This month, Wright Ford Young & Co. is pleased to announce we have two new hires joining our team. Mimi Duong will be joining as an Audit Staff and Lauren Gilmour will be joining as an Audit Intern in our audit department. WFY is pleased to welcome these new hires to our team. Mimi Duong At the end of May, Mimi Duong started a position with WFY as Audit Staff. She will be graduating CSUF later this year with a Business Administration degree with a concentration in Accounting. In her spare time, she enjoys spending time with friends and family,
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Monthly Archives May 2020
Roth IRA Conversion During Coronavirus – Is Now the Right Time?
Cheryl Shelton, JD Tax Supervisor Roth IRA’s have two big tax advantages: Tax-free withdrawals and exemption from required minimum distributions. But converting a traditional IRA into a Roth IRA is a taxable distribution. While in the midst of the coronavirus, is 2020 the right time to make the conversion? Here are some reasons why it might be the ideal time to do a complete or partial conversion: Low tax rates Stock market decline Reduced income The tax rates are the lowest they have been in a while due to the TCJA (they are scheduled to last through 2025). If
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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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Newsletter and Updates.
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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.
Non-Deductibility of PPP Related Expenses to the Extent of Forgiven PPP Funds (IRS Notice 2020-32)
Janet Kim, CPA, MST Tax Director The IRS released Notice 2020-32 on April 30, 2020, which provides guidance on the deductibility of expenses paid with Paycheck Protection Program (PPP) loan proceeds that are forgiven and excluded from the borrower’s income. The IRS has determined otherwise deductible expenses that are paid with PPP funds may not be deductible for federal income tax purposes to the extent the expenses were reimbursed by a PPP loan that was then forgiven. The PPP was created by Section 1106 of the Coronavirus Aid, Relief, and Economic Security Act (CARES Act). Under the PPP, the
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