Monthly Archives July 2021

New Law Tax Workaround for CA Pass-Through Business Owners

Richard A. Huffman, CPA, MST Tax Partner   The 2017 Tax Cut and Jobs Act limits individuals state and local tax deduction to $10,000 a year through 2025. California passed into law a workaround for tax years 2021- 2025. Qualifying pass-through business owners can separately elect to pay a 9.3% entity level tax on the owner’s share of the company’s qualified taxable income which will be allowed as a federal tax deduction on the entity return. Owners who participate will receive a credit on their California individual tax return equal to the 9.3% tax paid at the entity level.  The
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Categories: Industry News and Newsletter and Updates.

Seven New Hires Join WFY

Wright Ford Young & Co. is pleased to welcome seven new hires to our firm in June and July. Andrew Abeyta, Robert Lee, Caleb Short, Xiaoli Shu, Daniel Sur, and Esther Wood joined our tax department. Cora Hultgren joined our audit department. We are thrilled to have these new hires join our WFY team. Andrew Abeyta In July, Andrew Abeyta rejoined our firm as a Tax Senior. He graduated from CSUF and is currently in the process of studying for his CPA license. While out of the office, Andrew loves teaching at church and surfing at the Huntington Beach pier.
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Categories: Company News and Newsletter and Updates.