On August 16, 2022, President Joe Biden signed the Inflation Reduction Act of 2022 into law. The provisions included in the Act are intended to address the climate crisis, lowering prescription drug prices, and reduce the deficit – while being paid by several revenue raisers included in the bill. The Act has had undergone some amendments since first being announced late last month. The bill contains various income tax changes – the following is a summary of the final provisions that we feel will most likely impact you: Increased IRS Funding The Act calls for $80 billion to be
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Archives for Newsletter and Updates
New Hire Joins WFY Tax Department
Wright Ford Young & Co. is excited to welcome a recent new hire. David Pak recently joined WFY’s tax department. We are pleased to have this new hire join our WFY team. David Pak In August, David Pak joined our tax department as Tax Staff. He graduated from CSU Fullerton this past summer majoring in Accounting. David interned with WFY last Spring and accepted his position with us as his first full-time accounting job. In his spare time, he enjoys going to church, playing tennis, and spending time with friends and family. Interested in joining WFY in one of
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Information About The Inflation Reduction Act of 2022
On July 27, 2022, Senators Chuck Schumer and Joe Manchin announced an agreement to add the Inflation Reduction Act of 2022 to the current Budget Reconciliation bill – with a vote to be held this week. The bill includes several proposed revenue raisers and tax changes to fund initiatives aimed at lowering prescription drug prices, addressing the climate crisis, and reduce the deficit. Here is a summary of the proposed tax changes: Increased IRS Funding The Act calls for $80 billion to be invested in the IRS over the next ten years. With over 50% of this amount being appropriated
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New Hires Join WFY in July
This month in July, Wright Ford Young & Co. is excited to welcome five new hires to our tax department and our estate & trust department. Ashley Petrie joined our estate & trust department in the beginning of July. Ellie Robledo-Santos, Michael Collister, Eloise Komara, and Richard Corral recently joined our tax department. We are pleased to have these new hires join our WFY team. Ashley Petrie Ashley Petrie joined our estate & trust department as an Estate & Trust Tax Supervisor. She has her Bachelor’s degree in Business Administration with a concentration in Accounting from Hope International University,
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Tax Exempt Gifts of Tuition and Medical Expenses
Gregory Lambourne, Esq. Senior Planning Consultant You may be aware that the tax code grants taxpayers a $16,000 annual exemption from gift and generation-skipping transfer (GST) taxes. That means you (and every other taxpayer you know) can gift any person(s) up to $16,000 per year gift and GST tax-free. Good financial planning and estate planning involves utilizing this annual exemption and the estate tax-free compounding such gifting can provide. What you may NOT realize is that you can also gift an UNLIMITED amount of tuition and medical expense payments gift and GST tax-free, so long as you make those
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Four New Hires Join WFY in June
Four new hires joined Wright Ford Young & Co. in the month of June. Jonathan Smeragliuolo joined our Tax Department. Stephen Bruette, Mona Karimipour, and Eric Rueger joined our Audit Department. WFY is excited to have these new hires join our team. Jonathan Smeragliuolo Jonathan Smeragliuolo joined our Tax Department as our newest Tax Director. He’s been in accounting for 10 years and has worked at various firms. Jonathan’s experience includes many different sectors, but he mainly works with clients in real estate, manufacturing, and professional services. During his free time, he enjoys spending time with his fiancé, family, and
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Key Take-Aways from 2022 AICPA & CIMA Employee Benefit Plans Conference
By Jennifer Haddad, CPA Audit Partner, ERISA Plan Audits Audit Director Every year, Wright Ford Young & Co. attends the annual AICPA & CIMA Employee Benefit Plans Conference. The multi-day conference includes a comprehensive lineup of sessions, delivered by top regulators and expert practitioners. Sessions at the conference include topics such as the new Employee Benefit Plan audit standard (AU-C Section 703), common operational errors, a DOL and IRS regulatory update, and prohibited transactions. The information gathered from the conference does not just benefit us, as the auditors, but is also informative for the Plan Sponsors we work with.
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Interns Join Audit Department for WFY Summer Internship Program
Wright Ford Young & Co. welcomed four new interns to our team in May: Fayze Hindi, Elizabeth Gieser, Chenal Assady, and Brooke McMurtry. These interns will be joining our audit department for our summer internship program. We are thrilled to introduce these new hires to our WFY team. Fayze Hindi In May, Fayze Hindi joined our audit department as an Audit Intern. She’s currently a senior at Whittier College studying for her degree in Business Administration and minoring in Economics and Computer Science. Fayze plans on continuing her education at USC with a Master’s degree in Accounting. In her spare
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Top Considerations for June 15 CA Passthrough Payment Deadline
Richard A. Huffman, CPA, MST Tax Partner The June 15 deadline is approaching for the mandatory prepayment of the 2022 California passthrough entity elective tax workaround deposit. Important details to consider are as follows: Benefit By electing to pay the taxpayers California tax at the entity level, the federal itemized deduction state and local $10,000 cap is circumvented thus allowing additional federal tax deductions for state taxes paid. However, the California law has many requirements and nuances that must be followed and considered to make sure the taxpayer will benefit from the entity tax election. Required minimum payment amount
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Industry News and Newsletter and Updates.
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WFY Welcomes New Hire in May
In the beginning of May, Wright Ford Young & Co. welcomed a new hire who joined our Administrative team. We are excited to have this team member join WFY. Adriana Alcala Adriana Alcala joined our Administrative team in the beginning of May. She previously worked in the mortgage industry for six years as a loan processor. Adriana decided to switch to a different industry to have more stability and grow in her career. In her spare time, she enjoys spending time with her two children and her family. Interested in joining WFY in one of our departments? If you are
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Company News and Newsletter and Updates.
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