Archives for accountants

Significant Tax Provisions from Biden’s American Rescue Plan Act

March 18, 2021 | by | Comments Off on Significant Tax Provisions from Biden’s American Rescue Plan Act

Richard A. Huffman, CPA, MST Tax Partner   The American Rescue Plan Act signed into law by President Biden includes the following significant tax provisions: Business tax provisions: Family and sick leave credits – Extends tax credits through 9/30/21. Employee retention credit – Extended through 12/31/21, program criteria as follows: To qualify experienced a full or partial suspension of business operations due to COVID-19 governmental orders or incurred at least 20% decline in quarterly gross receipts as compared to the 2019 year quarter. Main benefits for employers with up to 500 full-time employees (limited benefits for employers with more than
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Categories: Industry News and Newsletter and Updates.
Tags: accountant, accountants, accounting, accounting firm, american rescue plan act, biden, business, ca, california, certified public accountants, coronavirus, covid, covid19, cpa, cpa firm, firm, individual, IRS, irvine, law, oc, orange county, pandemic, ppp, small business, so cal, southern california, stimulus bill, stimulus plan, tax, tax bill, tax firm, tax law, tax provisions, tax reform, taxation, taxes, wfy, wright ford young, and wright ford young & co.

CA Lawmakers Reach COVID Relief Deal Including Partial PPP Conformity

February 18, 2021 | by | Comments Off on CA Lawmakers Reach COVID Relief Deal Including Partial PPP Conformity

Richard A. Huffman, CPA, MST Tax Partner   The long awaited recently announced California pandemic relief package includes the following benefit highlights for businesses and individuals: California partial conformity to federal tax treatment of Paycheck Protection Plan loans allowing companies to deduct up to $150,000 in expenses covered by the PPP loan (including Economic Injury Disaster Loan grants). Increase the funds available for the small business and nonprofit grant program (2018 or 2019 gross revenues less than $2.5M) from $500 million to more then $2 billion.  Information regarding this grant program can be found at the following link: https://www.grants.ca.gov/grants/california-small-business-covid-19-relief-grant-program/. Two
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Categories: Industry News and Newsletter and Updates.
Tags: accountant, accountants, accounting, accounting firm, business, ca, california, certified public accountants, coronavirus, covid, covid relief, covid19, cpa, cpa firm, firm, irvine, newsletter, oc, orange county, pandemic, pandemic relief package, ppp, small business, so cal, southern california, tax, tax firm, taxation, taxes, wfy, wright ford young, and wright ford young & co.

The Most Common Anti-Fraud Control

February 4, 2021 | by | Comments Off on The Most Common Anti-Fraud Control

Carissa DeLuca, CPA, CFE Audit Manager   In the Association of Certified Fraud Examiners, Inc. (ACFE)’s Report to the Nations 2020 Global Study on Occupational Fraud and Abuse, they noted external audits of financial statements were the number one most common anti-fraud control in the small and large businesses they studied.  However, the auditor’s responsibility regarding fraud is only to provide reasonable assurance that the financial statements do not include material misstatements due to fraud or misappropriation of assets. In fact, it’s management’s responsibility to design, implement and maintain internal controls that prevent and detect fraud.  This is even more
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Categories: Newsletter and Updates.
Tags: accountant, accountants, accounting, accounting firm, anti fraud, anti fraud control, audit, ca, california, certified public accountants, cpa, cpa firm, irvine, oc, orange county, so cal, southern california, tax, tax firm, taxation, wfy, wright ford young, and wright ford young & co.

New Tax Senior Joins WFY’s Tax Department

February 3, 2021 | by | Comments Off on New Tax Senior Joins WFY’s Tax Department

Our new tax senior who will be joining our Tax Department at Wright Ford Young & Co. is Queenie Qin. We are excited to have Queenie join WFY. Welcome to the team! Queenie Qin In January, Queenie Qin joined WFY as a Tax Senior. She graduated Pepperdine University with her Bachelor’s degree in Accounting in 2017, and she graduated from UCI with her Master’s degree in Professional Accountancy in 2018. Her experience in accounting includes interning and working fulltime at another public accounting firm and her CPA license is pending. During her time off, she enjoys traveling and visiting her
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Categories: Company News and Newsletter and Updates.
Tags: accountant, accountants, accounting, accounting firm, business, ca, california, certified public accountants, cpa, cpa firm, irvine, new hires, newsletter, oc, orange county, southern california, tax, tax department, tax firm, taxation, taxes, wfy, wright ford young, and wright ford young & co.

WFY Welcomes New Audit Senior

January 18, 2021 | by | Comments Off on WFY Welcomes New Audit Senior

We are pleased to announce a new Audit Senior who is joining our Audit Department: Robert Caicedo. Welcome to the WFY team! Robert Caicedo Robert Caicedo joined WFY in mid-January as an Audit Senior. In 2013, Robert graduated from UCSD with a Bachelor’s degree in Management Science and Economics.  He continued going to school at night while working in the accounting department of one of his previous jobs to be able to take the CPA exam.  His experience in accounting is mainly ERISA audits, private industry audits, and non-profits. In his free time, Robert likes to mountain bike, play soccer,
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Categories: Company News and Newsletter and Updates.
Tags: accountant, accountants, accounting, accounting firm, audit, business, ca, california, certified public accountants, cpa, cpa firm, erisa, firm, irvine, new hires, newsletter, oc, orange county, small business, so cal, southern california, tax, tax firm, taxation, taxes, wfy, wright ford young, and wright ford young & co.

Six New Hires Join WFY

January 6, 2021 | by | Comments Off on Six New Hires Join WFY

Wright Ford Young & Co. would like to welcome six new hires to our firm. We have Jerry Owens and Andrew Campos joining our Audit Department; Shannon Zhu, David Pak, and Renee Qiu joining our Tax Department; and Kirsten Capps joining our administrative team. We are pleased to welcome these new hires to our WFY team. Jerry Owens In January, Jerry Owens joined WFY in our Audit Department as Audit Staff. He recently graduated from Cal Baptist with a Masters of Science degree in Accounting. Before his position as Audit Staff, he worked at a company in logistics while completing
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Categories: Company News and Newsletter and Updates.
Tags: accountants, accounting, accounting firm, administration, audit, audit staff, business, california, career, cpa, cpa firm, irvine, new hire, orange county, so cal, southern california, tax, tax firm, tax intern, taxation, taxes, wfy, and wright ford young.

2021 Payroll Tax and Standard Auto Mileage Rate Changes

January 5, 2021 | by | Comments Off on 2021 Payroll Tax and Standard Auto Mileage Rate Changes

Bonnie Thompson   Beginning January 1, 2021, 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 $142,800. The social security tax rate will be 6.2% for both employers and employees for a maximum expense of $8,853.60  For Medicare, the rate is still 1.45% each for employers and employees with no limit this year. Continuing in 2021, employees earning in excess of $200,000 will be subject to a mandatory additional 0.9% medicare tax withholding regardless of their individual tax filing
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Categories: Industry News and Newsletter and Updates.
Tags: accountants, accounting, auto mileage rate, cpa, cpa firm, insurance, irvine, mileage rate, orange county, payroll tax, reimbursement, sdi, social security, state disability insurance, tax, tax firm, taxation, unemployment, unemployment insurance, wfy, and wright ford young.

New COVID Relief Bill Signed Into Law

December 22, 2020 | by | Comments Off on New COVID Relief Bill Signed Into Law

Richard A. Huffman, CPA, MST Tax Partner   The House and Senate passed the Consolidated Appropriations Act, 2021 (CAA, 2021) which is expected to be signed into law by the President. The CAA, 2021 bill includes the renewal and expansion of popular provisions in earlier COVID relief bills with the significant provisions summarized as follows: Paycheck Protection Program (PPP) forgivable loan expenses allowed as a tax deduction (overriding IRS ruling disallowing the deduction). Uncertainty remains whether California and other states will conform. Reopen PPP for first time borrowers who have not yet applied or who previously withdrew their application. Second
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Categories: Industry News and Newsletter and Updates.
Tags: accountant, accountants, accounting, accounting firm, business, ca, caa, california, certified public accountants, consolidated appropriations act, coronavirus, covid, covid relief, covid relief bill, covid19, cpa, cpa firm, firm, irvine, newsletter, oc, orange county, pandemic, ppp, ppp loans, small business, southern california, tax, tax deduction, tax firm, taxation, taxes, trump, wfy, wright ford young, and wright ford young & co.

New California Sales Tax Relief Announced for Small Businesses

December 17, 2020 | by | Comments Off on New California Sales Tax Relief Announced for Small Businesses

Ryan Working, CPA, MST Tax Director   Back in April 2020, the Governor allowed taxpayers to apply for sales tax penalty and interest relief for 90 days for any taxpayer reporting less than $1 million in sales on their sales tax return. The Governor has now directed the California Department of Tax and Fee administration (CDTFA) to provide additional and expanded temporary tax relief for eligible small businesses impacted by COVID-19.   This temporary relief includes the following: Automatic three-month sales tax extension for taxpayers filing less than $1 million in sales tax. Interest and penalties will not accrue on the
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Categories: Industry News and Newsletter and Updates.
Tags: accountants, accounting, ca small business, cdtfa, coronavirus, covid, cpa, cpa firm, irvine, orange county, pandemic, sales tax credit, small business, so cal, tax, tax credit, tax firm, tax relief, tax return, taxation, taxpayer, wfy, wright ford young, and wright ford young & co.

Applying and Qualifying for CA Small Business Hiring Tax Credit

December 17, 2020 | by | Comments Off on Applying and Qualifying for CA Small Business Hiring Tax Credit

Cameron Lee Tax Staff   Applications have recently opened on December 1st, 2020 to apply for California’s small business hiring tax credit. This past September, Governor Gavin Newsom signed SB 1447 allowing qualifying small business owners to claim a $1,000 credit for each net increase in monthly average employees. Each employer is limited to no more than $100,000 total credit under this program. In order to qualify for the credit, taxpayers must meet the following: Have 100 or fewer employees on December 31, 2019 (all employees, including part-time employees). Have experienced a 50% decrease in gross receipts from April to
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Categories: Industry News and Newsletter and Updates.
Tags: accountants, accounting, ca small business hiring tax credit, cdtfa, cpa, cpa firm, irvine, orange county, s corporations, small business, small business owner, so cal, tax, tax credit, tax firm, taxation, taxpayer, wfy, wright ford young, and wright ford young & co.