Are you at least 55?  Want to maintain your Prop. 13 property tax basis in your next move?

Dear Clients and Friends:

If you have moved recently, are contemplating downsizing, or are moving in the future there is a little known California proposition (Prop. 60) that may allow you to save a great deal in property taxes.  Homeowners who are at least 55-years of age are allowed to transfer existing Proposition 13 factored base year property tax values to a replacement residence located within the same county (and sometimes in other counties), if certain qualifying conditions are met. Continue reading →

September 9, 2011

To Our Clients and Friends:

Most of us have more than enough to do. We’re on the go from early in the morning until well into the evening—six or seven days a week. Thus, it’s no surprise that we may let some important things slide. We know we need to get to them, but it seems like they can just as easily wait until tomorrow or the next day or… whenever. Continue reading →

September 5, 2011

Wright Ford Young & Co. was named among Orange County’s “Best Places to Work” by the Orange County Business Journal in the publication’s 2011 annual list.  The firm was ranked the top CPA firm in the county and fourth overall thanks to dedication and hard work of all of its employees as well as the loyalty and support of its clients.  Click below to see the full results courtesy of the Orange County Business Journal.

Full List

We have recently been updated as to the status of the Lease Accounting Exposure Draft that was issued last year.  As we all expected, the Financial Accounting Standards Board (FASB) received many formal and informal comments (more negative than positive which is not a surprise).  We understand that the proposed accounting will be re-exposed in Q4 – in other words, another formally issued Exposure Draft which will have another comment period.  Here is what we understand about the possible changes to the original Exposure Draft: Continue reading →

Dear Clients and Friends:

When should you start taking social security benefits?  Will there be any benefits for you to take?  If so, what will those benefits be? Continue reading →

Dear Clients and Friends:

Employee stock ownership plans (ESOPs) are gaining popularity as a vehicle to motivate employees while providing tax benefits to the company and an exit strategy for its shareholders. Continue reading →

Dear Clients and Friends:

The question of whether a worker is an independent contractor or employee for federal income and employment tax purposes is a complex one. This question is intensely factual, and the stakes can be very high. As I’m sure you know, if a worker is an employee the company must withhold federal income and payroll taxes, pay the employer’s share of FICA taxes on the wages plus FUTA tax, and often provide the worker with fringe benefits it makes available to other employees. In addition to these federal tax obligations, there may be state tax obligations as well. However, these tax obligations do not apply for a worker who is an independent contractor. The business sends the independent contractor a Form 1099-MISC for the year showing what he or she was paid (if it amounts to $600 or more), and that’s it. Continue reading →

Dear Clients and Friends,

Several of our clients have taken advantage of the low interest rate environment to help their children acquire homes, start a business, or provide a much needed cash infusion into an existing business.  Through careful planning and guidance, we’ve been able to help these clients avoid income, gift, and estate tax surprises.  Continue reading →

Dear Clients and Friend,

The Internal Revenue Service recently announced an increase in the optional standard mileage rates for the final six months of 2011.  The rate will increase to 55.5 cents a mile for all business miles driven from July 1, 2011, through December 31, 2011. This is an increase of 4.5 cents from the 51 cent rate currently in effect.  Please contact our office if you have any questions.

Wright Ford Young & Co.

Certified Public Accountants and Consultants, Inc.

Recently, the Franchise Tax Board is sending out $250 balance due notices to Limited Liability Companies (LLC’s) noted as SOS certification penalty. Continue reading →