Posts by Chanelle Bosert

Estate and Gift Tax 2018 Inflation Adjustments

October 26, 2017 | by | Comments Off on Estate and Gift Tax 2018 Inflation Adjustments

On October 19th, the IRS issued Revenue Procedure 2017-58, the annual inflation adjustments for 2018 for many tax provisions, including exemptions for estate, gift and generation-skipping transfer (GST) taxes as well as the annual exclusion amount for gifts as follows: Estate, Gift and GST Tax Exemption Increases to $5,600,000. For estates of decedents who pass away during 2018, and for gifts made during 2018, the combined estate and gift tax exemption will increase to $5,600,000, up from a total of $5,490,000 for estates of decedents in 2017.  The generation-skipping transfer exemption increased as well to $5,600,000. In 2018 an individual can
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Categories: Industry News and Newsletter and Updates.
Tags: cpa, estate, exemptions, gifts, IRS, tax, trust, wfy, and wright ford young.

Year-End Tax Planning Strategies

October 19, 2017 | by | Comments Off on Year-End Tax Planning Strategies

As the end of the year approaches, it is a good time to think of planning moves that will help lower your tax bill for this year and possibly the next. We have compiled a checklist of actions based on current tax rules that may help you save tax dollars if you act before year-end. Not all actions will apply in your particular situation, but you will likely benefit from many of them. We can narrow down the specific actions that you can take. In the meantime, please review the following list and contact us if you would like additional
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Categories: Newsletter and Updates.
Tags: cpa, firm, planning, tax, tax planning, taxation, wfy, and wright ford young.

Trump’s Framework for Fixing Broken Estate, Gift, Trust Tax Code

October 12, 2017 | by | Comments Off on Trump’s Framework for Fixing Broken Estate, Gift, Trust Tax Code

At first glance, the Framework that President Trump has outlined for the Estate Tax is simply this: repeal of the Estate Tax and its cousin, the Generation Skipping Transfer Tax (GSTT).   The complexity lies in the rich political history behind the Estate Tax, in what little details are provided, and what the Framework does not say.   In this brief article we will alert you to the important details, point out the silent mysteries, and provide you with some direction for planning in this uncertain environment. The proposed Framework repeals the Estate and GSTT, but under the Byrd rule the Estate
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Categories: Newsletter and Updates.

What to Do After the Hurricane

October 4, 2017 | by | Comments Off on What to Do After the Hurricane

Those pictures you see from Hurricane Harvey and Hurricane Irma – ordinary people out there in waist-high water, rescuing both their neighbors and strangers, coming from other states and other counties – demonstrate yet again not only the resilience of Americans but our decency in reaching out to others without a thought to personal safety. It also makes us all think: What would I do if such a natural disaster were to strike my home or business? What follows are the resources available, especially if you are in Texas or Florida. Even if you’re not in this area, you may have
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Categories: Industry News and Newsletter and Updates.

Unified Framework for Tax Reform

September 28, 2017 | by | Comments Off on Unified Framework for Tax Reform

Republican lawmakers released on Wednesday a “unified framework” for tax reform designed to cut tax rates, simplify the Internal Revenue Code, and provide a more competitive environment for business. The key changes are as follows: Individuals: Current tax rates: Seven brackets from 10% to 39.6%. Proposed tax rates: Three brackets at 12%, 25% and 35%. Current standard deduction: $6,350 individuals and $12,700 married filing joint. Proposed standard deduction: $12,000 individuals and $24,000 married filing joint. Elimination of personal exemptions, worth $4,050 per person. Repeal of the alternative minimum tax. Repeal of the estate and generation-skipping transfer tax. Eliminate most itemized
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Categories: Industry News and Newsletter and Updates.
Tags: business, cpa, deductions, individual, tax, tax reform, trump, unified framework, wfy, and wright ford young.

How to Protect Yourself From the Equifax Data Breach

September 21, 2017 | by | Comments Off on How to Protect Yourself From the Equifax Data Breach

If you have not already done so, you should immediately check your potential impact from the massive cyber security incident at Equifax which may have affected 143 million people. Follow the recommended steps from the Federal Trade Commission located here to see your potential impact. Your security is important to us, please email us at info@cpa-wfy.com or contact us here if you have any additional questions or concerns.  
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Categories: Industry News and Newsletter and Updates.
Tags: breach, cpa, cyber security, equifax, federal trade commission, protect, tax, wfy, and wright ford young.

What to Know About ‘Power of Attorney’

September 7, 2017 | by | Comments Off on What to Know About ‘Power of Attorney’

A general power of attorney gives broad powers to a person or organization, known as an agent or attorney in fact, to act on your behalf. What powers? Handling financial and business transactions. Buying life insurance. Settling claims. Operating business interests. Making gifts. Employing professional help. These things make a general POA an effective tool, especially if you’ll be out of the country and need someone to handle certain matters, and obviously if you’re physically or mentally incapable of managing your affairs. Powers of attorney are generally included in estate plans to make sure someone is handling financial matters. But
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Categories: Newsletter and Updates.
Tags: business, claims, cpa, firm, power of attorney, tax, wfy, and wright ford young.

Wondering About a 1031 Exchange

August 9, 2017 | by | Comments Off on Wondering About a 1031 Exchange

Perhaps you’ve heard of 1031 exchanges or like-kind exchanges, but you’re unsure of the benefits or whether you even qualify. The Internal Revenue Code 1031 is available to those who hold a property that qualifies as productive use in business or investments. If you have a piece of investment property, a 1031 exchange allows you to swap it for a similar property. What is a 1031 exchange? This type of exchange happens when an investor trades his or her real property for a similar or “like-kind” property. Investment properties such as shopping malls, residential buildings, stadiums and more can all
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Categories: Industry News and Newsletter and Updates.
Tags: 1031 exchange, accounting, cpa, deadline, exchange, tax, wfy, wright ford young, and wright ford young & co.

Follow us on Facebook and LinkedIn to get weekly updates!

August 4, 2017 | by | Comments Off on Follow us on Facebook and LinkedIn to get weekly updates!

WFY wants to keep our subscribers up to date on the latest news from tax reform, ESOPs, IRS updates, WFY updates, and more. You can stay inform with WFY news by subscribing here to our newsletter or following us on Facebook or Linkedin. Click on the links below to follow us on one or both of the following sites: Facebook: https://www.cpa-wfy.com/www.facebook.com/WFYCPA/ LinkedIn: https://www.cpa-wfy.com/www.linkedin.com/company/wright-ford-young-&-co.
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Categories: Newsletter and Updates.
Tags: accounting, blog, cpa, facebook, follow, linkedin, wfy, and wright ford young.

Understanding the Components of a Buy-Sell Agreement

July 27, 2017 | by | Comments Off on Understanding the Components of a Buy-Sell Agreement

You want to protect your company against disruptive, harmful, and nonproductive owners, which may include divorced spouses, competitors, and disgruntled former employees. And you’re also thinking that your estate needs protection. You decide to enter into a buy-sell agreement while the interests of the parties—your partners and yourself—are aligned or at least not sufficiently misaligned that it would be impossible to discuss the business and valuation aspects of these agreements. You know that when a trigger event occurs, the interests of the parties—buyers and sellers—may diverge and agreement over pricing and terms can become difficult or impossible to achieve. The
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Categories: Newsletter and Updates.
Tags: agreement, buy-sell agreement, buyer, seller, tax, trigger events, triggers, wfy, wright ford young, and wright ford young & co.