If you have not already done so, you should immediately check your potential impact from the massive cyber security incident at Equifax which may have affected 143 million people. Follow the recommended steps from the Federal Trade Commission located here to see your potential impact. Your security is important to us, please email us at info@cpa-wfy.com or contact us here if you have any additional questions or concerns.
Read More
Archives for Newsletter and Updates
What to Know About ‘Power of Attorney’
A general power of attorney gives broad powers to a person or organization, known as an agent or attorney in fact, to act on your behalf. What powers? Handling financial and business transactions. Buying life insurance. Settling claims. Operating business interests. Making gifts. Employing professional help. These things make a general POA an effective tool, especially if you’ll be out of the country and need someone to handle certain matters, and obviously if you’re physically or mentally incapable of managing your affairs. Powers of attorney are generally included in estate plans to make sure someone is handling financial matters. But
Read More
Newsletter and Updates.
business, claims, cpa, firm, power of attorney, tax, wfy, and wright ford young.
business, claims, cpa, firm, power of attorney, tax, wfy, and wright ford young.
Multistate Sales Tax Amnesty Program for Online Retailers
The Multistate Tax Commission announced that it is working with 13 states to implement a sales tax amnesty program aimed at getting online retailers to register and file sales tax returns. The main benefit of the amnesty program is that sellers will not be required to report prior period sales, nor be required to pay penalties or interest on any back taxes owed. As of today, participating states include: Alabama, Arkansas, Colorado, Connecticut, Kansas, Kentucky, Louisiana, Nebraska, New Jersey, Oklahoma, Texas, Utah, and Vermont. Eight additional states are considering participation but have not committed, and it is not clear whether
Read More
Wondering About a 1031 Exchange
Perhaps you’ve heard of 1031 exchanges or like-kind exchanges, but you’re unsure of the benefits or whether you even qualify. The Internal Revenue Code 1031 is available to those who hold a property that qualifies as productive use in business or investments. If you have a piece of investment property, a 1031 exchange allows you to swap it for a similar property. What is a 1031 exchange? This type of exchange happens when an investor trades his or her real property for a similar or “like-kind” property. Investment properties such as shopping malls, residential buildings, stadiums and more can all
Read More
Follow us on Facebook and LinkedIn to get weekly updates!
WFY wants to keep our subscribers up to date on the latest news from tax reform, ESOPs, IRS updates, WFY updates, and more. You can stay inform with WFY news by subscribing here to our newsletter or following us on Facebook or Linkedin. Click on the links below to follow us on one or both of the following sites: Facebook: https://www.cpa-wfy.com/www.facebook.com/WFYCPA/ LinkedIn: https://www.cpa-wfy.com/www.linkedin.com/company/wright-ford-young-&-co.
Read More
Newsletter and Updates.
accounting, blog, cpa, facebook, follow, linkedin, wfy, and wright ford young.
accounting, blog, cpa, facebook, follow, linkedin, wfy, and wright ford young.
Understanding the Components of a Buy-Sell Agreement
You want to protect your company against disruptive, harmful, and nonproductive owners, which may include divorced spouses, competitors, and disgruntled former employees. And you’re also thinking that your estate needs protection. You decide to enter into a buy-sell agreement while the interests of the parties—your partners and yourself—are aligned or at least not sufficiently misaligned that it would be impossible to discuss the business and valuation aspects of these agreements. You know that when a trigger event occurs, the interests of the parties—buyers and sellers—may diverge and agreement over pricing and terms can become difficult or impossible to achieve. The
Read More
Wondering if You’re Eligible for R&D Credits
If you’re a business owner who wants to eliminate the uncertainty in developing a new product or improving an existing one, you’re probably engaging in research and development. Unfortunately for them, many business owners don’t realize that in some cases, R&D expenditures may be eligible for a tax deduction. Or perhaps they think that some expenses are deductible when they’re not. The IRS notes that “R&D expenditures generally include all expenditures incident to the development or improvement of a product.” The term “product” has a wide range in this context and can include: Formula Invention Patent Pilot Model Process Technique
Read More
Tax Calendar for the Rest of 2017
There are several dates throughout the 2017 tax calendar you need to remember for your own personal taxes and possibly for your business taxes. September 15 Individuals: If you are not paying your 2017 income tax through withholding (or you will not pay enough tax during the year that way), pay the third installment of your 2017 estimated tax. Use Form 1040-ES (Estimated Tax for Individuals). For more information, see IRS Publication 505 (Tax Withholding and Estimated Tax). Partnerships: If a six-month tax extension was requested/obtained, file a 2016 tax return (Form 1065), and pay any tax due. Provide shareholders with a
Read More
The Decision to Buy or Lease for Business Owners
After paying rent for several years, many business owners are not thrilled about helping their landlord build equity in the building and ultimately they regret not purchasing the property from the outset. The principals at Beckner & Associates, a real estate firm in Lenexa, Kansas believe most businesses should own their own property. The hard questions are when and how. This is why it’s critical for small-business owners to consider the advantages of owning their property as well as understand the issues accompanying purchase. Advantages Tax deductions such as mortgage interest, property taxes and depreciation can help a small-business reduce the
Read More
President Trump’s Tax Reform Plan Proposal
The President’s recently released tax reform plan as detailed below is similar to the proposals made on the campaign trail. For business taxpayers: The top tax rate for all businesses including Partnerships and S Corporations (pass-through businesses) would be slashed to 15%. The current top tax rate is 35% for corporations and 39.6% for pass-through businesses. Upon cash distributions from pass-through entities, a second layer of tax might be imposed similar to dividends now taxed to C corporation shareholders. For Individual taxpayers: The current seven individual income tax rates of 10%, 15%, 25%, 28%, 33%, 35% and 39.6% would be
Read More