For the 2018 tax filing year, there are new Internal Revenue Service (IRS) partnership audit rules [also adopted by the California Franchise Tax Board (FTB)] in which the partnership, not its members, will now be responsible for tax adjustments under audit. There is a very narrowly defined opt-out provision that many partnerships do not qualify […]
As tax season starts, WFY welcomes three new hires to our Estates & Trusts department: Lisa Marking, Heena Shah, and Ann Doan. We are pleased to welcome these new hires to the WFY team. Lisa Marking Lisa Marking joined Wright Ford Young & Co.’s Estates and Trusts department as an Estates & Trusts manager. She […]
On January 18, 2019, the IRS issued a notice providing “safe harbor” conditions under which rental real estate activities will be treated as a trade or business for purposes of the IRC Section 199A deduction. To qualify for the safe harbor: Separate Books and records must be maintained for each rental real estate enterprise. At […]
Under the new tax changes for The Tax Cuts and Job Act (TJCA) there were several new provisions that impact US companies performing business internationally. Below are few selected key provisions. Under the Foreign Derived Intangible Income, or FDII, a deduction is created for certain foreign income earned by U.S. companies. This only applies to […]
Wright Ford Young increases their firm with eight new hires: Michael Montgomery, Jennifer Nguyen, Karla Young, Alice Wang, Jeff Hwang, Linh Trinh, Hoornaz Mostofizadeh, and Farheen Kolsy. All these new hires are joining WFY’s tax department as tax staff or tax interns. WFY is pleased to welcome these new hires to the WFY team. Michael Montgomery […]
The IRS introduced a new set of partnership auditing rules which take effect in the financial year 2018 and are meant to make it easier for the agency to uncover and collect underpaid taxes from partnership entities. The previous audit system was challenging for the IRS because it was difficult to pin down who owed […]
On November 20th, the IRS announced individuals taking advantage of the increased gift and estate tax exclusion amounts in effect from 2018 to 2025 will not be adversely impacted after 2025 when the exclusion amount is scheduled to drop to levels before 2018. The Treasury Department and the IRS issued proposed regulations which implement changes […]
Since 2018 is coming to a close now is the time to take action to proactively reduce your tax liability before the new year. Included are a few strategies that may help with your tax situation: Harvest stock losses while substantially preserving one’s investment position. This can be accomplished by selling the shares and buying other […]
Wright Ford Young & Co. would like to welcome our newest addition to the firm: Cyndi LeBerthon, CPA. With more than 15 years of public accounting experience, Cyndi has joined WFY as Partner in the Audit Department. Cyndi is responsible for planning and supervising audit and review engagements in a wide range of industries, including […]
Wright Ford Young & Co. is seeking qualified candidates to join our growing team! We are looking for hard-working, dedicated people who are willing to learn and flourish in their careers. Full-time positions are available for the following departments: Tax Department Staff Preparer Estates & Trusts Department Senior Supervisor Manager Audit Department Staff If interested […]
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