On Saturday, August 17th, Wright Ford Young & Co. attended the Anaheim Angels vs. Chicago White Sox game at the Angel Stadium in Anaheim. Our audit, tax, and all other departments came together to celebrate one of our core values: we have fun! About 150 friends, family, and employees of WFY attended the exciting game during a perfect day for baseball. Everyone enjoyed the game with popcorn, hot dogs, nachos, and other delicious baseball game treats. The game started off slow with a tied game by the end of the 2nd inning, but the White Sox took a 4-1 lead
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Posts by Chanelle Bosert
CA Governor Signed Law to Conform to Federal Tax Law Changes
The California governor signed law AB 91, also known as the “Loophole Closure and Small Business and Working Families Tax Relief Act of 2019” which partially conforms to certain provisions of the Federal Tax Cuts and Jobs Act, some of the significant items are as follows: Small business accounting method reform and simplification Allow businesses with average gross receipts less than $25 million to adopt the cash method of accounting Net operating losses Only allow net operating loss carryforwards The new California law does not conform to: Opportunity zone gain deferrals and capital gain exclusions Fringe benefit federal deduction limitations
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Industry News and Newsletter and Updates.
ab 91, accountant, accountants, accounting, benefits, california, capital gain, cash methods, certified public accountants, cpa, cpa firm, deductions, gross receipts, law, Loophole Closure and Small Business and Working Families Tax Relief Act of 2019, nol, oc, opportunity zone, orange county, southern california, tax, tax firm, tax law, taxation, and TCJA.
ab 91, accountant, accountants, accounting, benefits, california, capital gain, cash methods, certified public accountants, cpa, cpa firm, deductions, gross receipts, law, Loophole Closure and Small Business and Working Families Tax Relief Act of 2019, nol, oc, opportunity zone, orange county, southern california, tax, tax firm, tax law, taxation, and TCJA.
Cyndi LeBerthon Appointed Chair of CalCPA Peer Review Committee
Wright Ford Young & Co.’s Audit Partner, Cyndi LeBerthon, has been appointed Chair of the CalCPA Peer Review Committee for the term 2019 through 2021. This committee of 20 members is responsible for overseeing all peer reviews of CPA firms in California, Arizona and Alaska administered by CalCPA. The peer review committee evaluates the results of the peer reviews, determines the need for follow up remedial or corrective actions, and oversees the performance of AICPA qualified peer reviewers in California, Arizona and Alaska. These measures taken ensure compliance with the AICPA Peer Review Program. Cyndi has served on the peer review committee since
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WFY Tax Department is Hiring
Wright Ford Young & Co. is seeking qualified candidates to join our tax department team! We are looking for hard-working, dedicated people who are willing to learn and flourish in their careers. Full-time positions are available for the following departments: Tax Department Tax Professional (at least 3 years of experience) If you are interested and qualified for the position above, please email your resumes careers@cpa-wfy.com or go to our Careers page.
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Problems Faced Between You and Your Current CPA This Past Tax Season
Once the corporate, individual and foundation tax reporting season is complete, there’s always an opportunity to evaluate and reassess the taxpayer’s level of satisfaction with their CPA relationship. Lack of communication, unwanted tax return extensions, incorrectly prepared Schedule K-1’s, and inability to accurately apply the qualified TCJA reform benefits are just a few of the many frustrations that may have been experienced this past tax season. Situations can arise in a taxpayer-CPA relationship which makes a taxpayer to question whether or not their current accounting firm is the right fit for them. Small to mid sized closely held companies and
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Newsletter and Updates.
accountant, accountants, accounting, audit, business, california, certified public accountants, company, cpa, erisa, estates, estates and trusts, irvine, issues, orange county, plan, problems, small business, southern california, tax, tax season, taxation, TCJA, trusts, and wfy.
accountant, accountants, accounting, audit, business, california, certified public accountants, company, cpa, erisa, estates, estates and trusts, irvine, issues, orange county, plan, problems, small business, southern california, tax, tax season, taxation, TCJA, trusts, and wfy.
WFY Hosts MGI North America West Coast Area Meeting
On January 4th, Wright Ford Young & Co. hosted the MGI North America West Coast Area Meeting at our offices in Irvine, CA. Joe Tarasco, Regional Director, and Nancy Damato, Director of Marketing, starting the meeting off by talking about key points such as MGI North America new member recruiting initiatives and activities, marketing assessment calls/web meetings with MGI North America members, a guide about foreign companies doing business in United States, and upcoming conferences. The meeting continued with discussions concentrating on MGI firm collaboration and practice management updates along with topics including business development, technical and niche areas, succession
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When Does a Resident Become a Nonresident?
According to a recent SFGate poll, 53% of Bay Area residents interviewed want to leave California.(1) We have been hearing similar comments from seminar attendees across the state, and we know many of you have clients who are attempting to “move out of California.” Keep in mind, one of the FTB’s longest running, and most active, audit programs is the residency audit program. The FTB looks closely at a taxpayer who moves from California, and often they are high income taxpayers who have large amounts of income after they change their residency to another state. However, lower income taxpayers can
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New Partnership Audit Rules for 2018 Tax Filing Year
For the 2018 tax filing year, there are new Internal Revenue Service (IRS) partnership audit rules [also adopted by the California Franchise Tax Board (FTB)] in which the partnership, not its members, will now be responsible for tax adjustments under audit. There is a very narrowly defined opt-out provision that many partnerships do not qualify for. Please consider amending the partnership operating agreement to designate a “partnership representative” to represent the company in disputes with the IRS or the FTB. Also, you should consider including language regarding the responsibility of tax audit adjustments pursuant to the three allowable methods: “amend”,
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Estate & Trust Department Welcomes Three New Hires
As tax season starts, WFY welcomes three new hires to our Estate & Trust department: Lisa Marking, Heena Shah, and Ann Doan. We are pleased to welcome these new hires to the WFY team. Lisa Marking Lisa Marking joined Wright Ford Young & Co.’s Estate & Trust department as an Estate & Trust manager. She went to Pepperdine University to receive her undergraduate degree as well as her law degree. Lisa also attended University of Southern California to receive her Master’s degree in Taxation. During her free time, Lisa likes to travel and attending music concerts. Heena Shah This month,
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Rental Real Estate Owners-Guidance Related to the 20% Pass-through Deduction
On January 18, 2019, the IRS issued a notice providing “safe harbor” conditions under which rental real estate activities will be treated as a trade or business for purposes of the IRC Section 199A deduction. To qualify for the safe harbor: Separate Books and records must be maintained for each rental real estate enterprise. At least 250 hours of rental services must be performed by the taxpayer and/or workers for the taxpayer during the tax year for each rental real estate enterprise. To clarify, a real estate enterprise may be one rental or multiple rentals. Commercial and residential rentals cannot
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