Manny Trelles, CPA Tax Manager Governor Newsom signed SB 951 on September 30, 2022 repealing the wage ceiling for contributions into California’s State Disability Insurance (SDI) fund beginning January 1, 2024. This means all wages paid will be subject to California’s SDI tax. The purpose is to increase the SDI benefits paid and short-term disability insurance to three categories of employees: Employees on parental leave Employees taking time off to care for injured and ill family members Employees unable to work due to injury or health condition To pay for these increased benefits, SB 951 will eliminate the taxable
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Posts by Chanelle Bosert
WFY Welcomes Three New Hires in January
Wright Ford Young & Co. welcomes three new hires to our tax department and estate and trust department this month. Jonathan Djahanbani joined our estate and trust department, and Hannah Carbone and Justus Huang joined our tax department. WFY is excited to have these new hires join the WFY team. Jonathan Djahanbani This week, Jonathan Djahanbani started in our estate and trust department as an Estates and Trusts Tax Senior. He graduated from UCLA with his Bachelor’s degree in History with a minor in Accounting. On top of that, Jonathan has a Master’s degree in Business Taxation from USC. His
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Ashley Winston Joins WFY as Director of Firm Administration
At the start of the year, Ashley Winston joined Wright Ford Young & Co. as our Director of Firm Administration. Ashley will be handling our office’s day-to-day operations to help our office continue to run smoothly and successfully grow. WFY is thrilled to welcome Ashley to our team. Ashley Winston Ashley Winston joined WFY at the beginning of January this year. She graduated from San Diego State University and then worked in the restaurant/hospitality industry in San Diego for 11 years. After moving to Orange County from San Diego, she worked In the legal industry at a global law firm.
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IRS Extends Payments and Filing Deadlines to May 15 for CA Storm Victims
Richard A. Huffman, CPA, MST Tax Partner Victims of the most recent California storm now have until May 15, 2023 to file various federal individual and business tax returns and make tax payments. The IRS announced January 10, 2023 that Californian’s who reside in or have a business in the following counties will have until May 15, 2023 to file various federal individual and business tax returns and make tax payments: Colusa, El Dorado, Glenn, Humboldt, Los Angeles, Marin, Mariposa, Mendocino, Merced, Monterey, Napa, Orange, Placer, Riverside, Sacramento, San Bernardino, San Diego, San Joaquin, San Luis Obispo, San Mateo,
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New Transfer Tax on All Real Property Sales Over $5 Million in LA
Manny Trelles, CPA Tax Manager Measure ULA (aka the “Homelessness and Housing Solutions Tax”) was recently approved by voters in the City of Los Angeles. The new transfer tax is set to start April 1st, 2023. The transfer tax applies to all real property asset classes in the City of Los Angeles as follows: Residential Property (examples include single-family home, multi-family homes, and apartment buildings) Commercial Property (examples include office buildings, restaurants, or a warehouse) Vacant Land Under the new tax, sales of residential and commercial real property valued at over $5 million but less than $10 million in
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Three New Hires Join WFY in November
In November, Wright Ford Young & Co. welcomed three new hires to our tax department and audit department. Jenifer Hwang joined our tax department, and Sean Berlin and Tyler Connally joined our audit department. Welcome to the WFY team, everyone! Jenifer Hwang In mid-November, Jenifer Hwang was welcomed into our tax department as a Tax Senior. She attended school locally and received her degree at Cal State Fullerton. Prior to WFY, Jenifer has been in accounting for five years. During her spare time, she enjoys spending time with family, friends, and her dog; building Legos; and eating delicious food. Sean
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WFY Sponsors OVC’s Dream Beyond and TACA’s Ante Up for Autism
In September, Wright Ford Young & Co. had the pleasure of being a sponsor at two events. WFY was a title sponsor at Oak Valley College’s Dream Beyond Gala, and a royal flush sponsor at The Autism Community in Action’s Ante Up for Autism Dinner and Auction. On September 17, WFY attended Oak Valley College’s Dream Beyond Gala at Richard Nixon Presidential Library and Museum. The day was filled with live music, food, and mocktails served in the Pat Nixon Gardens. After, the event continued with a presentation by OVC students followed by a clean comedy show by Magic Castle
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Three New Hires Join WFY in August
Wright Ford Young & Co. is excited to welcome three new hires to our firm: Cathy Zhang, Kirby McIlveen, and Susie Johnson. Cathy Zhang joined our tax department, Kirby McIlveen joined our estate & trust department, and Susie Johnson joined our administrative department. WFY is excited to have these new hires on our firm’s team. Cathy Zhang In mid-August, Cathy Zhang was welcomed into our tax department as Tax Staff. She graduated from Aalto University in Finland with a Master’s degree in International Business Management. Along with her Master’s degree, she also has an Associate degree in Accounting. During her
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The Newest Tax Law Sunset Changes
Richard A. Huffman, CPA, MST Tax Partner The 2017 Tax Cuts and Jobs Act was passed under the tax neutral reconciliation rules and included a significant amount of tax law changes that begin to adjust this year. Here are the details as follows: 2022 Tax Year Changes Research and Development costs Through 2021 research and development costs could be immediately deducted for tax purposes but starting in 2022 are now required to be capitalized and amortized over five years for research conducted within the United States or fifteen years for research conducted outside of the United States. Research and
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UPDATE: The Inflation Reduction Act of 2022
On August 16, 2022, President Joe Biden signed the Inflation Reduction Act of 2022 into law. The provisions included in the Act are intended to address the climate crisis, lowering prescription drug prices, and reduce the deficit – while being paid by several revenue raisers included in the bill. The Act has had undergone some amendments since first being announced late last month. The bill contains various income tax changes – the following is a summary of the final provisions that we feel will most likely impact you: Increased IRS Funding The Act calls for $80 billion to be
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