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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.

PPP Loan Forgiveness Taxability in 2020

November 20, 2020 | by | Comments Off on PPP Loan Forgiveness Taxability in 2020

Richard A. Huffman, CPA, MST Tax Partner Tony Maldonado, CPA Tax Senior   While the current law states forgiven Paycheck Protection Program (PPP) loans are tax-free, the Internal Revenue Service previously issued guidance stating that the qualifying expenses paid with the forgiven loan funds are nondeductible for income tax purposes.  There has been uncertainty as to whether the qualifying expenses would be non-tax deductible when paid in 2020 or when the loan is forgiven which could go into 2021. The IRS just recently released awaited guidance stating if your business received a PPP loan and there is a reasonable expectation
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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, covid19, cpa, cpa firm, firm, irvine, law, newsletter, oc, pandemic, ppp, ppp loan, small business, so cal, southern california, tax, tax firm, tax law, tax planning, tax reform, taxation, taxes, wfy, wright ford young, and wright ford young & co.

Partner Andy Bautista Featured in Podcast Discussing COVID-19 Topics

October 1, 2020 | by | Comments Off on Partner Andy Bautista Featured in Podcast Discussing COVID-19 Topics

As we continue through this global COVID-19 pandemic, challenges can arise for businesses that were not visible a few months ago.  Our Tax Partner, Andy Bautista, recently contributed to a podcast that discusses common challenges that businesses are facing throughout the pandemic. In this episode of The Business Talks Podcast, Andy begins his discussion on the important tax impacts this year at the 8 minute mark of the podcast. He touches base on topics such as tax planning for 2020, PPP loans, higher potential tax rates with an administration change, and more.  Andy joined other local business specialists Michael Krengel,
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Categories: Company News and Newsletter and Updates.
Tags: accountant, accountants, accounting, accounting firm, business, ca, california, certified public accountants, coronavirus, covid, covid19, cpa, cpa firm, irvine, newsletter, oc, orange county, pandemic, small business, southern california, tax, tax firm, taxation, taxes, 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 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 Hosts MGI North America West Coast Area Meeting

April 4, 2019 | by | Comments Off on WFY Hosts MGI North America West Coast Area Meeting

On January 4th, Wright Ford Young & Co. hosted the MGI North America West Coast Area Meeting at our offices in Irvine, CA. Joe Tarasco, Regional Director, and Nancy Damato, Director of Marketing, starting the meeting off by talking about key points such as MGI North America new member recruiting initiatives and activities, marketing assessment calls/web meetings with MGI North America members, a guide about foreign companies doing business in United States, and upcoming conferences. The meeting continued with discussions concentrating on MGI firm collaboration and practice management updates along with topics including business development, technical and niche areas, succession
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Categories: Industry News and Newsletter and Updates.
Tags: accountants, accounting, business development, certified public accountants, cpa, meeting, mgi, mgi north america, networking, newsletter, succession planning, tax, tax news, tax season, 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.