Wright Ford Young & Co. is pleased to announce Byron Culp as our new Director of Business Development. Byron Culp joined Wright Ford Young & Co. in January of 2024 and has been providing his financial expertise for more than two decades. Byron provides financial guidance and solutions throughout the Orange County marketplace, with the personal mission of helping local companies grow. Targeted industries and businesses include wholesalers, distributors, manufacturers, importers/exporters, professional services, medical, waste management, and non-profit organizations, to name a few. Beyond his professional commitments, Byron is deeply involved in community service, serving on the Board of Directors
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Posts by Chanelle Bosert
WFY Announces Nancy Van Lanen as New Estates & Trusts Tax Partner
Wright Ford Young & Co. is pleased to announce Nancy Van Lanen as our new Estates & Trusts Tax Partner. The firm provides tax, audit, estate & trust, and business consulting services to closely held companies, private foundations, family-owned businesses, and high net worth individuals. Nancy Van Lanen joined Wright Ford Young & Co. in November of 2020 as the Estates & Trusts Tax Director. Nancy has over 20 years of experience in tax compliance. She has extensive expertise providing high net worth clients and business owners with tax consulting, planning, and compliance for trusts, estates, and gifting. Prior to
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ASU 2016-13 Current Expected Credit Loss Effective for Private Companies in 2023
Carissa DeLuca, CPA, CFE Audit Manager ASU 2016-13 Financial Instruments-Credit Losses, which covers the Current Expected Credit Loss model (also known as CECL), is effective for private companies for years beginning after 12/15/2022. The accounting standard is not just applicable to mortgage banks, but can also impact trade receivables, loan receivables and reinsurance receivables and more for companies in all industries. Previously, US GAAP required an “incurred loss” methodology for credit losses and loss recognition once probable. Under the old method, historic loss percentages were a common and appropriate method of measurement of credit losses. CECL will require
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Decoding the Menu: Navigating Meals Expenses Tax Deductibility in 2023 – 50% vs. 100%
As 2023 unfolds, it’s crucial for business owners and professionals to understand the ever-evolving landscape of tax regulations, especially when it comes to meal expenses. The deductibility of these expenses can significantly impact your bottom line. In this blog post, we’ll delve into the specifics of meals expenses tax deductibility for 2023, distinguishing between the 50% and 100% deduction rules, and offering insights to help you make informed financial decisions. The 0% Deduction Rule: Treating clients to an entertainment event, such as concert tickets, sports games, etc., are now 0% deductible since this came into effect with the 2018
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WFY’s Tax Department Welcomes Two New Hires
In the beginning of December, we welcomed two new hires to our tax department: Mary Sidhum and Matthew Herrera. WFY is pleased to have Mary and Matthew join our growing firm. Welcome to the WFY team! Mary Sidhum Mary Sidhum started with WFY in the beginning of December as our newest Tax Director. Mary has a Bachelor’s degree in Accounting and continued her education by receiving her Master’s degree in Taxation from Golden State University. After receiving her degrees, Mary has worked in public accounting for over 15 years. Outside of the office, Mary enjoys hiking, traveling, watching her
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Audit Partner Jennifer Haddad Featured in Manage HR Magazine
Our Audit Partner, Jennifer Haddad, was featured in Manage HR Magazine’s November 2023 ESOP Edition. In this article, Jennifer discusses how WFY navigates the complexities of ESOPs and what’s right for your business. In addition to Jennifer’s discussion, WFY was also named one of the Top 10 ESOP Services Providers of 2023 for Manage HR Magazine. To read the full article, go to https://www.managehrmagazine.com/wright-ford-young-co Wright Ford Young & Co. is headquartered in Irvine, CA and is the largest single office CPA firm in Orange County. WFY is a full service corporate accounting firm offering audit, tax, estate and
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Maximizing Your Finances: Year-End Tax Planning Tips for 2024
As the year draws to a close, it’s time to engage in financial housekeeping to ensure that you’re making the most of your money. Year-end tax planning is a crucial aspect of managing your finances, and with 2024 on the horizon, it’s the perfect time to implement strategic measures to optimize your tax situation. In this blog post, we’ll explore some key tips for year-end tax planning that can help you minimize your tax liability and maximize your financial well-being. Review Your Income and Expenses: Start your year-end tax planning by conducting a thorough review of your income and expenses
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New Audit Senior Joins WFY’s Audit Department
This month, Wright Ford Young & Co. had the pleasure to welcome a new Audit Senior to our firm: Diana Bocanegra. Welcome to the WFY team! Diana Bocanegra Diana Bocanegra graduated from Cal State University, Los Angeles, and started working in a small accounting firm. Initially, she worked in taxation for a year before moving to audit. After moving to audit, Diana worked at RSM for nearly six years and her career flourished. Diana enjoys spending time with her family, friends, and her three dogs in her free time outside of the office. Interested in joining WFY in one of
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Students Falling Victim to Fraud When Applying for Scholarships
by Carissa DeLuca, CPA, CFE Audit Manager School is in, and many high school seniors have started the daunting process of looking for scholarships to help with their future college plans. For many, this is an absolute necessity which has made space for opportunistic fraudsters. Here are some fraud red flags students and parents should look out for: Application fees for scholarships, especially paid via Zelle, Venmo or Cash App Upfront fees to guarantee financial aid Emails, texts or letters requiring personal information (including social security number, bank information, etc.) Offers for low interest student loans based on
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WFY Celebrates 50 Years by Donating to Others
by Chanelle Bossert Director of Marketing In August, Wright Ford Young & Co. celebrated 50 years of service among clients, friends, and colleagues. Over 200 guests joined the celebration which included casino games, music, an array of hors d’ oeuvres, and many laughs shared among friends in the local business community. To commemorate their 50 years of service, Wright Ford Young & Co. committed to donating $50,000 to local charities on behalf of the six raffle winners who participated in the casino games. Each winner had the opportunity to direct their winnings to a local charity of their choice.
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