WFY would like to welcome three new additions to our audit department this month. We are thrilled to welcome this group of people to our team! John Tran This month, John Tran recently joined Wright Ford Young & Co. as an Audit Staff member and is beginning his career in public accounting. He graduated from California State University, Long Beach with a Bachelor’s degree in Accounting and is excited to gain hands-on experience in the profession. John plans to pursue his CPA license as soon as possible and is looking forward to continuing his professional development. Outside of work, he
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Archives for Newsletter and Updates
Cash Flow Management: The Lifeline of a Successful Business
While profitability often receives the most attention, cash flow is what keeps a business operating day to day. A company can report strong revenues and healthy profits on paper, yet still face financial challenges if cash is not available when needed. Effective cash flow management is one of the most important responsibilities of business owners and leadership teams, particularly in today’s evolving economic environment. Understanding Cash Flow Cash flow represents the movement of money into and out of a business. Positive cash flow occurs when incoming cash exceeds outgoing expenses, while negative cash flow occurs when expenses outpace available cash.
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WFY Announces Tim Smith as New Audit Partner
Wright Ford Young & Co. is pleased to welcome Tim Smith as its newest Audit Partner. The firm practices a full spectrum of accounting services for closely held companies and family business owners, including audit, tax, estates and trusts, and business consulting. Tim began his accounting career with a large international firm, where he spent 12 years serving a diverse client base ranging from closely held family-owned companies to large public corporations. Over the course of his career, he has developed extensive industry expertise in manufacturing and distribution, retail, consumer products, professional services, and construction industries. He has significant experienced
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8 Key Strategies to Implement for Your Mid-Year Tax Planning in 2026
By mid-2026, taxpayers have a valuable—yet often underutilized—opportunity to reassess their financial position and make proactive decisions that can materially impact their year-end tax outcome. Waiting until Q4 (or worse, filing season) limits your options. Effective mid-year tax planning is about using real-time data to optimize cash flow, reduce liabilities, and avoid surprises. Below is a structured approach to making the most of your mid-year tax review. Key Areas to Evaluate Income and Tax Bracket Management Start with a projection of total 2026 income: W-2 wages Business or self-employment income Investment and capital gains Rental income Planning opportunities: Accelerate or
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WFY Hosts First Annual Swing for a Cause Charity Golf Tournament
Wright Ford Young & Co. is proud to host its first annual Swing for a Cause Charity Golf Tournament, presented by FBFK Law. More than just a day on the course, this event serves as a meaningful tribute to the legacy of our late founder, Bob Wright, whose generosity and dedication to community continue to inspire our firm. Bob Wright firmly believed in the importance of giving back. His leadership was defined by compassion, integrity, and a commitment to creating opportunities for others. This tournament honors his legacy by carrying forward the values he instilled—service, impact, and community involvement. All
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AI-Driven Tax Scams: Protecting Your Wealth and Business This Filing Season
As artificial intelligence continues to transform business operations and financial management, it’s also creating new opportunities for fraud. For high-net-worth individuals (HNWIs) and business owners, the stakes are especially high—larger transactions, complex financial structures, and multiple points of contact make you a prime target for increasingly sophisticated scams. As we continue tax season, understanding how AI-driven scams intersect with tax filing is critical to protecting your wealth and sensitive financial data. The Rise of AI-Powered Scams Scammers are now leveraging AI to create highly convincing and targeted attacks. Unlike traditional phishing attempts, these scams are: Hyper-personalized: AI can analyze publicly
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California SDI Exemption for Sole Shareholder/Corporate Officers
Thomas S. Kim, CPA Tax Partner In California, if you are an officer and the sole shareholder of a corporation (or the only shareholders are you and your spouse), you may elect to stop California State Disability Insurance (SDI) withholding from your wages by filing an exclusion election with the California Employment Development Department (EDD). SDI Withholding Update Effective January 1, 2024, California eliminated the SDI taxable wage limit and maximum withholding amount. This means all wages are subject to SDI withholding. The current SDI rate for 2026 is 1.3%. Example: If your wages are $500,000, SDI withholding
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The 2026 Tax Season: What High-Net-Worth Individuals & Business Owners Should Expect
Since the tax filing season starts on January 26, the U.S. federal tax landscape has shifted significantly due to major legislation enacted in 2025. For high-net-worth individuals (HNWIs) and business owners, understanding these changes now can unlock tax savings, reduce liabilities, and inform smart planning decisions before year-end. Major Tax Legislation: One Big Beautiful Bill Act (OBBBA) The One Big Beautiful Bill Act (OBBBA), signed in July 2025, represents the most sweeping overhaul of the U.S. tax code in years and will shape the 2026 tax season. It permanently extends many of the Tax Cuts and Jobs Act (TCJA) provisions
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New Additions Join WFY Team in January
In January, our firm had twenty new additions join WFY. We are excited to welcome this group of people to our team! Bill Torres Bill Torres joined Wright Ford Young & Co. as a Tax Partner with more than four decades of experience in public accounting, tax, and financial advisory services. Since beginning his career in 1985, he has advised individuals, closely held businesses, fiduciaries, and estates on complex domestic and international tax matters, with deep expertise spanning compliance, planning, controversy, and transactional consulting. Before joining WFY, Bill founded and operated his own firm for 30 years through experience developed
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WFY Announces Merger of Bill Torres & Company, Inc.
Wright Ford Young & Co. (WFY), an Orange County based CPA firm, is excited to announce the merger of Bill Torres & Company, Inc. effective Jan. 1, 2026. Bill Torres & Company, Inc. has been operating for over 30 years with an expertise in tax and accounting services for privately held companies and high net worth individuals. “This merger is a strong addition to our firm,” says Jeff Myers, Managing Partner of WFY. “It will give us a presence in Los Angeles and allow us to expand our international tax services to better serve our clients.” Bill Torres & Company,
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