On July 27, 2022, Senators Chuck Schumer and Joe Manchin announced an agreement to add the Inflation Reduction Act of 2022 to the current Budget Reconciliation bill – with a vote to be held this week. The bill includes several proposed revenue raisers and tax changes to fund initiatives aimed at lowering prescription drug prices, addressing the climate crisis, and reduce the deficit. Here is a summary of the proposed tax changes: Increased IRS Funding The Act calls for $80 billion to be invested in the IRS over the next ten years. With over 50% of this amount being appropriated
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Archives for Industry News
Tax Exempt Gifts of Tuition and Medical Expenses
Gregory Lambourne, Esq. Senior Planning Consultant You may be aware that the tax code grants taxpayers a $16,000 annual exemption from gift and generation-skipping transfer (GST) taxes. That means you (and every other taxpayer you know) can gift any person(s) up to $16,000 per year gift and GST tax-free. Good financial planning and estate planning involves utilizing this annual exemption and the estate tax-free compounding such gifting can provide. What you may NOT realize is that you can also gift an UNLIMITED amount of tuition and medical expense payments gift and GST tax-free, so long as you make those
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Key Take-Aways from 2022 AICPA & CIMA Employee Benefit Plans Conference
By Jennifer Haddad, CPA Audit Partner, ERISA Plan Audits Audit Director Every year, Wright Ford Young & Co. attends the annual AICPA & CIMA Employee Benefit Plans Conference. The multi-day conference includes a comprehensive lineup of sessions, delivered by top regulators and expert practitioners. Sessions at the conference include topics such as the new Employee Benefit Plan audit standard (AU-C Section 703), common operational errors, a DOL and IRS regulatory update, and prohibited transactions. The information gathered from the conference does not just benefit us, as the auditors, but is also informative for the Plan Sponsors we work with.
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Top Considerations for June 15 CA Passthrough Payment Deadline
Richard A. Huffman, CPA, MST Tax Partner The June 15 deadline is approaching for the mandatory prepayment of the 2022 California passthrough entity elective tax workaround deposit. Important details to consider are as follows: Benefit By electing to pay the taxpayers California tax at the entity level, the federal itemized deduction state and local $10,000 cap is circumvented thus allowing additional federal tax deductions for state taxes paid. However, the California law has many requirements and nuances that must be followed and considered to make sure the taxpayer will benefit from the entity tax election. Required minimum payment amount
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Industry News and Newsletter and Updates.
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CA Employers Must Have Retirement Plans for Employees by June 30
By June 30, 2022, any California business owners with five or more employees are required to have a retirement plan for their employees. California businesses with five or more employees must comply with the statewide mandate and offer a retirement plan to their employees by the deadline. Businesses can either go through a private-market option, like a 401(k), or through the state-run CalSavers program. If any California business owners do not provide a retirement plan for their employees by June 30, there will be a penalty of $250 for each employee. Penalties will increase if initial penalties are not addressed.
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Industry News and Newsletter and Updates.
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Expect IRS Delays on Paper Filed Tax Returns
Hani Sharestan, CPA, MST Tax Partner In amidst of the 2021 tax season, you should expect delays from the IRS in processing paper filed tax returns that require manual processing. Based on a recent published report, the National Taxpayer Advocate said in its annual report to congress the IRS continues to experience unprecedented severe backlogs in processing paper filed tax returns that require manual processing. The report shared the following data regarding the IRS backlog of unprocessed returns and correspondence: 2 million unprocessed individual returns (Form 1040) mainly from 2020 and before; 8 million unprocessed payroll tax returns (Form
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Industry News and Newsletter and Updates.
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Update on CA Passthrough Entity Elective Tax Credit
Richard A. Huffman, CPA, MST Tax Partner The California Passthrough Entity Elective Tax Credit (CA PTE) meant for S-corporations and partnerships was initially flawed due to certain entities being excluded and the resulting California credit being limited to the tentative minimum tax base which in most cases prevented S-corporation shareholders, partnership partners, and LLC members from the intended tax benefit. The California legislators have expanded the CA PTE tax benefits by addressing these issues which has resulted in the following changes which were recently signed into law: Eliminate the tentative minimum tax limitation on the CA PTE. Allow tiered
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2022 Payroll Tax & Auto Mileage Rate Changes
By Bonnie Thompson Beginning January 1, 2022 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 $147,000. The social security tax rate will be 6.2% for both employers and employees for a maximum expense of $9114.00 For Medicare, the rate is still 1.45% each for employers and employees with no limit this year. Continuing in 2022, employees earning in excess of $200,000 will be subject to a mandatory additional 0.9% medicare tax withholding regardless of their individual tax
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WFY Sponsors OCBJ’s Family-Owned Business Awards
On Thursday, August 26th, Wright Ford Young & Co. was a platinum sponsor at the Family-Owned Business Awards by Orange County Business Journal (OCBJ). The luncheon honored all the nominees and winners to celebrate and recognize family-owned businesses in Orange County. OCBJ hosted an eventful luncheon starting with drinks and appetizers in the VIP reception area. Shortly after, all attendees moved to the ballroom where they were seated for lunch and the awards ceremony. The ceremony included presenter CEO of OCBJ Richard Reisman, keynote speakers Igor Olenicoff & Natalia Ostensen from Olen Properties, and the presenters of the individual awards.
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Company News, Industry News, and Newsletter and Updates.
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New Law Tax Workaround for CA Pass-Through Business Owners
Richard A. Huffman, CPA, MST Tax Partner The 2017 Tax Cut and Jobs Act limits individuals state and local tax deduction to $10,000 a year through 2025. California passed into law a workaround for tax years 2021- 2025. Qualifying pass-through business owners can separately elect to pay a 9.3% entity level tax on the owner’s share of the company’s qualified taxable income which will be allowed as a federal tax deduction on the entity return. Owners who participate will receive a credit on their California individual tax return equal to the 9.3% tax paid at the entity level. The
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Industry News and Newsletter and Updates.
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