Archives for Industry News

Angela Tang, CPA Estate and Trust Supervisor   Election day on November 3rd is upon us, and the outcome may determine the future landscape for Estate and Gift Tax policy for next year and beyond.  High Net Worth Individuals (HNW) should consider the potential changes for individual lifetime estate and gift tax exemption amounts and take appropriate actions to meet their individual estate tax planning goals.  Currently, individuals are able to gift or bequest $11.58 million, free of estate and gift taxes, to their beneficiaries.  The amounts will sunset after 2025 to $5 million (inflation indexed) as part of the
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During the ongoing management of COVID-19 restrictions, we are all trying to determine and assess the short- and long-term damage on businesses, the economy, and the capital markets. While we don’t pretend to have answers better than others, we would like to share our thoughts on the impact of the virus on M&A transactions. First off, we don’t want to trivialize the health impact imposed by the pandemic nor the human element of lost jobs, life disruptions, and family separations. Our intent is to provide our strategic thoughts while we try to maintain a sense of normalcy. Prior to the
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Our WFY Tax Partner, Richard Huffman, has created a 15-minute video presentation to illustrate the benefits your business may qualify for under the CARES Act.  Included are the Paycheck Protection Program Loans, Employee Retention Credit and deferral and income tax benefits. Watch the video to learn which benefits apply to you. Please contact your WFY advisor to discuss how your business can benefit from these programs or you can contact us here.  
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Today, the IRS launched a portal specifically focusing around the Economic Impact Payment. The portal is designed for taxpayers to check the status of their stimulus payment, set up direct deposit, and more.  Click here to visit the Economic Impact Payment Direct Deposit portal. When clicking the “Get My Payment” button, taxpayers will be able to: Get their payment status Confirm their payment type (direct deposit or check) Other information if needed, such as their bank account information Taxpayers who want to accelerate the process of receiving their payment must add their bank account information and provide the following information:
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Richard A. Huffman, CPA, MST Tax Partner   The national emergency declaration on March 13 triggered a tax benefit which allows employers to make non-taxable qualified disaster relief payments to employees for reasonable and necessary expenses resulting from the coronavirus pandemic. Reimbursable expenses excludable from employee taxable income are as follows: Unreimbursed medical expenses including co-pays, deductibles, vitamins and supplements Increased expenses associated with being quarantined at home (e.g., increased utilities and home office expenses) Home office expenses include expenses associated with setting up or maintaining a home office such as enhanced internet connections, computer monitors, laptops, printers, office supplies,
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