Monthly Archives February 2022

Expect IRS Delays on Paper Filed Tax Returns

February 23, 2022 | by | Comments Off on Expect IRS Delays on Paper Filed Tax Returns

Hani Sharestan, CPA, MST Tax Partner   In amidst of the 2021 tax season, you should expect delays from the IRS in processing paper filed tax returns that require manual processing. Based on a recent published report, the National Taxpayer Advocate said in its annual report to congress the IRS continues to experience unprecedented severe backlogs in processing paper filed tax returns that require manual processing.  The report shared the following data regarding the IRS backlog of unprocessed returns and correspondence: 2 million unprocessed individual returns (Form 1040) mainly from 2020 and before; 8 million unprocessed payroll tax returns (Form
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Categories: Industry News and Newsletter and Updates.
Tags: accountant, accountants, accounting, accounting firm, audit, business, ca, california, certified public accountants, cpa, cpa firm, firm, IRS, irvine, newsletter, oc, orange county, so cal, southern california, tax, tax filing, tax firm, tax planning, tax return, tax season, taxation, taxes, taxpayer, wfy, wright ford young, and wright ford young & co.

Update on CA Passthrough Entity Elective Tax Credit

February 14, 2022 | by | Comments Off on Update on CA Passthrough Entity Elective Tax Credit

Richard A. Huffman, CPA, MST Tax Partner   The California Passthrough Entity Elective Tax Credit (CA PTE) meant for S-corporations and partnerships was initially flawed due to certain entities being excluded and the resulting California credit being limited to the tentative minimum tax base which in most cases prevented S-corporation shareholders, partnership partners, and LLC members from the intended tax benefit. The California legislators have expanded the CA PTE tax benefits by addressing these issues which has resulted in the following changes which were recently signed into law: Eliminate the tentative minimum tax limitation on the CA PTE. Allow tiered
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Categories: Industry News and Newsletter and Updates.

WFY Welcomes Ashley Sieracki to Firm

February 10, 2022 | by | Comments Off on WFY Welcomes Ashley Sieracki to Firm

Wright Ford Young & Co. welcomed Ashley Sieracki to our WFY team in February. She will be working closely with Greg Lambourne, our Senior Planning Consultant, on Estate & Tax. WFY is excited to introduce Ashley to our team. Ashley Sieracki In the beginning of February, Ashley Sieracki joined our WFY team as a Planning Assistant. This is her first time working at an accounting firm, but she assisted Greg Lambourne with Estate & Tax planning at Brown & Streza LLP for over four years prior to WFY. Before working in Estate and Tax planning, Ashley had a career as
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Categories: Company News and Newsletter and Updates.