In California, if you are an officer and the sole shareholder of a corporation (or the only shareholders are you and your spouse), you may elect to stop California State Disability Insurance (SDI) withholding from your wages by filing an exclusion election with the California Employment Development Department (EDD). SDI Withholding Update Effective January 1, 2024, California eliminated the SDI taxable wage limit and maximum withholding amount. This means all wages are subject to SDI withholding. The current SDI rate for 2026 is 1.3%. Example: If your wages are $500,000, SDI withholding would normally be $6,500. By electing the exclusion,
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Monthly Archives January 2026
The 2026 Tax Season: What High-Net-Worth Individuals & Business Owners Should Expect
Since the tax filing season starts on January 26, the U.S. federal tax landscape has shifted significantly due to major legislation enacted in 2025. For high-net-worth individuals (HNWIs) and business owners, understanding these changes now can unlock tax savings, reduce liabilities, and inform smart planning decisions before year-end. Major Tax Legislation: One Big Beautiful Bill Act (OBBBA) The One Big Beautiful Bill Act (OBBBA), signed in July 2025, represents the most sweeping overhaul of the U.S. tax code in years and will shape the 2026 tax season. It permanently extends many of the Tax Cuts and Jobs Act (TCJA) provisions
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New Additions Join WFY Team in January
In January, our firm had twenty new additions join WFY. We are excited to welcome this group of people to our team! Bill Torres Bill Torres joined Wright Ford Young & Co. as a Tax Partner with more than four decades of experience in public accounting, tax, and financial advisory services. Since beginning his career in 1985, he has advised individuals, closely held businesses, fiduciaries, and estates on complex domestic and international tax matters, with deep expertise spanning compliance, planning, controversy, and transactional consulting. Before joining WFY, Bill founded and operated his own firm for 30 years through experience developed
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WFY Announces Merger of Bill Torres & Company, Inc.
Wright Ford Young & Co. (WFY), an Orange County based CPA firm, is excited to announce the merger of Bill Torres & Company, Inc. effective Jan. 1, 2026. Bill Torres & Company, Inc. has been operating for over 30 years with an expertise in tax and accounting services for privately held companies and high net worth individuals. “This merger is a strong addition to our firm,” says Jeff Myers, Managing Partner of WFY. “It will give us a presence in Los Angeles and allow us to expand our international tax services to better serve our clients.” Bill Torres & Company,
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