Archives for business

New Law Tax Workaround for CA Pass-Through Business Owners

July 27, 2021 | by | Comments Off on 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
Read More

Categories: Industry News and Newsletter and Updates.
Tags: accountant, accountants, accounting, accounting firm, business, business owner, ca, california, certified public accountants, cpa, cpa firm, deduction, firm, irvine, law, newsletter, oc, orange county, passthrough entity, small business, so cal, southern california, tax, tax firm, tax workaround, taxation, taxes, wfy, wright ford young, and wright ford young & co.

Seven New Hires Join WFY

July 22, 2021 | by | Comments Off on 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.
Read More

Categories: Company News and Newsletter and Updates.
Tags: accountant, accountants, accounting, accounting firm, audit staff, business, ca, california, careers, certified public accountants, cpa, cpa firm, firm, irvine, jobs, new hires, newsletter, oc, orange county, so cal, southern california, tax, tax firm, tax intern, tax senior, tax staff, taxation, taxes, wfy, wright ford young, and wright ford young & co.

Tax Update on Business Meals Being 100% Deductible in 2021

June 15, 2021 | by | Comments Off on 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
Read More

Categories: Industry News and Newsletter and Updates.
Tags: accountant, accountants, accounting, accounting firm, business, business meal, business meal deductible, business meal deduction, ca, california, certified public accountants, coronavirus, covid, covid19, cpa, cpa firm, deductible, deduction, expense, firm, IRS, irvine, oc, orange county, pandemic, reimbursement, restaurants, small business, so cal, southern california, tax, tax firm, taxation, taxes, wfy, wright ford young, and wright ford young & co.

Two New Hires Join Audit Department

June 10, 2021 | by | Comments Off on Two New Hires Join Audit Department

This week, Wright Ford Young & Co. welcomed two new hires to our firm. Joy Uba and Lele Kyles will be joining our audit department. We are pleased to have these new hires join our WFY team. Joy Uba Joy Uba joined us in beginning of June as our newest Audit Senior.  She graduated from CSU Long Beach and earned a degree in Business Administration with a concentration in Accounting.  Before starting with WFY, Joy has been working as an auditor the past four years.   In her free time, she enjoys photography, reading, and working with computers. Lele Kyles Lele
Read More

Categories: Company News and Newsletter and Updates.
Tags: accountants, accounting, accounting firm, audit, audit department, business, ca, california, careers, certified public accountants, cpa, cpa firm, firm, irvine, jobs, new hires, oc, orange county, small business, so cal, southern california, tax firm, taxes, wfy, wright ford young, and wright ford young & co.

WFY Partners Jeff Myers & Cyndi LeBerthon Host Upcoming Webinar

June 8, 2021 | by | Comments Off on WFY Partners Jeff Myers & Cyndi LeBerthon Host Upcoming Webinar

Our WFY Partners Jeff Myers, CPA, and Cyndi LeBerthon, CPA, will be presenting at MGI’s Efficiently Conducting Employee Benefit Plan Audits on June 23, 2021. If you’re looking to learn what’s new and what peer reviewers are looking for when they review employee benefit plan audits, this webinar is for you. Jeff and Cyndi will go in-depth with important topics on employee benefit plan audits. They will also cover other topics like common deficiencies and tips on working in a remote environment while performing employee benefit plan audits. Jeff Myers is WFY’s Managing Partner and oversees the audit department as
Read More

Categories: Company News, Industry News, and Newsletter and Updates.
Tags: accountant, accountants, accounting, accounting firm, audit, audit plan, business, ca, california, certified public accountants, cpa, cpa firm, cyndi leberthon, employee benefit plan, employee benefits plan audit, esop, firm, irvine, jeff myers, oc, orange county, partners, small business, so cal, southern california, wfy, wright ford young, and wright ford young & co.

WFY Introduces New Director of Marketing

May 13, 2021 | by | Comments Off on WFY Introduces New Director of Marketing

This month, Wright Ford Young & Co. promoted Chanelle Bossert to Director of Marketing.  Congratulations, Chanelle! Chanelle Bossert Before receiving the Director of Marketing position, Chanelle was previously a Marketing & Tax Assistant for over three years at WFY. In 2017, she graduated from Pennsylvania State University with a Bachelor’s degree in Public Relations/Advertising in Strategic Communication.  She specializes in content creation, marketing strategies, social media management, and other marketing skills. In her spare time, Chanelle enjoys learning new skills, trying new food, and spending time with her family and her dog Harley.   Interested in joining WFY in one
Read More

Categories: Company News and Newsletter and Updates.
Tags: accountant, accountants, accounting, accounting firm, business, ca, california, certified public accountants, cpa, cpa firm, director, firm, irvine, jobs, marketing, new hires, newsletter, oc, orange county, promotion, small business, so cal, southern california, tax, tax firm, taxation, taxes, wfy, wright ford young, and wright ford young & co.

WFY Reserves Title Sponsorship for VLI’s Lawyers for Warriors

May 12, 2021 | by | Comments Off on WFY Reserves Title Sponsorship for VLI’s Lawyers for Warriors

For the third year in a row, Wright Ford Young & Co. is the title sponsor for this year’s Lawyers for Warriors event by Veterans Legal Institute. The annual Lawyers for Warriors event will be held on November 8, 2021 at the Center Club of Orange County.  During the event, there will be a silent auction, unlimited drinks and appetizers, and notable speakers and honorees.  The honorees that help VLI’s mission to provide aid to veterans in need include: Law Firm of the Year – Sheppard Mullin; Community Advocate of the Year – Orange County Community Foundation; Veteran of the
Read More

Categories: Company News and Newsletter and Updates.
Tags: accountant, accountants, accounting, accounting firm, business, ca, california, certified public accountants, cpa, cpa firm, firm, fundraiser, irvine, lawyers for warriors, legal aid, newsletter, nonprofit, oc, orange county, organization, pro bono, so cal, southern california, tax, tax firm, taxation, taxes, veterans, veterans legal institute, vli, wfy, wright ford young, and wright ford young & co.

Is Your Company Eligible for the Employee Retention Tax Credit?

April 23, 2021 | by | Comments Off on Is Your Company Eligible for the Employee Retention Tax Credit?

Richard A. Huffman, CPA, MST Tax Partner By retaining employees during the pandemic, your company may be eligible for a payroll tax credit of up to $5,000 per employee in 2020 and $28,000 per employee in 2021. The employee retention tax credit (ERTC) is a fully refundable payroll tax credit for employers who meet certain requirements that is based on qualified wages paid between March 13, 2020 to December 31, 2021. The qualifications and credit thresholds are segmented into two time frames, March 13, 2020 to December 31, 2020 and January 1, 2021 to December 31, 2021. The two separate
Read More

Categories: Industry News and Newsletter and Updates.
Tags: accountant, accountants, accounting, accounting firm, business, ca, california, certified public accountants, coronavirus, covid, covid19, cpa, cpa firm, employee credit, employee retention credit, ertc, firm, irvine, law, newsletter, oc, orange county, pandemic, small business, so cal, southern california, tax, tax firm, tax law, taxation, taxes, wfy, wright ford young, and wright ford young & co.

AI in Auditing

April 1, 2021 | by | Comments Off on AI in Auditing

By Carissa DeLuca, CPA, CFE Audit Manager   For several years now we’ve been hearing about how Artificial Intelligence (AI) is the future of seemingly just about every industry.  Industries from healthcare to banking have started to uncover the benefits of using AI. The accounting profession is no different and is starting to adapt AI in many service areas. The Wright Ford Young & Co. audit team has taken a dive into the use of AI with some of our 2020 audit engagements.  We have a selected a program that will enhance our review of our clients’ general ledgers and
Read More

Categories: Company News, Industry News, and Newsletter and Updates.
Tags: accountant, accountants, accounting, accounting firm, ai, artificial intelligence, audit, auditing, business, ca, california, certified public accountants, cpa, cpa firm, firm, irvine, newsletter, oc, orange county, small business, so cal, southern california, tax, tax firm, taxation, taxes, wfy, wright ford young, and wright ford young & co.

Employers with Over 50 Employees Must Register with CalSavers by June 30

April 1, 2021 | by | Comments Off on Employers with Over 50 Employees Must Register with CalSavers by June 30

By June 30, 2021, nonexempt employers with more than 50 California W-2 employees must register with the CalSavers program. For exempt employers, if you’ve already offered a retirement plan, you do not have to participate in the program, but you still must register as “exempt” on the CalSavers website. Nonprofit organizations must register with CalSavers as well (if not exempt), but religious organizations are exempt from the registration requirements. How to Register for CalSavers Program For registering, employers will be notified via letter of their requirement to register with the CalSavers program. An access code will be given to them
Read More

Categories: Industry News and Newsletter and Updates.
Tags: accountant, accountants, accounting, accounting firm, business, ca, california, calsavers, calsavers program, calsavers retirement program, certified public accountants, cpa, cpa firm, employees, employer, firm, ftb, IRS, irvine, oc, orange county, retirement, retirement program, small business, so cal, southern california, tax, tax firm, taxation, taxes, wfy, wright ford young, and wright ford young & co.