Archives for accountants

Why Gifting During an Economic Downturn May Be Right for You

May 14, 2020 | by | Comments Off on Why Gifting During an Economic Downturn May Be Right for You

Janelle Tokunaga, CPA, MST Tax Supervisor   While it may seem like there has been a shortage of good news lately, we wanted to bring your attention to a few bright spots that have come about during our current economic downturn.  With the extra time you have at  sheltering in place, it may be a good time to revisit your current estate and gift plan. To recap: the 2020 Federal lifetime exemption is $11.58 million per person, including inflation, and the 2020 annual Federal gift exclusion is $15,000 per donee and donor.  The current economic market is showing decreased values
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Categories: Newsletter and Updates.
Tags: accountant, accountants, accounting, ca, california, certified public accountants, coronavirus, covid19, cpa, cpa firm, estate, estates, firm, gift plan, gifting, irvine, oc, orange county, plan, small business, southern california, tax, tax firm, tax planning, taxation, taxes, trusts, wfy, wright ford young, and wright ford young & co.

Avoid Phishing in the Time of COVID-19

April 15, 2020 | by | Comments Off on Avoid Phishing in the Time of COVID-19

As the uncertainty of the coronavirus pandemic continues, scammers are using different ways to gather your information and use it for ransom. Some websites are offering information on COVID-19 relief programs in exchange for signing up through them as a subscription or requesting a fee. With this, the websites hold your basic information ransom and could possibly cause you problems in the near future. WFY wants to make sure there aren’t any more problems for our clients who are already going through an ambiguous period of time. Fraud will only increase as the coronavirus pandemic goes on. Therefore, we advise
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Categories: Newsletter and Updates.
Tags: accountants, accounting, cares act, coronavirus, covid19, covid19 relief programs, cpa, cpa firm, help, irvine, orange county, pandemic, relief programs, resources, southern california, tax, tax firm, wfy, and wright ford young.

Summary Analysis of Coronavirus Enacted Laws

April 1, 2020 | by | Comments Off on Summary Analysis of Coronavirus Enacted Laws

Richard A. Huffman, CPA, MST Tax Partner   With the recently enacted laws to help companies with the current Coronavirus pandemic, there has been confusion regarding which benefit programs will apply to what companies. In our efforts to assist you in which benefits can help you and your company, WFY has created a breakdown summary spreadsheet and flowchart below.    
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Categories: Newsletter and Updates.
Tags: accountants, accounting, benefits, california, cares act, certified public accountants, coronavirus, coronavirus help, covid, covid19, cpa, cpa firm, family first corona virus act, irvine, orange county, paycheck protection program, payroll tax credit, payroll tax deferral, ppp, sba loans, tax, tax benefits, tax firm, wfy, and wright ford young.

Six New Hires Join WFY Team

January 23, 2020 | by | Comments Off on Six New Hires Join WFY Team

Wright Ford Young & Co. is proud to announce we are adding six new hires to our team. We have Cheryl Shelton joining our estates & trusts department, and Brody Alcanter, Marzeh Khanjari, Rajbir Singh, Linh Trinh and Diane Waxler-Milne joining our tax department. WFY is pleased to welcome these new hires to our team. Cheryl Shelton In January, Cheryl Shelton started with WFY as an Estates & Trusts Supervisor in our estates & trusts department. She graduated from Cal State Fullerton and continued her education at Western State Law School. Cheryl has worked in accounting for over 15 years.
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Categories: Company News and Newsletter and Updates.
Tags: accountant, accountants, accounting, business, ca, california, certified public accountants, cpa, cpa firm, estates, firm, irvine, new hires, oc, orange county, tax, tax firm, tax law, tax planning, taxation, taxes, trusts, wfy, wright ford young, and wright ford young & co.

Year-End Tax Saving Moves for Individuals

November 13, 2019 | by | Comments Off on Year-End Tax Saving Moves for Individuals

Since 2019 is coming to a close now is the time to take action to proactively reduce your tax liability before the new year. Included are a few strategies that may help with your tax situation: Harvest stock losses while substantially preserving one’s investment position.  This can be accomplished by selling the shares and buying other shares in the same company or another company in the same industry to replace them, or by selling the original shares then buying back the same securities at least 31 days later.2. Apply a bunching strategy to deductible contributions and/or payments of medical expenses.
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Categories: Newsletter and Updates.
Tags: accountant, accountants, accounting, california, certified public accountants, cpa, cpa firm, firm, individual, ira, irvine, newsletter, oc, orange county, rmd, savings, tax, tax savings, tax specialist, taxation, taxes, wfy, wright ford young, and wright ford young & co.

WFY Sponsors TACA’s 13th Annual Ante Up for Autism Benefit Gala

November 8, 2019 | by | Comments Off on WFY Sponsors TACA’s 13th Annual Ante Up for Autism Benefit Gala

WFY was proud to be a Full House Sponsor of TACA’s 13th Annual “Ante Up for Autism” benefit gala. The Autism Community in Action’s (TACA) Orange County chapter held its 13th annual “Ante Up for Autism” fundraising gala on Saturday October 26, 2019 at the Waterfront Beach Resort in Huntington Beach. Wright Ford Young & Co. was proud to continue its long standing support of TACA through a program sponsorship of the very successful event. TACA is a national nonprofit 501(c)(3) organization founded in 2000 by Glen and Lisa Ackerman with the mission to provide education, support and hope to
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Categories: Company News and Newsletter and Updates.
Tags: accountant, accountants, accounting, ante up for autism, autism, benefit gala, ca, california, certified public accountants, cpa, cpa firm, oc, orange county, southern california, sponsor, taca, tax, tax firm, taxation, taxes, wfy, wright ford young, and wright ford young & co.

WFY Partner Kahni Bizub as Panelist at 2019 Business Owner Summit

November 8, 2019 | by | Comments Off on WFY Partner Kahni Bizub as Panelist at 2019 Business Owner Summit

On November 8th, WFY Senior Tax Partner, Kahni Bizub, will be one of the panelists for WealthWise Financial Services’s 2019 Business Owner Summit. The 2019 Business Owner Summit is a day-long event which includes discussing topics such as scaling your business, income tax strategies, retirement plans strategies, and more. The keynote speakers are Jacob M. Gerber, an equity & multi-asset investment director, and E. Luke Farrell, a fixed income investment director. Kahni Bizub’s specialty is tax planning and compliance services for closely-held and family-owned businesses and their key executives in the service, manufacturing, and distribution industries. She has served some
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Categories: Company News and Newsletter and Updates.
Tags: accountant, accountants, accounting, business owner summit, ca, california, certified public accountants, cpa, cpa firm, newsletter, oc, orange county, southern california, tax, tax firm, taxation, taxes, wealthwise, wfy, wright ford young, and wright ford young & co.

WFY Title Sponsors Veterans Legal Institute’s Lawyers for Warriors Event

October 3, 2019 | by | Comments Off on WFY Title Sponsors Veterans Legal Institute’s Lawyers for Warriors Event

Wright Ford Young & Co. had the privilege of serving as the title sponsor to the Veterans Legal Institute’s annual Lawyers for Warriors event on Monday, September 23rd.  Senior audit partner Jeff Myers spoke on Wright Ford Young’s behalf to honor our ongoing partnership with the Veterans Legal Institute. Lawyers for Warriors is an event that started four years ago where over 250 business leaders who represent legal, medical, financial, military, and other professional industries can network, enjoy wine and appetizers, and recognize those legal community leaders who have graciously offered their services to our veteran heroes.  All the proceeds
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Categories: Company News and Newsletter and Updates.
Tags: accountant, accountants, accounting, california, certified public accountants, cpa, cpa firm, lawyers for warriors, orange county, sponsor, tax, tax firm, taxation, taxes, veterans legal institute, vli, wfy, wright ford young, and wright ford young & co.

WFY Attends Meet the Firms at CSUF and NAU

October 3, 2019 | by | Comments Off on WFY Attends Meet the Firms at CSUF and NAU

On Thursday, September 26th, a group of our Wright Ford Young & Co. employees attended California State University, Fullerton’s Meet the Firms event as well as Northern Arizona University’s Career & Graduate School Expo. These type of meet and greet events are a way for students and professionals in the accounting community to network with a wide range of firms from boutique to the Big Four.  We attend these events to educate students about WFY and what we do, and encourage them to get a hands-on learning experience with our firm. Wright Ford Young & Co. thanks California State University,
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Categories: Company News and Newsletter and Updates.
Tags: accountant, accountants, accounting, california, california state university fullerton, certified public accountants, cpa, cpa firm, csuf, firm, meet the firms, nau, norther arizona university, orange county, tax, tax firm, taxation, taxes, wfy, wright ford young, and wright ford young & co.

CA Governor Signed Law to Conform to Federal Tax Law Changes

July 11, 2019 | by | Comments Off on CA Governor Signed Law to Conform to Federal Tax Law Changes

The California governor signed law AB 91, also known as the “Loophole Closure and Small Business and Working Families Tax Relief Act of 2019” which partially conforms to certain provisions of the Federal Tax Cuts and Jobs Act, some of the significant items are as follows: Small business accounting method reform and simplification Allow businesses with average gross receipts less than $25 million to adopt the cash method of accounting Net operating losses Only allow net operating loss carryforwards The new California law does not conform to: Opportunity zone gain deferrals and capital gain exclusions Fringe benefit federal deduction limitations
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Categories: Industry News and Newsletter and Updates.
Tags: ab 91, accountant, accountants, accounting, benefits, california, capital gain, cash methods, certified public accountants, cpa, cpa firm, deductions, gross receipts, law, Loophole Closure and Small Business and Working Families Tax Relief Act of 2019, nol, oc, opportunity zone, orange county, southern california, tax, tax firm, tax law, taxation, and TCJA.