Archives for Newsletter and Updates

WFY Sponsors VLI’s Lawyers for Warriors Event

November 12, 2020 | by | Comments Off on WFY Sponsors VLI’s Lawyers for Warriors Event

  Wright Ford Young & Co. was the Title Sponsor for Veterans Legal Institute’s annual Lawyers for Warriors fundraising event on November 9th. This year the event had to shift to broadcasting over live stream because of the pandemic, but that didn’t slow Veterans Legal Institute down. The non-profit raised over $100,000 at the event for pro bono legal services for veterans in need. Many other individuals and businesses were either long-term advocates for the non-profit or sponsored the event in some way. The event also featured speakers like Top Gun producer Jerry Bruckheimer, former Los Angeles Lakers player Mychel
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Categories: Newsletter and Updates.
Tags: accountant, accountants, accounting, accounting firm, business, ca, california, certified public accountants, cpa, cpa firm, donate, firm, fundraising, irvine, lawyers for warriors, non profit, oc, orange county, small business, southern california, tax, tax firm, taxation, taxes, veterans legal institute, vli, wfy, wright ford young, and wright ford young & co.

Healthcare Providers Receive CARES Act Provider Relief Fund

November 11, 2020 | by | Comments Off on Healthcare Providers Receive CARES Act Provider Relief Fund

The CARES Act allocated $175 billion in grants to support hospital and healthcare providers on the front lines of the coronavirus response to recover lost revenue and increased expenses as a result of the pandemic. Certain grants do not require repayment just as long as the recipient submits documentation sufficient to ensure that the funds were used for healthcare-related expenses or lost revenue attributable to the coronavirus and expended by June 30, 2021.  Appropriate records and cost documentation should be maintained for potential audit. All recipients of Provider Relief Fund payments are required to comply with reporting requirements issued by
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Categories: Newsletter and Updates.
Tags: accountant, accountants, accounting, accounting firm, business, ca, california, cares, cares act, certified public accountants, coronavirus, covid, covid19, cpa, cpa firm, firm, healthcare, irvine, oc, orange county, pandemic, relief fund, so cal, southern california, tax, tax firm, tax law, taxation, taxes, wfy, wright ford young, and wright ford young & co.

WFY Introduces New Podcast: The WFY Podcast

November 3, 2020 | by | Comments Off on WFY Introduces New Podcast: The WFY Podcast

Wright Ford Young & Co. has introduced a new way to give you exclusive content from our tax and accounting experts. The WFY Podcast is Wright Ford Young & Co.’s new podcast featuring our WFY tax and accounting specialists discussing relevant and important issues that could effect you and your business. Our first episode includes Tax Partners Andy Bautista and Richard Huffman discussing 2020 tax planning in regards to President Trump’s and Vice President Biden’s tax proposals. Stay tuned for upcoming episodes in other accounting topics with WFY accounting professionals. Where to listen to the episode:        
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Categories: Company News and Newsletter and Updates.
Tags: accountants, accounting, accounting firm, audit, biden, ca, california, cpa, cpa firm, episodes, irvine, oc, orange county, podcast, so cal, southern california, tax, tax law, tax planning, tax proposal, the wfy podcast, wfy, wright ford young, and wright ford young & co.

Year End Estate and Gift Tax Planning Action to Consider Taking

October 29, 2020 | by | Comments Off on Year End Estate and Gift Tax Planning Action to Consider Taking

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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Categories: Industry News and Newsletter and Updates.

WFY Welcomes New Audit Staff Member

October 29, 2020 | by | Comments Off on WFY Welcomes New Audit Staff Member

Wright Ford Young & Co. is expanding! We would like to introduce Teresa Gerhold as our newest addition to our Audit Department. WFY is pleased to welcome Teresa to our team. Teresa Gerhold This week, Teresa joined WFY as Audit Staff in our Audit Department. She graduated from Chapman University in May with a Bachelor’s degree in Accounting and a minor in Data Analytics. Her previous experience in accounting includes a tax internship in the Bay Area. After taking an audit class in the Fall of 2019, Teresa decided to pursue her career in audit instead. In her downtime, she
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Categories: Company News and Newsletter and Updates.
Tags: accountant, accountants, accounting, accounting firm, audit, audit staff, business, ca, california, careers, certified public accountants, cpa, cpa firm, firm, irvine, new hires, oc, orange county, southern california, tax, tax firm, taxation, taxes, wfy, wright ford young, and wright ford young & co.

Partner Andy Bautista Featured in Podcast Discussing COVID-19 Topics

October 1, 2020 | by | Comments Off on Partner Andy Bautista Featured in Podcast Discussing COVID-19 Topics

As we continue through this global COVID-19 pandemic, challenges can arise for businesses that were not visible a few months ago.  Our Tax Partner, Andy Bautista, recently contributed to a podcast that discusses common challenges that businesses are facing throughout the pandemic. In this episode of The Business Talks Podcast, Andy begins his discussion on the important tax impacts this year at the 8 minute mark of the podcast. He touches base on topics such as tax planning for 2020, PPP loans, higher potential tax rates with an administration change, and more.  Andy joined other local business specialists Michael Krengel,
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Categories: Company News and Newsletter and Updates.
Tags: accountant, accountants, accounting, accounting firm, business, ca, california, certified public accountants, coronavirus, covid, covid19, cpa, cpa firm, irvine, newsletter, oc, orange county, pandemic, small business, southern california, tax, tax firm, taxation, taxes, wfy, wright ford young, and wright ford young & co.

SBA Releases PPP Flexibility Act Guidance and Revised Forgiveness Application Form

June 18, 2020 | by | Comments Off on SBA Releases PPP Flexibility Act Guidance and Revised Forgiveness Application Form

Richard A. Huffman, CPA, MST Tax Partner The Small Business Administration has released additional Paycheck Protection Program (PPP) guidance and revised the forgiveness application form to align with the Paycheck Protection Program Flexibility Act which was signed into law on June 5, 2020. Highlights of the updates are as follows: 1. For non-owners included compensation is 24 weeks of compensation up to $100,000 with a maximum per employee amount of $46,154. 2. For owners (S and C corporation owner-employees, self-employed individuals and general partners) the included compensation is the lesser of 2.5 months of 2019 compensation or $20,833. 3. Employer
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Categories: Newsletter and Updates.
Tags: accountants, accounting, accounting firm, audit, auditing, ca, california, cpa, cpa firm, ford, irvine, orange county, ppp, ppp loan, sba, southern california, tax, tax firm, taxation, wfy, wright, wright ford young, and young.

BREAKING NEWS: Significant Taxpayer Friendly Changes to the Paycheck Protection Program

June 4, 2020 | by | Comments Off on BREAKING NEWS: Significant Taxpayer Friendly Changes to the Paycheck Protection Program

Richard A. Huffman, CPA, MST Tax Partner The Senate just passed the House bill, called the Paycheck Protection Flexibility Act which is expected to be signed into law by the president.  The law will extend the Paycheck Protection Program (PPP) loan forgiveness period from eight weeks to twenty four weeks and reduce the payroll forgiveness spend requirement from 75% to 60%.  Loan recipients now have until December 31, 2020 to complete their twenty four week spend period and to meet the restoration of workforce and pay requirements. However, if at least 60% of the loan is not spent on payroll,
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Categories: Newsletter and Updates.
Tags: accountants, accounting, accounting firm, covid, cpa, cpa firm, cpa firm irvine, cpa firm orange county, cpa orange county, orange county, ppp, ppp loan, and wfy. wright ford young.

WFY Welcomes Two New Hires to Audit Department

May 28, 2020 | by | Comments Off on WFY Welcomes Two New Hires to Audit Department

This month, Wright Ford Young & Co. is pleased to announce we have two new hires joining our team. Mimi Duong will be joining as an Audit Staff and Lauren Gilmour will be joining as an Audit Intern in our audit department. WFY is pleased to welcome these new hires to our team. Mimi Duong At the end of May, Mimi Duong started a position with WFY as Audit Staff.  She will be graduating CSUF later this year with a Business Administration degree with a concentration in Accounting.  In her spare time, she enjoys spending time with friends and family,
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Categories: Company News and Newsletter and Updates.
Tags: accountants, accounting, audit, audit department, ca, careers, certified public accountants, cpa, cpa firm, hiring, irvine, jobs, new hires, orange county, southern california, tax, tax firm, taxation, taxes, wfy, and wright ford young.

Roth IRA Conversion During Coronavirus – Is Now the Right Time?

May 14, 2020 | by | Comments Off on Roth IRA Conversion During Coronavirus – Is Now the Right Time?

Cheryl Shelton, JD Tax Supervisor   Roth IRA’s have two big tax advantages:  Tax-free withdrawals and exemption from required minimum distributions.  But converting a traditional IRA into a Roth IRA is a taxable distribution.  While in the midst of the coronavirus, is 2020 the right time to make the conversion? Here are some reasons why it might be the ideal time to do a complete or partial conversion: Low tax rates Stock market decline Reduced income The tax rates are the lowest they have been in a while due to the TCJA (they are scheduled to last through 2025).  If
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Categories: Newsletter and Updates.