Wright Ford Young & Co. would like to welcome six new hires to our firm. We have Jerry Owens and Andrew Campos joining our Audit Department; Shannon Zhu, David Pak, and Renee Qiu joining our Tax Department; and Kirsten Capps joining our administrative team. We are pleased to welcome these new hires to our WFY team. Jerry Owens In January, Jerry Owens joined WFY in our Audit Department as Audit Staff. He recently graduated from Cal Baptist with a Masters of Science degree in Accounting. Before his position as Audit Staff, he worked at a company in logistics while completing
Read More
Posts by Chanelle Bosert
2021 Payroll Tax and Standard Auto Mileage Rate Changes
Bonnie Thompson Beginning January 1, 2021, the following changes go into effect for the withholding of payroll taxes and reimbursement of auto mileage. SOCIAL SECURITY The wage base for withholding social security tax has increased to $142,800. The social security tax rate will be 6.2% for both employers and employees for a maximum expense of $8,853.60 For Medicare, the rate is still 1.45% each for employers and employees with no limit this year. Continuing in 2021, employees earning in excess of $200,000 will be subject to a mandatory additional 0.9% medicare tax withholding regardless of their individual tax filing
Read More
Industry News and Newsletter and Updates.
accountants, accounting, auto mileage rate, cpa, cpa firm, insurance, irvine, mileage rate, orange county, payroll tax, reimbursement, sdi, social security, state disability insurance, tax, tax firm, taxation, unemployment, unemployment insurance, wfy, and wright ford young.
accountants, accounting, auto mileage rate, cpa, cpa firm, insurance, irvine, mileage rate, orange county, payroll tax, reimbursement, sdi, social security, state disability insurance, tax, tax firm, taxation, unemployment, unemployment insurance, wfy, and wright ford young.
New COVID Relief Bill Signed Into Law
Richard A. Huffman, CPA, MST Tax Partner The House and Senate passed the Consolidated Appropriations Act, 2021 (CAA, 2021) which is expected to be signed into law by the President. The CAA, 2021 bill includes the renewal and expansion of popular provisions in earlier COVID relief bills with the significant provisions summarized as follows: Paycheck Protection Program (PPP) forgivable loan expenses allowed as a tax deduction (overriding IRS ruling disallowing the deduction). Uncertainty remains whether California and other states will conform. Reopen PPP for first time borrowers who have not yet applied or who previously withdrew their application. Second
Read More
Industry News and Newsletter and Updates.
accountant, accountants, accounting, accounting firm, business, ca, caa, california, certified public accountants, consolidated appropriations act, coronavirus, covid, covid relief, covid relief bill, covid19, cpa, cpa firm, firm, irvine, newsletter, oc, orange county, pandemic, ppp, ppp loans, small business, southern california, tax, tax deduction, tax firm, taxation, taxes, trump, wfy, wright ford young, and wright ford young & co.
accountant, accountants, accounting, accounting firm, business, ca, caa, california, certified public accountants, consolidated appropriations act, coronavirus, covid, covid relief, covid relief bill, covid19, cpa, cpa firm, firm, irvine, newsletter, oc, orange county, pandemic, ppp, ppp loans, small business, southern california, tax, tax deduction, tax firm, taxation, taxes, trump, wfy, wright ford young, and wright ford young & co.
New California Sales Tax Relief Announced for Small Businesses
Ryan Working, CPA, MST Tax Director Back in April 2020, the Governor allowed taxpayers to apply for sales tax penalty and interest relief for 90 days for any taxpayer reporting less than $1 million in sales on their sales tax return. The Governor has now directed the California Department of Tax and Fee administration (CDTFA) to provide additional and expanded temporary tax relief for eligible small businesses impacted by COVID-19. This temporary relief includes the following: Automatic three-month sales tax extension for taxpayers filing less than $1 million in sales tax. Interest and penalties will not accrue on the
Read More
Industry News and Newsletter and Updates.
accountants, accounting, ca small business, cdtfa, coronavirus, covid, cpa, cpa firm, irvine, orange county, pandemic, sales tax credit, small business, so cal, tax, tax credit, tax firm, tax relief, tax return, taxation, taxpayer, wfy, wright ford young, and wright ford young & co.
accountants, accounting, ca small business, cdtfa, coronavirus, covid, cpa, cpa firm, irvine, orange county, pandemic, sales tax credit, small business, so cal, tax, tax credit, tax firm, tax relief, tax return, taxation, taxpayer, wfy, wright ford young, and wright ford young & co.
Applying and Qualifying for CA Small Business Hiring Tax Credit
Cameron Lee Tax Staff Applications have recently opened on December 1st, 2020 to apply for California’s small business hiring tax credit. This past September, Governor Gavin Newsom signed SB 1447 allowing qualifying small business owners to claim a $1,000 credit for each net increase in monthly average employees. Each employer is limited to no more than $100,000 total credit under this program. In order to qualify for the credit, taxpayers must meet the following: Have 100 or fewer employees on December 31, 2019 (all employees, including part-time employees). Have experienced a 50% decrease in gross receipts from April to
Read More
Industry News and Newsletter and Updates.
accountants, accounting, ca small business hiring tax credit, cdtfa, cpa, cpa firm, irvine, orange county, s corporations, small business, small business owner, so cal, tax, tax credit, tax firm, taxation, taxpayer, wfy, wright ford young, and wright ford young & co.
accountants, accounting, ca small business hiring tax credit, cdtfa, cpa, cpa firm, irvine, orange county, s corporations, small business, small business owner, so cal, tax, tax credit, tax firm, taxation, taxpayer, wfy, wright ford young, and wright ford young & co.
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
Read More
Industry News and Newsletter and Updates.
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.
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
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
Read More
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
Read More
Industry News and Newsletter and Updates.
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.
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
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
Read More
Newsletter and Updates.
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.
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
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
Read More
Newsletter and Updates.
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.
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.