ppp
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Non-Deductibility of PPP Related Expenses to the Extent of Forgiven PPP Funds (IRS Notice 2020-32)

Janet Kim, CPA, MST Wright Ford Young & Co., CPAs   The IRS released Notice 2020-32 on April 30, 2020, which provides guidance on the deductibility of expenses paid with Paycheck Protection Program (PPP) loan proceeds that…
business transition
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Business Transition Preparedness Post COVID-19

During the ongoing management of COVID-19 restrictions, we are all trying to determine and assess the short- and long-term damage on businesses, the economy, and the capital markets. While we don’t pretend to have answers better than others,…
cares act
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Learn the Business Benefits of the CARES Act

Our WFY Tax Partner, Richard Huffman, has created a 15-minute video presentation to illustrate the benefits your business may qualify for under the CARES Act.  Included are the Paycheck Protection Program Loans, Employee Retention Credit and…
economic impact payment
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IRS Launches Economic Impact Payment Direct Deposit Portal

Today, the IRS launched a portal specifically focusing around the Economic Impact Payment. The portal is designed for taxpayers to check the status of their stimulus payment, set up direct deposit, and more.  Click here to visit the Economic…
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Disaster Relief Payment Tax Assistance to Employees Affected by COVID-19

By Richard A. Huffman, CPA, MST The national emergency declaration on March 13 triggered a tax benefit which allows employers to make non-taxable qualified disaster relief payments to employees for reasonable and necessary expenses resulting…
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The Senate and House Passes CARES Act of 2020

Richard A. Huffman, CPA, MST Wright Ford Young & Co, CPAs On March 27th, 2020, the House passed an amended version of the Senate’s Coronavirus Aid, Relief, and Economic Security (CARES) Act sending to the President to sign into law. The…
payroll tax
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Changes with 2020 Payroll Tax and Standard Auto Mileage Rate

by WFY Accountant, Bonnie Thompson Beginning January 1, 2020, 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…
law
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CA Governor Signed Law to Conform to Federal Tax Law Changes

The California governor signed law AB 91, also known as the "Loophole Closure and Small Business and Working Families Tax Relief Act of 2019" which partially conforms to certain provisions of the Federal Tax Cuts and Jobs Act, some of the significant…
calcpa
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Cyndi LeBerthon Appointed Chair of CalCPA Peer Review Committee

Wright Ford Young & Co.'s Audit Partner, Cyndi LeBerthon, has been appointed Chair of the CalCPA Peer Review Committee for the term 2019 through 2021. This committee of 20 members is responsible for overseeing all peer reviews of CPA…
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WFY Hosts MGI North America West Coast Area Meeting

On January 4th, Wright Ford Young & Co. hosted the MGI North America West Coast Area Meeting at our offices in Irvine, CA. Joe Tarasco, Regional Director, and Nancy Damato, Director of Marketing, starting the meeting off by talking about…