adjusted basis

Importance of Keeping Track of Adjusted Basis of Your Home

Thomas Kim, CPA Tax Director   As a homeowner, understanding the concept of "adjusted basis" and keeping track of it is crucial for when it comes to reducing or even eliminating taxes related to the sale or disposition of your…
foreign markets

Tax Considerations for Expanding Operations Into Foreign Markets

Manny J. Trelles Tax Director   United States persons (defined as any US citizen, permanent resident alien, entity organized under US laws, or any person in the US) who continue to seek and expand into foreign markets to maintain…
gift tax

Prepare for the Estate and Gift Tax Sunset Now

Greg Lambourne, Esq Senior Planning Consultant Nancy Van Lanen, CTFA, EA Estate & Trust Tax Director   Every taxpayer in the United States is subject to certain transfer taxes for gifting away wealth during their…

Tax Guidance on Crypto and Virtual Currency

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…

Should My Business Be Filing Income/Franchise Taxes in Other States?

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…

Defined Contribution Plan Revisions Issued for 2023 Plan Years and More

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…

Update on Report of Foreign Bank and Financial Accounts (FBAR)

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,…

IRS and CA Extend Payment and Filing Deadlines to October 16 for CA Disaster-Area Taxpayers

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…

SDI Wage Base Cap Eliminated Starting in 2024

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…
tax extension ca storm victims

IRS Extends Payments and Filing Deadlines to May 15 for CA Storm Victims

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…

New Transfer Tax on All Real Property Sales Over $5 Million in LA

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…
three new hires november
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Three New Hires Join WFY in November

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,…