Archives for cpa

What Is an Offer in Compromise with the IRS?

May 17, 2018 | by | Comments Off on What Is an Offer in Compromise with the IRS?

An offer in compromise can make you happy: “Oh boy, the IRS said yes, and my tax debts are over!” Or it can frustrate you. Let’s go over how to navigate the IRS settlement guidelines and see what an offer in compromise entails. Here’s the good news: An OIC can be a fresh start from your IRS debt. You no longer have to worry that the IRS will seize your wages or bank accounts. Your credit score will no longer show any tax liens against you — the IRS releases them all. IRS collections are put on hold and the
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Categories: Industry News and Newsletter and Updates.
Tags: accountant, accounting, bankrupt, compromise, cpa, cpa firm, debt, firm, IRS, oic, tax, taxation, wfy, and wright ford young.

Extraordinary Estate Tax Opportunity with the Tax Cuts and Jobs Act

January 10, 2018 | by | Comments Off on Extraordinary Estate Tax Opportunity with the Tax Cuts and Jobs Act

You may recall that President Trump promised to repeal the Estate and Gift Tax and their cousin, the Generation Skipping Tax.   However, the enacted version of the Tax Cuts and Jobs Act signed just before Christmas 2017, left these three taxes intact.   The outcome is surprising, given that the Republican Party has often condemned these taxes, and given that the House, Senate, and White House are all on the same side of the party divide.   Yet, complete repeal was not accomplished.   Thus, these taxes remain a huge liability for high net worth individuals and families. What the Act does accomplish
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Categories: Newsletter and Updates.
Tags: act, cpa, estate, estate planning, exemption, federal tax, gift, tax, tax cut, tax exemption, trump, wfy, and wright ford young.

Bracket Changes and More From the IRS

December 13, 2017 | by | Comments Off on Bracket Changes and More From the IRS

You haven’t even filed your 2017 taxes yet, but the IRS has already announced changes that will affect your 2018 taxes, which you’ll be filing in 2019. The changes were announced in Revenue Procedure 2017-58, which runs 28 pages, but below are some key points. How do these changes impact you? Of course, if any meaningful tax reform is passed, anything can be changed. We’ll keep you posted on any developments that affect you. The standard deduction for married filing jointly rises to $13,000 for tax year 2018, up $300. For single taxpayers and married individuals filing separately, the standard deduction
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Categories: Industry News and Newsletter and Updates.
Tags: cpa, deduction, exemption, tax, tax bracket, taxation, taxpayers, wfy, and wright ford young.

Is This Your Situation: Wondering If An Audit Can Benefit You

November 30, 2017 | by | Comments Off on Is This Your Situation: Wondering If An Audit Can Benefit You

Your privately owned business may not need a financial statement audit according to law, but that doesn’t mean you should skip it. Read through to learn why an audit can be a smart move. With the vicissitudes of change combined with technological advances, we’re living in an age of transparency where businesses are required to disclose more information about their taxes, financial records, operations and executive salaries.  While private companies are spared the intense scrutiny of professional auditors and not required to provide an external review of their financial statements, there are advantages to having an external audit many business heads
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Categories: Newsletter and Updates.
Tags: audit, auditors, business, cpa, external audit, finance, firm, tax, taxation, wfy, and wright ford young.

Big Changes in Social Security and Retirement Plans for 2018

November 16, 2017 | by | Comments Off on Big Changes in Social Security and Retirement Plans for 2018

From 401(k) plans to individual retirement accounts to Social Security, the federal government has been busy in recent weeks adjusting numbers for 2018. Whether you’re an employee or business owner, senior management or nonexempt staff, these changes may affect how you approach retirement in the coming months and years. Social Security: New ceilings First, let’s start with what is not changing. The 7.65 percent Social Security deduction remains the same. And as before, it’s doubled to 15.30 percent for the self-employed. However, the maximum earnings subject to Social Security rises from $127,200 to $128,700, a $1,500 increase. The Society for Human Resource
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Categories: Industry News and Newsletter and Updates.
Tags: 401k, cpa, plan, retirement, social security, tax, wfy, and wright ford young.

Senate Tax Plan Outline Released

November 15, 2017 | by | Comments Off on Senate Tax Plan Outline Released

The Senate Republican’s tax reform plan was released last week. Several proposals changed from the House Tax bill. The key changes in the plan from the current law are as follows: Individuals: Current tax rates: Seven brackets from 10% to 39.6%. Proposed tax rates: Seven brackets at 10%, 12%, 22.5%, 25%, 32.5%, 35% and 38.5%. Current standard deduction: $6,350 individuals and $12,700 married filing joint. Proposed standard deduction: $12,000 individuals and $24,000 married filing joint. Elimination of personal exemptions, worth $4,050 per person. Increase child tax credit from $1,000 to $1,650 and add a $500 credit for nonchild dependents. Eliminate
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Categories: Industry News and Newsletter and Updates.
Tags: bill, cpa, deduction, house bill, individuals, proposals, senate bill, tax, tax reform, wfy, and wright ford young.

House Tax Bill Outline Released

November 2, 2017 | by | Comments Off on House Tax Bill Outline Released

On the heels of the recently passed 2018 budget resolution that allows for tax legislation to increase the federal deficit by $1.5 trillion over 10 years the House Republican leaders released details of its tax overhaul plan. The key changes in the plan from the current law are as follows: Individuals: Current tax rates: Seven brackets from 10% to 39.6%. Proposed tax rates: Four brackets at 12%, 25%, 35% and 39.6%. Current standard deduction: $6,350 individuals and $12,700 married filing joint. Proposed standard deduction: $12,000 individuals and $24,000 married filing joint. Elimination of personal exemptions, worth $4,050 per person. Increase
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Categories: Industry News and Newsletter and Updates.
Tags: cpa, house tax bill, tax, taxation, wfy, and wright ford young.

The Pros and Cons of Becoming an ESOP

November 1, 2017 | by | Comments Off on The Pros and Cons of Becoming an ESOP

An ESOP is not the only way for employees to own a company, but it is by far the most common. Although the concept was almost unknown until 1974, by 2014, about 7,000 companies had ESOPs covering 13.5 million employees, according to the National Center for Employee Ownership, a nonprofit membership group that provides information and research on ESOPs. An ESOP can work in a variety of ways. Employees can buy stock directly, be offered it as a bonus, receive stock options or obtain stock through a profit-sharing plan. Some employees become owners through worker cooperatives in which every staffer
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Categories: Newsletter and Updates.
Tags: article, blog, cpa, esop, firm, national center for employee ownership, newsletter, plan, tax, taxation, wfy, and wright ford young.