National Small Business Week runs from May 1 through May 8. More than half of Americans either own or work for a small business, and these entities create about two out of every three jobs in the United States each year, according to the U.S. Small Business Administration. Most of today’s small businesses couldn’t survive without a website. An effective site can significantly broaden your geographic reach and showcase what differentiates you. Here are some tips for improving the effectiveness of your small business website to maximize its full potential — without breaking the bank. Freshen It Up When’s the
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Archives for Newsletter and Updates
Partnership Tax Developments
Recently, there have been several significant partnership and multi-member limited liability company (taxed as partnerships) tax developments. Here are quick summaries of what’s brewing on the partnership tax front. Accelerated Due Dates The Transportation and Veterans Health Care Choice Improvement Act of 2015 changed the due dates for filing partnership federal income tax returns (Form 1065). Partnerships must file Form 1065 one month earlier than before for tax years beginning after December 31, 2015. The new due date is March 15 for calendar-year-partnerships and two and one-half months after the close of the partnership’s tax year for fiscal entities. As before, six-month
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ACH and Wire Transfer Fraud at Epic Levels
Recently there has been a significant increase in companies making unauthorized transfers. The attackers are very, very good at tricking people – often using multiple communications in order to build trust. You absolutely must take the following steps to help protect you and your organization. Anything involving an ACH or a wire transfer request should immediately raise a huge red flag for every single user in all organizations. We recommend you review your policies and consider the following. Please also forward this information at your discretion to your customers, prospects, and everyone with whom you do business: If you receive any kind of
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Could Your Business Benefit from the Work Opportunity Tax Credit?
If you plan to hire new employees this year, you’re not alone. Employment statistics ended 2015 on a positive note. In addition, roughly 242,000 new jobs were added in February and the unemployment rate fell to 4.9%, its lowest level in eight years. Several recent studies indicate that the hiring momentum will continue in 2016. Hiring new employees could also earn you a credit on your tax return, if you meet certain requirements. The Work Opportunity tax credit is a tax break for qualified wages paid to new employees from certain targeted groups. This credit has undergone several changes since
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Orange County Best Places to Work 2015
Wright Ford Young & Co., one of Orange County’s premier CPA firms, is proud to announce that it was once again named among Orange County’s “Best Places to Work” by the Orange County Business Journal in the publication’s 2015 annual list. WFY was on Orange County Business Journal’s Orange County’s “Best Places to Work” annual list for the years 2011 and 2012. WFY is a firm that provides an atmosphere where people can flourish in their careers, while at the same time, maintain meaningful relationships with God, their spouses, families, and friends. WFY believes that their clients will significantly benefit
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Tax Paperwork and Other Records: What to Keep, What to Toss
E-filing is on the upswing. According to the Data Book released by the IRS on March 24, the agency collected almost $3.1 trillion in federal revenue and processed almost 240 million returns during fiscal year 2014. About 65 percent of all returns were filed electronically. Of the 147 million individual income tax returns filed, 84 percent were e-filed. You might think those numbers suggest we are close to becoming a paperless society, at least when it comes to the IRS. That would be a wrong assumption. Even if you recently filed your 2014 tax return electronically, you probably printed out a
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Big Tax Savings for Exporters – Do You Qualify?
In a competitive global economy many countries around the world try to strengthen their own economies by creating domestic job growth. One way to accomplish that is by providing tax breaks to certain industries who export their products or services. Here’s a brief list of the types of businesses that may qualify here in the US: Companies that export finished goods manufactured in the US. Companies that manufacture products that are components in other products and are ultimately exported. Software companies that develop their software in the US and sell them overseas. Architectural or engineering firms providing services in the
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Meals Expenses Tax Deductibility (50% vs. 100%)
To read an updated 2023 version of Meals Expenses Tax Deductibility, click here. Dear Clients and Friends: Meals can only be deducted as a business expense if they are directly related or associated with the active conduct of a trade or business. There must be valid business purpose to the meal for it to be a deductible expense. Once this test is established, the expense falls into two categories: 50% deductible or 100% deductible. Meals with employees or business partners are only deductible if there is a direct or indirect business purpose. Meal expense that are 100% deductible: Recreational expenses
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U.S. Filing Requirement on Foreign Bank and Financial Accounts
Dear Clients and Friends: Each U.S. person (individuals and business entities) who has a financial interest in or signature or other authority over foreign bank accounts, securities accounts or other financial accounts must file a Form TDF 90-22.1 (Report of Foreign Bank and Financial Accounts or FBAR) if the aggregate value of the accounts exceeds $10,000 at any time during the calendar year. A foreign financial account is a financial account located outside the U.S. An account maintained with a branch of a U.S. bank that is physically located outside of the U.S. is a foreign financial account. A financial
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Year-End Tax Planning Cash vs Accrual Method
Dear Clients and Friends: Does it make sense to pay taxes on money you haven’t collected? Probably not! Under current tax laws businesses generally have two methods by which they must report income and expenses, cash and accrual. There are certain drawbacks to filing under the accrual method of accounting such as: You might find it is more difficult to manage the timing of taxable income and deductions. You must report income in the tax year your right to income has occurred and the amount can be determined. You must also report deductions when the liability and amount has been established. Example
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