Richard A. Huffman, CPA, MST Tax Partner The recently enacted stimulus law expands and clarifies the CARES Act Employee Retention Credit (ERTC), key details are as follows: Beginning on January 1, 2021 and through June 30, 2021, the provision: Increases the credit rate from 50% to 70% of qualified wages. Expands eligibility for the […]
Wright Ford Young & Co. would like to welcome six new hires to our firm. We have Jerry Owens and Andrew Campos joining our Audit Department; Shannon Zhu, David Pak, and Renee Qiu joining our Tax Department; and Kirsten Capps joining our administrative team. We are pleased to welcome these new hires to our WFY […]
By Bonnie Thompson Beginning January 1, 2021, the following changes go into effect for the withholding of payroll taxes and reimbursement of auto mileage. SOCIAL SECURITY The wage base for withholding social security tax has increased to $142,800. The social security tax rate will be 6.2% for both employers and employees for a maximum expense […]
Richard A. Huffman, CPA, MST Tax Partner The House and Senate passed the Consolidated Appropriations Act, 2021 (CAA, 2021) which is expected to be signed into law by the President. The CAA, 2021 bill includes the renewal and expansion of popular provisions in earlier COVID relief bills with the significant provisions summarized as […]
Ryan Working, CPA, MST Tax Director Back in April 2020, the Governor allowed taxpayers to apply for sales tax penalty and interest relief for 90 days for any taxpayer reporting less than $1 million in sales on their sales tax return. The Governor has now directed the California Department of Tax and Fee administration (CDTFA) […]
Cameron Lee Tax Staff Applications have recently opened on December 1st, 2020 to apply for California’s small business hiring tax credit. This past September, Governor Gavin Newsom signed SB 1447 allowing qualifying small business owners to claim a $1,000 credit for each net increase in monthly average employees. Each employer is limited to no more […]
Nancy Van Lanen Estate & Trust Director The recently passed Proposition 19 in California provides expanded property tax benefits by allowing homeowners who are disabled, over 55 years of age, or whose homes were damaged in wildfire or other natural disasters, to transfer their property tax base value to a replacement residence of any value […]
Wright Ford Young & Co. would like to introduce the newest addition to our firm. Nancy Van Lanen comes to WFY as our new Estate & Trust Director. We are pleased to welcome her to the WFY team. In November, Nancy Van Lanen started with WFY as the Estate & Trust Director. She has over […]
Richard A. Huffman, CPA, MST, Tax Partner Tony Maldonado, CPA, Tax Senior While the current law states forgiven Paycheck Protection Program (PPP) loans are tax-free, the Internal Revenue Service previously issued guidance stating that the qualifying expenses paid with the forgiven loan funds are nondeductible for income tax purposes. There has been uncertainty as to […]
Wright Ford Young & Co. was the Title Sponsor for Veterans Legal Institute’s annual Lawyers for Warriors fundraising event on November 9th. This year the event had to shift to broadcasting over live stream because of the pandemic, but that didn’t slow Veterans Legal Institute down. The non-profit raised over $100,000 at the event for […]
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