Cyndi LeBerthon, CPA Partner in Charge – Audit Department A long overdue update to how companies accounting for internal-use software has been issued. On September 18, 2025, the FASB issued ASU 2025-06, titled Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software. This update marks a significant step in modernizing the accounting for software development costs in an era where cloud computing and agile development dominate the technology landscape. Entities may apply the guidance prospectively or retrospectively, based on their preference. The ASU is effective for public business entities for fiscal years beginning after
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Posts by Chanelle Bosert
Key Changes for Estate & Trust Planning Under the ‘One Big Beautiful Bill Act’
Nancy Van Lanen, CTFA, EA Estate & Trust Partner The new One Big Beautiful Bill Act has rewritten some of the most important estate and trust tax rules. We’ve highlighted the updates that matter most for high-net-worth individuals and anyone focused on smart estate planning. Effective Start: January 1, 2026 (unless otherwise noted) Estate, Gift & GST Tax Exemptions Permanently Raised Starting in 2026, the federal estate and gift tax exemption increases permanently to $15 million per person ($30 million per married couple) and will be annually indexed for inflation. The Generation-Skipping Transfer (GST) exemption also increases to $15
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WFY Sponsors Mary Star High School’s Annual Golf Tournament
Last week, Wright Ford Young & Co. (WFY) had the opportunity to be a Silver Star Sponsor at Mary Star High School’s 2025 Golf Classic. Although the school itself is fairly new, equipment and other required factors for different sports under the athletics program become forgotten. This tournament helped raise money to improve and maintain facilities, hire and retain talented coaches, purchase equipment and uniforms sports, and more for Mary Star’s athletics program. WFY continuously makes the effort to support our local community and schools like Mary Star High School so we can help improve the lives of
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What You Need to Know About Individual Tax Law Changes in the “One Big Beautiful Bill Act”
Effective Starting: January 1, 2026 (unless otherwise noted) President Trump signed the much-anticipated One Big Beautiful Bill Act (OBBBA) into law—a sweeping tax reform package aimed at simplifying the tax code, supporting American families, and encouraging investment. This legislation brings several key changes to individual income taxes, with adjustments that impact everyone from working professionals to retirees and high-net-worth households. Below is a breakdown of the major individual tax changes included in the bill: Standard Deduction Increased The standard deduction has been significantly increased, making it more beneficial for most taxpayers to skip itemizing for tax years beginning in 2024:
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Thinking of Selling Your Second Home Tax-Free? This IRS Rule Could Limit Your Exclusion
Thomas S. Kim, CPA Tax Partner If you’re thinking about selling your second home or vacation property, you may have heard that moving in for two years can help you avoid paying taxes on the gain under the Section 121 exclusion. While that strategy used to be effective, a lesser-known rule added in 2009 could significantly reduce the tax benefit you’re expecting – unless you plan ahead. Here’s what you need to know before putting up the “For Sale” sign. The Traditional Benefit: The Section 121 Exclusion Under IRC §121, a taxpayer can exclude up to $250,000 of capital
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New Additions Join All Three WFY Departments
This month, our firm had new additions join all three of our departments at WFY. We are thrilled to have these new hires join WFY! Lisa Sun Lisa Sun started with WFY this month as our newest Estate & Trust Tax Manager. Lisa has been working in public accounting for over twelve years at firms ranging from small firms to nationwide firms. She specializes in private client services. Outside of the office, Lisa’s hobbies include spending time with family and friends, jiu jitsu, gardening, being active, and baking. Nguyen Pham In mid-July, Nguyen Pham joined our firm as one of
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Director of Business Development Byron Culp Featured in OCBJ Article
At the beginning of July, our Director of Business Development Byron Culp was featured in OCBJ for being welcomed to the Board of Directors at WISEPlace. WISEPlace is an organization that leads the effort of ending homelessness for unaccompanied individuals through housing solutions and empowering wrap-around services that provide a path toward personal self-reliance. Culp has been on the Board of Directors since 2022 and helps unaccompanied women experiencing homelessness through his professional network, fundraising efforts, and community engagement. Click the link below to read the full OCBJ article. On the Move: WISEPlace Welcomes Michael Boos, Erin Giglia,and Byron Culp
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Charitable Contributions: Smart Strategies and Documentation Tips for 2025
Jinhee Park, CPA Tax Manager Charitable giving can make a real difference for your favorite causes—and for your tax bill. Here’s what you need to know about the latest rules, including how to maximize your deduction and what records you’ll need for different types of gifts. Key Deduction Limits for 2025 Cash donations: Deduct up to 60% of your adjusted gross income (AGI) for gifts to public charities. Appreciated assets (like stocks): Deduct up to 30% of your AGI. Standard deduction: $15,000 for single filers and $30,000 for married couples; you must itemize to deduct charitable gifts. Donating Appreciated
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Four New Hires Join WFY
WFY welcomed new additions to our tax department and estate and trust department. We are excited to have these four new hires join our team. Andrea Gonzalez Andrea Gonzalez recently joined our firm as an Estate & Trust Tax Senior. She graduated from San Diego State University in 2021 with a Bachelor’s degree in Business Administration. Andrea has over four years of experience in public accounting. Her background includes bookkeeping and tax primarily with high net worth individuals and real estate pass through entities. Prior to WFY, she worked at another accounting firm and joined WFY to fully specialize her
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How Rental Losses Can Help Offset Your W-2 Wages or Business Income
Thomas S. Kim, CPA Tax Partner When most people think about owning rental property, they focus on the extra monthly cash flow. But there’s another side to rental real estate that’s just as valuable: the potential tax savings that come from rental losses. With the right strategy, certain types of rental losses — often created by depreciation and other deductions — can help reduce your ordinary taxable income, such as W-2 wages or income from a business. However, not all rental losses automatically offset other types of income. The rules depend on how the rental activity is classified for
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