Archives for 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.

WFY Sponsors VLI’s Lawyers for Warriors Event

November 12, 2020 | by | Comments Off on WFY Sponsors VLI’s Lawyers for Warriors Event

  Wright Ford Young & Co. was the Title Sponsor for Veterans Legal Institute’s annual Lawyers for Warriors fundraising event on November 9th. This year the event had to shift to broadcasting over live stream because of the pandemic, but that didn’t slow Veterans Legal Institute down. The non-profit raised over $100,000 at the event for pro bono legal services for veterans in need. Many other individuals and businesses were either long-term advocates for the non-profit or sponsored the event in some way. The event also featured speakers like Top Gun producer Jerry Bruckheimer, former Los Angeles Lakers player Mychel
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Categories: Newsletter and Updates.
Tags: accountant, accountants, accounting, accounting firm, business, ca, california, certified public accountants, cpa, cpa firm, donate, firm, fundraising, irvine, lawyers for warriors, non profit, oc, orange county, small business, southern california, tax, tax firm, taxation, taxes, veterans legal institute, vli, wfy, wright ford young, and wright ford young & co.

Healthcare Providers Receive CARES Act Provider Relief Fund

November 11, 2020 | by | Comments Off on Healthcare Providers Receive CARES Act Provider Relief Fund

The CARES Act allocated $175 billion in grants to support hospital and healthcare providers on the front lines of the coronavirus response to recover lost revenue and increased expenses as a result of the pandemic. Certain grants do not require repayment just as long as the recipient submits documentation sufficient to ensure that the funds were used for healthcare-related expenses or lost revenue attributable to the coronavirus and expended by June 30, 2021.  Appropriate records and cost documentation should be maintained for potential audit. All recipients of Provider Relief Fund payments are required to comply with reporting requirements issued by
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Categories: Newsletter and Updates.
Tags: accountant, accountants, accounting, accounting firm, business, ca, california, cares, cares act, certified public accountants, coronavirus, covid, covid19, cpa, cpa firm, firm, healthcare, irvine, oc, orange county, pandemic, relief fund, so cal, southern california, tax, tax firm, tax law, taxation, taxes, wfy, wright ford young, and wright ford young & co.

WFY Introduces New Podcast: The WFY Podcast

November 3, 2020 | by | Comments Off on WFY Introduces New Podcast: The WFY Podcast

Wright Ford Young & Co. has introduced a new way to give you exclusive content from our tax and accounting experts. The WFY Podcast is Wright Ford Young & Co.’s new podcast featuring our WFY tax and accounting specialists discussing relevant and important issues that could effect you and your business. Our first episode includes Tax Partners Andy Bautista and Richard Huffman discussing 2020 tax planning in regards to President Trump’s and Vice President Biden’s tax proposals. Stay tuned for upcoming episodes in other accounting topics with WFY accounting professionals. Where to listen to the episode:        
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Categories: Company News and Newsletter and Updates.
Tags: accountants, accounting, accounting firm, audit, biden, ca, california, cpa, cpa firm, episodes, irvine, oc, orange county, podcast, so cal, southern california, tax, tax law, tax planning, tax proposal, the wfy podcast, wfy, wright ford young, and wright ford young & co.

WFY Welcomes New Audit Staff Member

October 29, 2020 | by | Comments Off on WFY Welcomes New Audit Staff Member

Wright Ford Young & Co. is expanding! We would like to introduce Teresa Gerhold as our newest addition to our Audit Department. WFY is pleased to welcome Teresa to our team. Teresa Gerhold This week, Teresa joined WFY as Audit Staff in our Audit Department. She graduated from Chapman University in May with a Bachelor’s degree in Accounting and a minor in Data Analytics. Her previous experience in accounting includes a tax internship in the Bay Area. After taking an audit class in the Fall of 2019, Teresa decided to pursue her career in audit instead. In her downtime, she
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Categories: Company News and Newsletter and Updates.
Tags: accountant, accountants, accounting, accounting firm, audit, audit staff, business, ca, california, careers, certified public accountants, cpa, cpa firm, firm, irvine, new hires, oc, orange county, southern california, tax, tax firm, 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.

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.

The Senate and House Passes CARES Act of 2020

March 27, 2020 | by | Comments Off on The Senate and House Passes CARES Act of 2020

Richard A. Huffman, CPA, MST Tax Partner   On March 27th, 2020, the House passed an amended version of the Senate’s Coronavirus Aid, Relief, and Economic Security (CARES) Act sending to the President to sign into law. The Act provides a wide sweeping infusion of cash into the economy helping individuals and businesses during these extraordinary times.  Below is a summarized version of the Act explaining all the key details for individuals and businesses including the various loan programs. Direct financial help to individuals: Rebates of up to $1,200 for individuals and $2,400 for married couples.  People with children can
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Categories: Industry News and Newsletter and Updates.
Tags: cares act, certiified public accountants., coronavirus, cpa, cpa firm, irvine, orange county, tax, tax firm, wfy, and wright ford young & co.

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.