By Bonnie Thompson Beginning January 1, 2022 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 $147,000. The social security tax rate will be 6.2% for both employers and employees for a maximum expense of $9114.00 For Medicare, the rate is still 1.45% each for employers and employees with no limit this year. Continuing in 2022, 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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Archives for Newsletter and Updates
Three New Hires Join WFY in December
Wright Ford Young & Co. is excited to announce we are welcoming three new hires to our WFY team. Kyle Le and Ben Vallotton-Crellin joining our tax department as Tax Senior and Tax Staff, and Hayley Thomas is joining our audit department as Audit Staff. WFY is pleased to introduce these new hires to our team. Kyle Le In the beginning of December, Kyle Le joined our tax department as Tax Senior. He graduated from Cal State Fullerton and has almost six years of tax work experience at a local CPA firm. His specialties in tax work include tax preparation
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Company News, Job Postings, and Newsletter and Updates.
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WFY Title Sponsors Events for The Priority Center and VLI
On Monday, November 8th, Wright Ford Young & Co. was the title sponsor for two events presented by two amazing nonprofit organizations. The Priority Center hosted their 20th Annual Golf Tournament and Veterans Legal Institute hosted their Annual Lawyers for Warriors fundraising event. The Priority Center hosted their 20th Annual Golf Tournament at Dove Canyon Golf Club. Each team of participants played the 18-hole course with various contests such as longest drive and closest to the pin. After playing the course on a sunny southern California day, The Priority Center hosted an auction with multiple prizes and awarded the winners
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WFY Sponsors Events for HOPE Int. and In STEPPS Academy
In the beginning of October, WFY sponsored two events: HOPE International’s Living in Dreams and In STEPPS Academy’s Golf Classic. WFY was a Pathway Sponsor at HOPE International’s Living in Dreams Dinner and Auction on Thursday, October 7th. The event consisted of a wonderful dinner followed by silent and live auctions. HOPE International’s mission is to invest in the underserved families and communities around the world. They have equipped more than 2.2 million people in the last 24 years. They’ve helped build back homes and communities from economic shocks and emergencies and continue to do so for years to come.
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WFY Attends TACA’s Ante Up for Autism Dinner and Auction
The Autism Community in Action (TACA) hosted their 16th annual Ante Up for Autism event on Saturday, September 25. The night involved not only fantastic dining and good company, but it also involved a live auction and silent auction. Besides raising money with auction items, TACA reached above and beyond their donation goal of $300,000 the night of the event. All of the proceeds from Ante Up for Autism went to TACA. Along with other generous sponsors, Wright Ford Young & Co. was proud to be a Royal Flush sponsor for this amazing event. Some of Wright Ford Young &
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Company News and Newsletter and Updates.
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WFY Sponsors OCBJ’s Family-Owned Business Awards
On Thursday, August 26th, Wright Ford Young & Co. was a platinum sponsor at the Family-Owned Business Awards by Orange County Business Journal (OCBJ). The luncheon honored all the nominees and winners to celebrate and recognize family-owned businesses in Orange County. OCBJ hosted an eventful luncheon starting with drinks and appetizers in the VIP reception area. Shortly after, all attendees moved to the ballroom where they were seated for lunch and the awards ceremony. The ceremony included presenter CEO of OCBJ Richard Reisman, keynote speakers Igor Olenicoff & Natalia Ostensen from Olen Properties, and the presenters of the individual awards.
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Company News, Industry News, and Newsletter and Updates.
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WFY Attends Angels 5K and Angels Game on August 14th
On Saturday, August 14th, Wright Ford Young & Co. attended two exciting events: The Angels 5K and the Los Angeles Angels v. Houston Astros game. For the Angels 5K, around 15 of WFY’s employees, families, and friends gathered to complete the run. The 5K started at the large Angel helmets by the stadium’s main entrance. It looped around Orangewood Ave. and down State College Blvd. Then, the race ran through the parking lot, down and around the “Big A” Sign, and through the field where participants were entertained by a live band. The finish line ended right back at the
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Company News and Newsletter and Updates.
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New Law Tax Workaround for CA Pass-Through Business Owners
Richard A. Huffman, CPA, MST Tax Partner The 2017 Tax Cut and Jobs Act limits individuals state and local tax deduction to $10,000 a year through 2025. California passed into law a workaround for tax years 2021- 2025. Qualifying pass-through business owners can separately elect to pay a 9.3% entity level tax on the owner’s share of the company’s qualified taxable income which will be allowed as a federal tax deduction on the entity return. Owners who participate will receive a credit on their California individual tax return equal to the 9.3% tax paid at the entity level. The
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Industry News and Newsletter and Updates.
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Seven New Hires Join WFY
Wright Ford Young & Co. is pleased to welcome seven new hires to our firm in June and July. Andrew Abeyta, Robert Lee, Caleb Short, Xiaoli Shu, Daniel Sur, and Esther Wood joined our tax department. Cora Hultgren joined our audit department. We are thrilled to have these new hires join our WFY team. Andrew Abeyta In July, Andrew Abeyta rejoined our firm as a Tax Senior. He graduated from CSUF and is currently in the process of studying for his CPA license. While out of the office, Andrew loves teaching at church and surfing at the Huntington Beach pier.
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Company News and Newsletter and Updates.
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Tax Update on Business Meals Being 100% Deductible in 2021
Angela Tang, CPA Estate & Trust Supervisor The cost of business meals were considered a deductible expense since 1986, the problem is only 50% of such costs were allowed as a deduction until now. The latest 2020 stimulus bill saw many changes and one of the which is the business meal deduction. A temporary exception for 2021-2022 is the 100% business meal deduction for meals “provided by a restaurant.” The government is attempting to help the restaurant industry impacted by the Covid-19 shutdown by intentionally incentivizing business owners to patronize restaurants. In order to qualify for the business meal
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Industry News and Newsletter and Updates.
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