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,…
tax law changes
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The Newest Tax Law Sunset Changes

Richard A. Huffman, CPA, MST Tax Partner   The 2017 Tax Cuts and Jobs Act was passed under the tax neutral reconciliation rules and included a significant amount of tax law changes that begin to adjust this year. Here are the…
update inflation reduction act
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UPDATE: The Inflation Reduction Act of 2022

Jonathan Smeragliuolo, CPA Tax Director   On August 16, 2022, President Joe Biden signed the Inflation Reduction Act of 2022 into law. The provisions included in the Act are intended to address the climate crisis, lowering…
inflation reduction act
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Information About The Inflation Reduction Act of 2022

Jonathan Smeragliuolo, CPA Tax Director   On July 27, 2022, Senators Chuck Schumer and Joe Manchin announced an agreement to add the Inflation Reduction Act of 2022 to the current Budget Reconciliation bill – with a vote…
expenses
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Tax Exempt Gifts of Tuition and Medical Expenses

Gregory Lambourne, Esq. Senior Planning Consultant   You may be aware that the tax code grants taxpayers a $16,000 annual exemption from gift and generation-skipping transfer (GST) taxes. That means you (and every other taxpayer…
employee benefit plans
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Key Take-Aways from 2022 AICPA & CIMA Employee Benefit Plans Conference

By Jennifer Haddad, CPA Audit Partner, ERISA Plan Audits Audit Director   Every year, Wright Ford Young & Co. attends the annual AICPA & CIMA Employee Benefit Plans Conference. The multi-day conference includes a comprehensive…
june 15
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Top Considerations for June 15 CA Passthrough Payment Deadline

Richard A. Huffman, CPA, MST Tax Partner   The June 15 deadline is approaching for the mandatory prepayment of the 2022 California passthrough entity elective tax workaround deposit. Important details to consider are as follows: Benefit By…
retirement plan
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CA Employers Must Have Retirement Plans for Employees by June 30

By June 30, 2022, any California business owners with five or more employees are required to have a retirement plan for their employees. California businesses with five or more employees must comply with the statewide mandate and offer…
irs delays
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Expect IRS Delays on Paper Filed Tax Returns

Hani Sharestan, CPA, MST Tax Partner   In amidst of the 2021 tax season, you should expect delays from the IRS in processing paper filed tax returns that require manual processing. Based on a recent published report, the…
elective tax credit
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Update on CA Passthrough Entity Elective Tax Credit

Richard A. Huffman, CPA, MST Tax Partner   The California Passthrough Entity Elective Tax Credit (CA PTE) meant for S-corporations and partnerships was initially flawed due to certain entities being excluded and the resulting…
2022 payroll tax
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2022 Payroll Tax & Auto Mileage Rate Changes

By Bonnie Thompson Beginning January 1, 2022 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 tax…
family-owned
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WFY Sponsors OCBJ’s Family-Owned Business Awards

On Thursday, August 26th, Wright Ford Young & Co. was a platinum sponsor at the Family-Owned Business Awards by Orange County Business Journal (OCBJ). The luncheon honored all the nominees and winners to celebrate and recognize family-owned…