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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,…
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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…
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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
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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…
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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,…
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…
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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…