Archives for Industry News

Making Large Gifts Now Won’t Harm Estates After 2025

November 29, 2018 | by | Comments Off on Making Large Gifts Now Won’t Harm Estates After 2025

On November 20th, the IRS announced individuals taking advantage of the increased gift and estate tax exclusion amounts in effect from 2018 to 2025 will not be adversely impacted after 2025 when the exclusion amount is scheduled to drop to levels before 2018. The Treasury Department and the IRS issued proposed regulations which implement changes made by the 2017 Tax Cuts and Jobs Act (TCJA).  As a result, individuals planning to make large gifts between 2018 and 2025 can do so without concern that they will lose the tax benefit of the higher exclusion level once it decreases after 2025.
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Categories: Industry News and Newsletter and Updates.
Tags: accountant, accountants, accounting, audit, business, ca, california, certified public accountants, cpa, cpa firm, deduction, estate, estate and trusts, estates, exclusion, firm, IRS, tax, tax firm, tax reform, taxation, taxes, TCJA, trusts, wfy, wright ford young, and wright ford young & co.

Tax Saving Moves to Improve Your Tax Situation

November 29, 2018 | by | Comments Off on Tax Saving Moves to Improve Your Tax Situation

Since 2018 is coming to a close now is the time to take action to proactively reduce your tax liability before the new year.  Included are a few strategies that may help with your tax situation: Harvest stock losses while substantially preserving one’s investment position. This can be accomplished by selling the shares and buying other shares in the same company or another company in the same industry to replace them, or by selling the original shares, then buying back the same securities at least 31 days later. Apply a bunching strategy to deductible contributions and/or payments of medical expenses. Beginning
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Categories: Industry News and Newsletter and Updates.
Tags: accountant, accountants, accounting, audit, ca, california, certified public accountants, contributions, cpa, cpa firm, deduction, distributions, gifts, ira, qcd, rmd, stock, tax, tax firm, tax specialists, taxation, taxes, wfy, wright ford young, and wright ford young & co.

Landmark SCOTUS Decision on Sales Tax Collection Requirements

August 8, 2018 | by | Comments Off on Landmark SCOTUS Decision on Sales Tax Collection Requirements

The U.S. Supreme Court recently issued a ruling that could have a dramatic impact on American retailers, and not only those who primarily operate on the Internet.  In what has been called the Wayfair sales tax case, the court on June 21, 2 018 said that states can impose sales taxes on businesses even if they do not have a physical presence in the state. The ruling effectively overturns Quill Corp. v. North Dakota, which was a Supreme Court decision handed down in 1992.  In that case, the court said that the Commerce Clause in the U.S. Constitution forbids states from imposing sales tax
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Categories: Industry News.
Tags: accountants, accounting, certified public accountants, cpa, cpa firm, sales tax, sales tax collection, sales tax collection requirements, scotus, tax, taxation, taxes, wfy, and wright ford young.

California Competes Tax Credit

July 25, 2018 | by | Comments Off on California Competes Tax Credit

The California Competes Tax Credit is an income tax credit for businesses wanting to stay and grow in California. The purpose is to attract and retain employers in California industries with high economic multipliers and that provide their employees good wages and benefits. Any business can apply. The credit applies to any type of business expecting to increase headcount and/or make a capital investment in California.  Businesses compete for these tax credits by asking for a percentage return on investment. California plans to grant $230 Million in Cal Competes tax credits to California businesses over three separate application rounds in
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Categories: Industry News and Newsletter and Updates.
Tags: accountants, accounting, california, california competes, california competes tax credit, certified public accountants, cpa, cpa firm, credit, income tax, income tax credits, roi, tax, tax credit, tax credits, tax firm, taxation, wfy, and wright ford young.

IRS To Issue More ACA Penalties

June 26, 2018 | by | Comments Off on IRS To Issue More ACA Penalties

The IRS began issuing Affordable Care Act (ACA) penalty assessments in its Letter 226J tax notice in November 2017. These notices are being sent to employers who the IRS identified through its recently developed Affordable Care Act Compliance Validation System “ACV” System, as having failed to comply with the ACA’s employer mandate.  So far, the IRS has issued more than 30,000 of these notices containing employer shared responsibility payments (ESRPs) assessments of more than $4.4 billion. Under the ACA, organizations with 50 or more full-time employees and full-time equivalent employees, are required to offer minimum essential coverage to at least
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Categories: Industry News and Newsletter and Updates.
Tags: aca, accountants, accounting, affordable care act, audit, certified public accountants, cpa, esrp, IRS, penalties, tax, taxation, tigta, wfy, and wright ford young.

Are you Taking Advantage of the New Tax Law Benefits?

May 31, 2018 | by | Comments Off on Are you Taking Advantage of the New Tax Law Benefits?


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Categories: Industry News and Newsletter and Updates.
Tags: accountant, accounting, act, benefits, ca, california, certified public accountants, cpa, cpa firm, distributors, law, manufacturers, new tax law, oc, orange county, orange county cpa, southern california, tax, tax changes, tax cut, tax firm, tax law, taxation, taxes, the act, wfy, and wright ford young.

What Is an Offer in Compromise with the IRS?

May 17, 2018 | by | Comments Off on What Is an Offer in Compromise with the IRS?

An offer in compromise can make you happy: “Oh boy, the IRS said yes, and my tax debts are over!” Or it can frustrate you. Let’s go over how to navigate the IRS settlement guidelines and see what an offer in compromise entails. Here’s the good news: An OIC can be a fresh start from your IRS debt. You no longer have to worry that the IRS will seize your wages or bank accounts. Your credit score will no longer show any tax liens against you — the IRS releases them all. IRS collections are put on hold and the
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Categories: Industry News and Newsletter and Updates.
Tags: accountant, accounting, bankrupt, compromise, cpa, cpa firm, debt, firm, IRS, oic, tax, taxation, wfy, and wright ford young.

How to Co-ordinate Cost Segregation with Like-kind Exchange

February 6, 2018 | by | Comments Off on How to Co-ordinate Cost Segregation with Like-kind Exchange

The Tax Cuts and Jobs Act (TCJA) was signed by the President on December 22, 2017. The TCJA is the most significant overhaul of Internal Revenue Tax code since the 1986 Tax Act under President Reagan. The Committee Report has over a thousand pages of modifications to many areas of the tax code. One piece of the new legislation (that concern most real estate investors) involves changes to the like-kind exchange rules. When certain conditions are met, no gain or loss is recognized when a taxpayer exchanges property of like-kind (used in a trade or business or for investment purposes).
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Categories: Industry News and Newsletter and Updates.
Tags: accountants, accounting, cost, exchange, federal, income, law, segregation, state, tax, tax bill, taxation, TCJA, wfy, and wright ford young.