Those pictures you see from Hurricane Harvey and Hurricane Irma – ordinary people out there in waist-high water, rescuing both their neighbors and strangers, coming from other states and other counties – demonstrate yet again not only the resilience of Americans but our decency in reaching out to others without a thought to personal safety. It also makes us all think: What would I do if such a natural disaster were to strike my home or business? What follows are the resources available, especially if you are in Texas or Florida. Even if you’re not in this area, you may have
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Posts by Chanelle Bosert
Unified Framework for Tax Reform
Republican lawmakers released on Wednesday a “unified framework” for tax reform designed to cut tax rates, simplify the Internal Revenue Code, and provide a more competitive environment for business. The key changes are as follows: Individuals: Current tax rates: Seven brackets from 10% to 39.6%. Proposed tax rates: Three brackets at 12%, 25% and 35%. Current standard deduction: $6,350 individuals and $12,700 married filing joint. Proposed standard deduction: $12,000 individuals and $24,000 married filing joint. Elimination of personal exemptions, worth $4,050 per person. Repeal of the alternative minimum tax. Repeal of the estate and generation-skipping transfer tax. Eliminate most itemized
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How to Protect Yourself From the Equifax Data Breach
If you have not already done so, you should immediately check your potential impact from the massive cyber security incident at Equifax which may have affected 143 million people. Follow the recommended steps from the Federal Trade Commission located here to see your potential impact. Your security is important to us, please email us at info@cpa-wfy.com or contact us here if you have any additional questions or concerns.
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What to Know About ‘Power of Attorney’
A general power of attorney gives broad powers to a person or organization, known as an agent or attorney in fact, to act on your behalf. What powers? Handling financial and business transactions. Buying life insurance. Settling claims. Operating business interests. Making gifts. Employing professional help. These things make a general POA an effective tool, especially if you’ll be out of the country and need someone to handle certain matters, and obviously if you’re physically or mentally incapable of managing your affairs. Powers of attorney are generally included in estate plans to make sure someone is handling financial matters. But
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Newsletter and Updates.
business, claims, cpa, firm, power of attorney, tax, wfy, and wright ford young.
business, claims, cpa, firm, power of attorney, tax, wfy, and wright ford young.
Wondering About a 1031 Exchange
Perhaps you’ve heard of 1031 exchanges or like-kind exchanges, but you’re unsure of the benefits or whether you even qualify. The Internal Revenue Code 1031 is available to those who hold a property that qualifies as productive use in business or investments. If you have a piece of investment property, a 1031 exchange allows you to swap it for a similar property. What is a 1031 exchange? This type of exchange happens when an investor trades his or her real property for a similar or “like-kind” property. Investment properties such as shopping malls, residential buildings, stadiums and more can all
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WFY wants to keep our subscribers up to date on the latest news from tax reform, ESOPs, IRS updates, WFY updates, and more. You can stay inform with WFY news by subscribing here to our newsletter or following us on Facebook or Linkedin. Click on the links below to follow us on one or both of the following sites: Facebook: https://www.cpa-wfy.com/www.facebook.com/WFYCPA/ LinkedIn: https://www.cpa-wfy.com/www.linkedin.com/company/wright-ford-young-&-co.
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Newsletter and Updates.
accounting, blog, cpa, facebook, follow, linkedin, wfy, and wright ford young.
accounting, blog, cpa, facebook, follow, linkedin, wfy, and wright ford young.
Understanding the Components of a Buy-Sell Agreement
You want to protect your company against disruptive, harmful, and nonproductive owners, which may include divorced spouses, competitors, and disgruntled former employees. And you’re also thinking that your estate needs protection. You decide to enter into a buy-sell agreement while the interests of the parties—your partners and yourself—are aligned or at least not sufficiently misaligned that it would be impossible to discuss the business and valuation aspects of these agreements. You know that when a trigger event occurs, the interests of the parties—buyers and sellers—may diverge and agreement over pricing and terms can become difficult or impossible to achieve. The
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Wondering if You’re Eligible for R&D Credits
If you’re a business owner who wants to eliminate the uncertainty in developing a new product or improving an existing one, you’re probably engaging in research and development. Unfortunately for them, many business owners don’t realize that in some cases, R&D expenditures may be eligible for a tax deduction. Or perhaps they think that some expenses are deductible when they’re not. The IRS notes that “R&D expenditures generally include all expenditures incident to the development or improvement of a product.” The term “product” has a wide range in this context and can include: Formula Invention Patent Pilot Model Process Technique
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Could Your Business Benefit from the Work Opportunity Tax Credit?
If you plan to hire new employees this year, you’re not alone. Employment statistics ended 2015 on a positive note. In addition, roughly 242,000 new jobs were added in February and the unemployment rate fell to 4.9%, its lowest level in eight years. Several recent studies indicate that the hiring momentum will continue in 2016. Hiring new employees could also earn you a credit on your tax return, if you meet certain requirements. The Work Opportunity tax credit is a tax break for qualified wages paid to new employees from certain targeted groups. This credit has undergone several changes since
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