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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Archives for Newsletter and Updates
Avoid Phishing in the Time of COVID-19
As the uncertainty of the coronavirus pandemic continues, scammers are using different ways to gather your information and use it for ransom. Some websites are offering information on COVID-19 relief programs in exchange for signing up through them as a subscription or requesting a fee. With this, the websites hold your basic information ransom and could possibly cause you problems in the near future. WFY wants to make sure there aren’t any more problems for our clients who are already going through an ambiguous period of time. Fraud will only increase as the coronavirus pandemic goes on. Therefore, we advise
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Summary Analysis of Coronavirus Enacted Laws
Richard A. Huffman, CPA, MST Tax Partner With the recently enacted laws to help companies with the current Coronavirus pandemic, there has been confusion regarding which benefit programs will apply to what companies. In our efforts to assist you in which benefits can help you and your company, WFY has created a breakdown summary spreadsheet and flowchart below.
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Newsletter and Updates.
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accountants, accounting, benefits, california, cares act, certified public accountants, coronavirus, coronavirus help, covid, covid19, cpa, cpa firm, family first corona virus act, irvine, orange county, paycheck protection program, payroll tax credit, payroll tax deferral, ppp, sba loans, tax, tax benefits, tax firm, wfy, and wright ford young.
The Senate and House Passes CARES Act of 2020
Richard A. Huffman, CPA, MST Tax Partner On March 27th, 2020, the House passed an amended version of the Senate’s Coronavirus Aid, Relief, and Economic Security (CARES) Act sending to the President to sign into law. The Act provides a wide sweeping infusion of cash into the economy helping individuals and businesses during these extraordinary times. Below is a summarized version of the Act explaining all the key details for individuals and businesses including the various loan programs. Direct financial help to individuals: Rebates of up to $1,200 for individuals and $2,400 for married couples. People with children can
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Quarterly Update: CPA Exam Passed by WFY Employees
Wright Ford Young & Co. enjoys recognizing colleagues and clients on their achievements and success. WFY enjoys the same opportunity to also recognize our employees by spotlighting those professionals on the WFY team that have made great strides to accelerate their career. Passing the Certified Public Accountant (CPA) exam is just one of those career enhancing accomplishments. We would like to congratulate the following WFY employees for recently passing all four parts of the CPA exam in the last three months: Manny Trelles – Tax Supervisor The California CPA exam is a rigorous licensing qualification to pass and has many
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WFY as Title Sponsor for VLI’s 2020 Lawyers for Warriors
For the second year in a row, Wright Ford Young & Co. will be the Title Sponsor for Veterans Legal Institute’s annual Lawyers for Warriors Event. For years, Veterans Legal Institute has been providing pro bono legal assistance to homeless, at risk, disabled and low income current and former service members to eradicate barriers to housing, healthcare, education, and employment and foster self-sufficiency. Their core values are outreach, compassion, quality, leadership, and empowerment – values that fall in line with WFY’s values. The Lawyers for Warriors Networking & Fundraising Event is a way to honor hero advocates who have contributed
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Six New Hires Join WFY Team
Wright Ford Young & Co. is proud to announce we are adding six new hires to our team. We have Cheryl Shelton joining our estates & trusts department, and Brody Alcanter, Marzeh Khanjari, Rajbir Singh, Linh Trinh and Diane Waxler-Milne joining our tax department. WFY is pleased to welcome these new hires to our team. Cheryl Shelton In January, Cheryl Shelton started with WFY as an Estates & Trusts Supervisor in our estates & trusts department. She graduated from Cal State Fullerton and continued her education at Western State Law School. Cheryl has worked in accounting for over 15 years.
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Company News and Newsletter and Updates.
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WFY’s 2019 Charitable Contributions
For over 12 years, Wright Ford Young & Co. has made it a priority to contribute to many non-profits locally and nationally. Since 2007, WFY has been helping to give back by donating 1% of our gross revenues each year to charities as a way to help improve the lives of those around us and those less fortunate. We have donated over $1,253,000 since the program’s formation. In 2019, WFY made donations to over 20 non-profit organizations – our biggest number of charities to date. We would like to thank all the organizations for everything they do and how much
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Changes with 2020 Payroll Tax and Standard Auto Mileage Rate
Bonnie Thompson Accountant Beginning January 1, 2020, 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 $137,700 The social security tax rate will be 6.2% for both employers and employees for a maximum expense of $8537.40 For Medicare, the rate is still 1.45% each for employers and employees with no limit this year. Continuing in 2020 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 Donates Items to Orangewood Foundation’s Holiday Gift Drive
It’s a time for giving and WFY has done just that. This holiday season, WFY collected dozens of gifts to be donated to Orangewood Foundation’s annual Holiday Gift Drive. For every holiday season, the Orangewood Foundation collects items off a wish list they curated to help young adults transition from the foster system into independent adulthood. Items such as pillows, cooking utensils, portable chargers, etc. are gathered by dozens of people each year. This gift drive helps prevent the ongoing cycle of homelessness with young adults in the Orange County area which many experience in their lifetime. WFY makes an
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