Archives for Newsletter and Updates

Are you Taking Advantage of the New Tax Law Benefits?

May 31, 2018 | by | Comments Off on Are you Taking Advantage of the New Tax Law Benefits?


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Categories: Industry News and Newsletter and Updates.
Tags: accountant, accounting, act, benefits, ca, california, certified public accountants, cpa, cpa firm, distributors, law, manufacturers, new tax law, oc, orange county, orange county cpa, southern california, tax, tax changes, tax cut, tax firm, tax law, taxation, taxes, the act, wfy, and wright ford young.

What Is an Offer in Compromise with the IRS?

May 17, 2018 | by | Comments Off on What Is an Offer in Compromise with the IRS?

An offer in compromise can make you happy: “Oh boy, the IRS said yes, and my tax debts are over!” Or it can frustrate you. Let’s go over how to navigate the IRS settlement guidelines and see what an offer in compromise entails. Here’s the good news: An OIC can be a fresh start from your IRS debt. You no longer have to worry that the IRS will seize your wages or bank accounts. Your credit score will no longer show any tax liens against you — the IRS releases them all. IRS collections are put on hold and the
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Categories: Industry News and Newsletter and Updates.
Tags: accountant, accounting, bankrupt, compromise, cpa, cpa firm, debt, firm, IRS, oic, tax, taxation, wfy, and wright ford young.

Earn Money from California’s Training Subsidy Program

March 8, 2018 | by | Comments Off on Earn Money from California’s Training Subsidy Program

It’s Free Money, and We Can Help You Get Your Share Do you provide formal training for your employees? Exciting news: The government wants to chip in. Yes, really. In fact, for the past 35 years the State of California has provided over $1.5 billion in training subsidies to California businesses. Smaller companies can receive up to $50,000 per year and larger companies can receive up to $375,000 per year. Never heard of this program? You’re not alone. The funding comes from a tax that every for-profit company in the state pays, the Employment Training Tax. This tax generates over
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Categories: Newsletter and Updates.
Tags: accountant, accounting, audit, auditor, business, california, california subsidy program, computer, credit, free, manufacturing, money, program, skills, tax, taxation, wfy, wright ford young, and wright ford young & co.

How to Co-ordinate Cost Segregation with Like-kind Exchange

February 6, 2018 | by | Comments Off on How to Co-ordinate Cost Segregation with Like-kind Exchange

The Tax Cuts and Jobs Act (TCJA) was signed by the President on December 22, 2017. The TCJA is the most significant overhaul of Internal Revenue Tax code since the 1986 Tax Act under President Reagan. The Committee Report has over a thousand pages of modifications to many areas of the tax code. One piece of the new legislation (that concern most real estate investors) involves changes to the like-kind exchange rules. When certain conditions are met, no gain or loss is recognized when a taxpayer exchanges property of like-kind (used in a trade or business or for investment purposes).
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Categories: Industry News and Newsletter and Updates.
Tags: accountants, accounting, cost, exchange, federal, income, law, segregation, state, tax, tax bill, taxation, TCJA, wfy, and wright ford young.

Pass-Through Entities and the 20 Percent Tax Break

January 23, 2018 | by | Comments Off on Pass-Through Entities and the 20 Percent Tax Break

Small-business owners and partners are scratching their heads over the Tax Cuts and Jobs Act and how the new 20 percent tax deduction for pass-through entities will work. Here’s a little background A pass-through entity can be a partnership, S corporation, limited liability company or partnership, or sole proprietorship — basically, most of the country’s small businesses. Owners and shareholders of these entities are taxed on earnings based on individual, not corporate, tax rates. Effectively, company earnings, losses and deductions pass through to the individual’s personal tax rates, which, in the past, were typically lower than corporate rates. The pass-through
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Categories: Newsletter and Updates.
Tags: business, corporate, deduction, income, investments, pass-through, qbi, shareholders, tax, tax break, tax cuts and jobs act, taxation, trusts, wfy, wright ford young, and wright ford young & co.

Extraordinary Estate Tax Opportunity with the Tax Cuts and Jobs Act

January 10, 2018 | by | Comments Off on Extraordinary Estate Tax Opportunity with the Tax Cuts and Jobs Act

You may recall that President Trump promised to repeal the Estate and Gift Tax and their cousin, the Generation Skipping Tax.   However, the enacted version of the Tax Cuts and Jobs Act signed just before Christmas 2017, left these three taxes intact.   The outcome is surprising, given that the Republican Party has often condemned these taxes, and given that the House, Senate, and White House are all on the same side of the party divide.   Yet, complete repeal was not accomplished.   Thus, these taxes remain a huge liability for high net worth individuals and families. What the Act does accomplish
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Categories: Newsletter and Updates.
Tags: act, cpa, estate, estate planning, exemption, federal tax, gift, tax, tax cut, tax exemption, trump, wfy, and wright ford young.

Bracket Changes and More From the IRS

December 13, 2017 | by | Comments Off on Bracket Changes and More From the IRS

You haven’t even filed your 2017 taxes yet, but the IRS has already announced changes that will affect your 2018 taxes, which you’ll be filing in 2019. The changes were announced in Revenue Procedure 2017-58, which runs 28 pages, but below are some key points. How do these changes impact you? Of course, if any meaningful tax reform is passed, anything can be changed. We’ll keep you posted on any developments that affect you. The standard deduction for married filing jointly rises to $13,000 for tax year 2018, up $300. For single taxpayers and married individuals filing separately, the standard deduction
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Categories: Industry News and Newsletter and Updates.
Tags: cpa, deduction, exemption, tax, tax bracket, taxation, taxpayers, wfy, and wright ford young.