit or sponsored the event in some way. The event also featured speakers like Top Gun producer Jerry Bruckheimer, former Los Angeles Lakers player Mychel
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Categories: Newsletter and Updates.
Tags: accountant, accountants, accounting, accounting firm, business, ca, california, certified public accountants, cpa, cpa firm, donate, firm, fundraising, irvine, lawyers for warriors, non profit, oc, orange county, small business, southern california, tax, tax firm, taxation, taxes, veterans legal institute, vli, wfy, wright ford young, and wright ford young & co.

Healthcare Providers Receive CARES Act Provider Relief Fund

November 11, 2020 | by | Comments Off on Healthcare Providers Receive CARES Act Provider Relief Fund

The CARES Act allocated $175 billion in grants to support hospital and healthcare providers on the front lines of the coronavirus response to recover lost revenue and increased expenses as a result of the pandemic. Certain grants do not require repayment just as long as the recipient submits documentation sufficient to ensure that the funds were used for healthcare-related expenses or lost revenue attributable to the coronavirus and expended by June 30, 2021.  Appropriate records and cost documentation should be maintained for potential audit. All recipients of Provider Relief Fund payments are required to comply with reporting requirements issued by
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Categories: Newsletter and Updates.
Tags: accountant, accountants, accounting, accounting firm, business, ca, california, cares, cares act, certified public accountants, coronavirus, covid, covid19, cpa, cpa firm, firm, healthcare, irvine, oc, orange county, pandemic, relief fund, so cal, southern california, tax, tax firm, tax law, taxation, taxes, wfy, wright ford young, and wright ford young & co.

WFY Introduces New Podcast: The WFY Podcast

November 3, 2020 | by | Comments Off on WFY Introduces New Podcast: The WFY Podcast

Wright Ford Young & Co. has introduced a new way to give you exclusive content from our tax and accounting experts. The WFY Podcast is Wright Ford Young & Co.’s new podcast featuring our WFY tax and accounting specialists discussing relevant and important issues that could effect you and your business. Our first episode includes Tax Partners Andy Bautista and Richard Huffman discussing 2020 tax planning in regards to President Trump’s and Vice President Biden’s tax proposals. Stay tuned for upcoming episodes in other accounting topics with WFY accounting professionals. Where to listen to the episode:        
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Categories: Company News and Newsletter and Updates.
Tags: accountants, accounting, accounting firm, audit, biden, ca, california, cpa, cpa firm, episodes, irvine, oc, orange county, podcast, so cal, southern california, tax, tax law, tax planning, tax proposal, the wfy podcast, wfy, wright ford young, and wright ford young & co.

Year End Estate and Gift Tax Planning Action to Consider Taking

October 29, 2020 | by | Comments Off on Year End Estate and Gift Tax Planning Action to Consider Taking

Angela Tang, CPA Estate and Trust Supervisor   Election day on November 3rd is upon us, and the outcome may determine the future landscape for Estate and Gift Tax policy for next year and beyond.  High Net Worth Individuals (HNW) should consider the potential changes for individual lifetime estate and gift tax exemption amounts and take appropriate actions to meet their individual estate tax planning goals.  Currently, individuals are able to gift or bequest $11.58 million, free of estate and gift taxes, to their beneficiaries.  The amounts will sunset after 2025 to $5 million (inflation indexed) as part of the
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Categories: Industry News and Newsletter and Updates.

WFY Welcomes New Audit Staff Member

October 29, 2020 | by | Comments Off on WFY Welcomes New Audit Staff Member

Wright Ford Young & Co. is expanding! We would like to introduce Teresa Gerhold as our newest addition to our Audit Department. WFY is pleased to welcome Teresa to our team. Teresa Gerhold This week, Teresa joined WFY as Audit Staff in our Audit Department. She graduated from Chapman University in May with a Bachelor’s degree in Accounting and a minor in Data Analytics. Her previous experience in accounting includes a tax internship in the Bay Area. After taking an audit class in the Fall of 2019, Teresa decided to pursue her career in audit instead. In her downtime, she
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Categories: Company News and Newsletter and Updates.
Tags: accountant, accountants, accounting, accounting firm, audit, audit staff, business, ca, california, careers, certified public accountants, cpa, cpa firm, firm, irvine, new hires, oc, orange county, southern california, tax, tax firm, taxation, taxes, wfy, wright ford young, and wright ford young & co.

Partner Andy Bautista Featured in Podcast Discussing COVID-19 Topics

October 1, 2020 | by | Comments Off on Partner Andy Bautista Featured in Podcast Discussing COVID-19 Topics

As we continue through this global COVID-19 pandemic, challenges can arise for businesses that were not visible a few months ago.  Our Tax Partner, Andy Bautista, recently contributed to a podcast that discusses common challenges that businesses are facing throughout the pandemic. In this episode of The Business Talks Podcast, Andy begins his discussion on the important tax impacts this year at the 8 minute mark of the podcast. He touches base on topics such as tax planning for 2020, PPP loans, higher potential tax rates with an administration change, and more.  Andy joined other local business specialists Michael Krengel,
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Categories: Company News and Newsletter and Updates.
Tags: accountant, accountants, accounting, accounting firm, business, ca, california, certified public accountants, coronavirus, covid, covid19, cpa, cpa firm, irvine, newsletter, oc, orange county, pandemic, small business, southern california, tax, tax firm, taxation, taxes, wfy, wright ford young, and wright ford young & co.

SBA Releases PPP Flexibility Act Guidance and Revised Forgiveness Application Form

June 18, 2020 | by | Comments Off on SBA Releases PPP Flexibility Act Guidance and Revised Forgiveness Application Form

Richard A. Huffman, CPA, MST Tax Partner The Small Business Administration has released additional Paycheck Protection Program (PPP) guidance and revised the forgiveness application form to align with the Paycheck Protection Program Flexibility Act which was signed into law on June 5, 2020. Highlights of the updates are as follows: 1. For non-owners included compensation is 24 weeks of compensation up to $100,000 with a maximum per employee amount of $46,154. 2. For owners (S and C corporation owner-employees, self-employed individuals and general partners) the included compensation is the lesser of 2.5 months of 2019 compensation or $20,833. 3. Employer
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Categories: Newsletter and Updates.
Tags: accountants, accounting, accounting firm, audit, auditing, ca, california, cpa, cpa firm, ford, irvine, orange county, ppp, ppp loan, sba, southern california, tax, tax firm, taxation, wfy, wright, wright ford young, and young.