Richard A. Huffman, CPA, MST Wright Ford Young & Co., CPAs The Senate just passed the House bill, called the Paycheck Protection Flexibility Act which is expected to be signed into law by the president. The law will extend the Paycheck Protection Program (PPP) loan forgiveness period from eight weeks to twenty four weeks and […]
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 […]
By Cheryl Shelton, JD Wright Ford Young & Co., CPAs 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? […]
Janelle Tokunaga, CPA, MST Wright Ford Young & Co., CPAs 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, […]
Janet Kim, CPA, MST Wright Ford Young & Co., CPAs 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 […]
During the ongoing management of COVID-19 restrictions, we are all trying to determine and assess the short- and long-term damage on businesses, the economy, and the capital markets. While we don’t pretend to have answers better than others, we would like to share our thoughts on the impact of the virus on M&A transactions. First […]
Our WFY Tax Partner, Richard Huffman, has created a 15-minute video presentation to illustrate the benefits your business may qualify for under the CARES Act. Included are the Paycheck Protection Program Loans, Employee Retention Credit and deferral and income tax benefits. Watch the video to learn which benefits apply to you. Please contact your WFY […]
Today, the IRS launched a portal specifically focusing around the Economic Impact Payment. The portal is designed for taxpayers to check the status of their stimulus payment, set up direct deposit, and more. Click here to visit the Economic Impact Payment Direct Deposit portal. When clicking the “Get My Payment” button, taxpayers will be able […]
By Richard A. Huffman, CPA, MST The national emergency declaration on March 13 triggered a tax benefit which allows employers to make non-taxable qualified disaster relief payments to employees for reasonable and necessary expenses resulting from the coronavirus pandemic. Reimbursable expenses excludable from employee taxable income are as follows: Unreimbursed medical expenses including co-pays, deductibles, […]
As the uncertainty of the coronavirus pandemic continues, scammers are using different ways to gather your information and use it for ransom. Some websites are offering information on COVID-19 relief programs in exchange for signing up through them as a subscription or requesting a fee. With this, the websites hold your basic information ransom and […]
MGI Worldwide is a network of independent audit, tax, accounting, and consulting firms. MGI Worldwide does not provide any services and its member firms are not an international partnership. Each member firm is a separate entity and neither MGI Worldwide nor any member firm accepts responsibility for the activities, work, opinions, or services of any other member firm. For more information visit www.mgiworld.com/legal.