The IRS introduced a new set of partnership auditing rules which take effect in the financial year 2018 and are meant to make it easier for the agency to uncover and collect underpaid taxes from partnership entities. The previous audit system was challenging for the IRS because it was difficult to pin down who owed the tax under a complex partnership structure. Small partnerships with less than 100 members can opt out if no partner is a pass-through entity. The IRS will begin reviewing tax filings in line with the new procedure in 2019, so audits could start as soon
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Archives for wright ford young & co
Making Large Gifts Now Won’t Harm Estates After 2025
On November 20th, the IRS announced individuals taking advantage of the increased gift and estate tax exclusion amounts in effect from 2018 to 2025 will not be adversely impacted after 2025 when the exclusion amount is scheduled to drop to levels before 2018. The Treasury Department and the IRS issued proposed regulations which implement changes made by the 2017 Tax Cuts and Jobs Act (TCJA). As a result, individuals planning to make large gifts between 2018 and 2025 can do so without concern that they will lose the tax benefit of the higher exclusion level once it decreases after 2025.
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Industry News and Newsletter and Updates.
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accountant, accountants, accounting, audit, business, ca, california, certified public accountants, cpa, cpa firm, deduction, estate, estate and trusts, estates, exclusion, firm, IRS, tax, tax firm, tax reform, taxation, taxes, TCJA, trusts, wfy, wright ford young, and wright ford young & co.
Tax Saving Moves to Improve Your Tax Situation
Since 2018 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. Apply a bunching strategy to deductible contributions and/or payments of medical expenses. Beginning
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Industry News and Newsletter and Updates.
accountant, accountants, accounting, audit, ca, california, certified public accountants, contributions, cpa, cpa firm, deduction, distributions, gifts, ira, qcd, rmd, stock, tax, tax firm, tax specialists, taxation, taxes, wfy, wright ford young, and wright ford young & co.
accountant, accountants, accounting, audit, ca, california, certified public accountants, contributions, cpa, cpa firm, deduction, distributions, gifts, ira, qcd, rmd, stock, tax, tax firm, tax specialists, taxation, taxes, wfy, wright ford young, and wright ford young & co.
WFY Welcomes New Partner Cyndi LeBerthon
Wright Ford Young & Co. would like to welcome our newest addition to the firm: Cyndi LeBerthon, CPA. With more than 15 years of public accounting experience, Cyndi has joined WFY as Partner in the Audit Department. Cyndi is responsible for planning and supervising audit and review engagements in a wide range of industries, including distribution, manufacturing, professional service, technology and hospitality. Having extensive experience in Employee Benefit Plan audits and ERISA regulations, she also works with plan sponsors in private and public sectors performing annual DOL required audits of their 401(k), 403(b), ESOP, and Pension and Welfare Benefit Plans.
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WFY is Hiring
Wright Ford Young & Co. is seeking qualified candidates to join our growing team! We are hiring hard-working, dedicated people who are willing to learn and flourish in their careers. Full-time positions are available for the following departments: Tax Department Staff Preparer Estates & Trusts Department Senior Supervisor Manager Audit Department Staff If interested in any of the positions above, please go to our Careers page or directly contact the following: Tax Department: Richard Huffman, rhuffman@cpa-wfy.com Estates & Trusts Department: Marisa Alvarado, malvarado@cpa-wfy.com Audit Department: Jeff Myers, jmyers@cpa-wfy.com
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Earn Money from California’s Training Subsidy Program
It’s Free Money, and We Can Help You Get Your Share Do you provide formal training for your employees? Exciting news: The government wants to chip in. Yes, really. In fact, for the past 35 years the State of California has provided over $1.5 billion in training subsidies to California businesses. Smaller companies can receive up to $50,000 per year and larger companies can receive up to $375,000 per year. Never heard of this program? You’re not alone. The funding comes from a tax that every for-profit company in the state pays, the Employment Training Tax. This tax generates over
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Federal Tax Depreciation Guidelines
Pass-Through Entities and the 20 Percent Tax Break
Small-business owners and partners are scratching their heads over the Tax Cuts and Jobs Act and how the new 20 percent tax deduction for pass-through entities will work. Here’s a little background A pass-through entity can be a partnership, S corporation, limited liability company or partnership, or sole proprietorship — basically, most of the country’s small businesses. Owners and shareholders of these entities are taxed on earnings based on individual, not corporate, tax rates. Effectively, company earnings, losses and deductions pass through to the individual’s personal tax rates, which, in the past, were typically lower than corporate rates. The pass-through
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Multistate Sales Tax Amnesty Program for Online Retailers
The Multistate Tax Commission announced that it is working with 13 states to implement a sales tax amnesty program aimed at getting online retailers to register and file sales tax returns. The main benefit of the amnesty program is that sellers will not be required to report prior period sales, nor be required to pay penalties or interest on any back taxes owed. As of today, participating states include: Alabama, Arkansas, Colorado, Connecticut, Kansas, Kentucky, Louisiana, Nebraska, New Jersey, Oklahoma, Texas, Utah, and Vermont. Eight additional states are considering participation but have not committed, and it is not clear whether
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Wondering About a 1031 Exchange
Perhaps you’ve heard of 1031 exchanges or like-kind exchanges, but you’re unsure of the benefits or whether you even qualify. The Internal Revenue Code 1031 is available to those who hold a property that qualifies as productive use in business or investments. If you have a piece of investment property, a 1031 exchange allows you to swap it for a similar property. What is a 1031 exchange? This type of exchange happens when an investor trades his or her real property for a similar or “like-kind” property. Investment properties such as shopping malls, residential buildings, stadiums and more can all
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