Yearly Archives 2017

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.

Estate and Gift Tax 2018 Inflation Adjustments

October 26, 2017 | by | Comments Off on Estate and Gift Tax 2018 Inflation Adjustments

On October 19th, the IRS issued Revenue Procedure 2017-58, the annual inflation adjustments for 2018 for many tax provisions, including exemptions for estate, gift and generation-skipping transfer (GST) taxes as well as the annual exclusion amount for gifts as follows: Estate, Gift and GST Tax Exemption Increases to $5,600,000. For estates of decedents who pass away during 2018, and for gifts made during 2018, the combined estate and gift tax exemption will increase to $5,600,000, up from a total of $5,490,000 for estates of decedents in 2017.  The generation-skipping transfer exemption increased as well to $5,600,000. In 2018 an individual can
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Categories: Industry News and Newsletter and Updates.
Tags: cpa, estate, exemptions, gifts, IRS, tax, trust, wfy, and wright ford young.

Year-End Tax Planning Strategies

October 19, 2017 | by | Comments Off on Year-End Tax Planning Strategies

As the end of the year approaches, it is a good time to think of planning moves that will help lower your tax bill for this year and possibly the next. We have compiled a checklist of actions based on current tax rules that may help you save tax dollars if you act before year-end. Not all actions will apply in your particular situation, but you will likely benefit from many of them. We can narrow down the specific actions that you can take. In the meantime, please review the following list and contact us if you would like additional
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Categories: Newsletter and Updates.
Tags: cpa, firm, planning, tax, tax planning, taxation, wfy, and wright ford young.

Trump’s Framework for Fixing Broken Estate, Gift, Trust Tax Code

October 12, 2017 | by | Comments Off on Trump’s Framework for Fixing Broken Estate, Gift, Trust Tax Code

At first glance, the Framework that President Trump has outlined for the Estate Tax is simply this: repeal of the Estate Tax and its cousin, the Generation Skipping Transfer Tax (GSTT).   The complexity lies in the rich political history behind the Estate Tax, in what little details are provided, and what the Framework does not say.   In this brief article we will alert you to the important details, point out the silent mysteries, and provide you with some direction for planning in this uncertain environment. The proposed Framework repeals the Estate and GSTT, but under the Byrd rule the Estate
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Categories: Newsletter and Updates.

What to Do After the Hurricane

October 4, 2017 | by | Comments Off on What to Do After the Hurricane

Those pictures you see from Hurricane Harvey and Hurricane Irma – ordinary people out there in waist-high water, rescuing both their neighbors and strangers, coming from other states and other counties – demonstrate yet again not only the resilience of Americans but our decency in reaching out to others without a thought to personal safety. It also makes us all think: What would I do if such a natural disaster were to strike my home or business? What follows are the resources available, especially if you are in Texas or Florida. Even if you’re not in this area, you may have
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Categories: Industry News and Newsletter and Updates.