Manny Trelles, CPA Tax Manager Recently, the IRS issued additional guidance on crypto and virtual currency. The guidance addressed concerns regarding the timing of income recognition, tax basis, and clarification on terms in cryptocurrency transactions. Cryptocurrency is a type of virtual currency that uses cryptography to secure transactions that are digitally recorded on a […]
By Ryan Working, CPA, MST Tax Director As a small to midsize business navigating the world of state income/franchise taxes can be difficult. Every state has different rules, tax rates, and requirements for filing. In this article, I will provide some basic concepts we use to help decide if an income/franchise tax return may […]
Dean Smith, CPA Audit & Accounting Partner Revisions affecting defined contribution plans (including 401(k), money purchase and ESOP plans) subject to independent audits have been issued for 2023 plan years and beyond. On February 24, 2023, The Department of Labor and Internal Revenue Service issued final forms and related revised instructions for the 2023 […]
Manny Trelles, CPA Tax Manager Recently, the US Supreme Court held that the $10,000 penalty for a non-willful failure to file a Report of Foreign Bank and Financial Accounts (FBAR) for foreign accounts accrued per report, not per account. (Bittner, No. 21-1195 [U.S. 2/28/23]). In the past, you may have been assessed a $10,000 […]
Richard A. Huffman, CPA, MST Tax Partner The IRS and California recently announced that disaster-area taxpayers who reside in or have a business in the following California counties will now have until October 16, 2023 to file and remit payment for federal and California individual and business tax returns. Previously the deadline had been […]
In February, Wright Ford Young & Co. welcomed Cristina Hargett to our firm. Cristina joined us as a Tax Administrative Assistant in our tax department. We are thrilled to welcome Cristina to the firm. Cristina Hargett Cristina Hargett started with WFY as our newest Tax Administrative Assistant in our tax department. She received her Associate’s […]
Manny Trelles, CPA Tax Manager Governor Newsom signed SB 951 on September 30, 2022 repealing the wage ceiling for contributions into California’s State Disability Insurance (SDI) fund beginning January 1, 2024. This means all wages paid will be subject to California’s SDI tax. The purpose is to increase the SDI benefits paid and short-term […]
Wright Ford Young & Co. welcomes three new hires to our tax department and estate and trust department this month. Jonathan Djahanbani joined our estate and trust department, and Hannah Carbone and Justus Huang joined our tax department. WFY is excited to have these new hires join the WFY team. Jonathan Djahanbani This week, Jonathan […]
At the start of the year, Ashley Winston joined Wright Ford Young & Co. as our Director of Firm Administration. Ashley will be handling our office’s day-to-day operations to help our office continue to run smoothly and successfully grow. WFY is thrilled to welcome Ashley to our team. Ashley Winston Ashley Winston joined WFY at […]
Richard A. Huffman, CPA, MST Tax Partner Victims of the most recent California storm now have until May 15, 2023 to file various federal individual and business tax returns and make tax payments. The IRS announced January 10, 2023 that Californian’s who reside in or have a business in the following counties will have […]
Manny Trelles, CPA Tax Manager Measure ULA (aka the “Homelessness and Housing Solutions Tax”) was recently approved by voters in the City of Los Angeles. The new transfer tax is set to start April 1st, 2023. The transfer tax applies to all real property asset classes in the City of Los Angeles as follows: […]
In November, Wright Ford Young & Co. welcomed three new hires to our tax department and audit department. Jenifer Hwang joined our tax department, and Sean Berlin and Tyler Connally joined our audit department. Welcome to the WFY team, everyone! Jenifer Hwang In mid-November, Jenifer Hwang was welcomed into our tax department as a Tax […]
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