Archives for Industry News

Bracket Changes and More From the IRS

December 13, 2017 | by | Comments Off on Bracket Changes and More From the IRS

You haven’t even filed your 2017 taxes yet, but the IRS has already announced changes that will affect your 2018 taxes, which you’ll be filing in 2019. The changes were announced in Revenue Procedure 2017-58, which runs 28 pages, but below are some key points. How do these changes impact you? Of course, if any meaningful tax reform is passed, anything can be changed. We’ll keep you posted on any developments that affect you. The standard deduction for married filing jointly rises to $13,000 for tax year 2018, up $300. For single taxpayers and married individuals filing separately, the standard deduction
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Categories: Industry News and Newsletter and Updates.
Tags: cpa, deduction, exemption, tax, tax bracket, taxation, taxpayers, wfy, and wright ford young.

Big Changes in Social Security and Retirement Plans for 2018

November 16, 2017 | by | Comments Off on Big Changes in Social Security and Retirement Plans for 2018

From 401(k) plans to individual retirement accounts to Social Security, the federal government has been busy in recent weeks adjusting numbers for 2018. Whether you’re an employee or business owner, senior management or nonexempt staff, these changes may affect how you approach retirement in the coming months and years. Social Security: New ceilings First, let’s start with what is not changing. The 7.65 percent Social Security deduction remains the same. And as before, it’s doubled to 15.30 percent for the self-employed. However, the maximum earnings subject to Social Security rises from $127,200 to $128,700, a $1,500 increase. The Society for Human Resource
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Categories: Industry News and Newsletter and Updates.
Tags: 401k, cpa, plan, retirement, social security, tax, wfy, and wright ford young.

Senate Tax Plan Outline Released

November 15, 2017 | by | Comments Off on Senate Tax Plan Outline Released

The Senate Republican’s tax reform plan was released last week. Several proposals changed from the House Tax bill. The key changes in the plan from the current law are as follows: Individuals: Current tax rates: Seven brackets from 10% to 39.6%. Proposed tax rates: Seven brackets at 10%, 12%, 22.5%, 25%, 32.5%, 35% and 38.5%. Current standard deduction: $6,350 individuals and $12,700 married filing joint. Proposed standard deduction: $12,000 individuals and $24,000 married filing joint. Elimination of personal exemptions, worth $4,050 per person. Increase child tax credit from $1,000 to $1,650 and add a $500 credit for nonchild dependents. Eliminate
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Categories: Industry News and Newsletter and Updates.
Tags: bill, cpa, deduction, house bill, individuals, proposals, senate bill, tax, tax reform, wfy, and wright ford young.

House Tax Bill Outline Released

November 2, 2017 | by | Comments Off on House Tax Bill Outline Released

On the heels of the recently passed 2018 budget resolution that allows for tax legislation to increase the federal deficit by $1.5 trillion over 10 years the House Republican leaders released details of its tax overhaul plan. The key changes in the plan from the current law are as follows: Individuals: Current tax rates: Seven brackets from 10% to 39.6%. Proposed tax rates: Four brackets at 12%, 25%, 35% and 39.6%. Current standard deduction: $6,350 individuals and $12,700 married filing joint. Proposed standard deduction: $12,000 individuals and $24,000 married filing joint. Elimination of personal exemptions, worth $4,050 per person. Increase
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Categories: Industry News and Newsletter and Updates.
Tags: cpa, house tax bill, tax, taxation, wfy, and wright ford young.

Estate and Gift Tax 2018 Inflation Adjustments

October 26, 2017 | by | Comments Off on Estate and Gift Tax 2018 Inflation Adjustments

On October 19th, the IRS issued Revenue Procedure 2017-58, the annual inflation adjustments for 2018 for many tax provisions, including exemptions for estate, gift and generation-skipping transfer (GST) taxes as well as the annual exclusion amount for gifts as follows: Estate, Gift and GST Tax Exemption Increases to $5,600,000. For estates of decedents who pass away during 2018, and for gifts made during 2018, the combined estate and gift tax exemption will increase to $5,600,000, up from a total of $5,490,000 for estates of decedents in 2017.  The generation-skipping transfer exemption increased as well to $5,600,000. In 2018 an individual can
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Categories: Industry News and Newsletter and Updates.
Tags: cpa, estate, exemptions, gifts, IRS, tax, trust, wfy, and wright ford young.

What to Do After the Hurricane

October 4, 2017 | by | Comments Off on What to Do After the Hurricane

Those pictures you see from Hurricane Harvey and Hurricane Irma – ordinary people out there in waist-high water, rescuing both their neighbors and strangers, coming from other states and other counties – demonstrate yet again not only the resilience of Americans but our decency in reaching out to others without a thought to personal safety. It also makes us all think: What would I do if such a natural disaster were to strike my home or business? What follows are the resources available, especially if you are in Texas or Florida. Even if you’re not in this area, you may have
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Categories: Industry News and Newsletter and Updates.

Unified Framework for Tax Reform

September 28, 2017 | by | Comments Off on Unified Framework for Tax Reform

Republican lawmakers released on Wednesday a “unified framework” for tax reform designed to cut tax rates, simplify the Internal Revenue Code, and provide a more competitive environment for business. The key changes are as follows: Individuals: Current tax rates: Seven brackets from 10% to 39.6%. Proposed tax rates: Three brackets at 12%, 25% and 35%. Current standard deduction: $6,350 individuals and $12,700 married filing joint. Proposed standard deduction: $12,000 individuals and $24,000 married filing joint. Elimination of personal exemptions, worth $4,050 per person. Repeal of the alternative minimum tax. Repeal of the estate and generation-skipping transfer tax. Eliminate most itemized
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Categories: Industry News and Newsletter and Updates.
Tags: business, cpa, deductions, individual, tax, tax reform, trump, unified framework, wfy, and wright ford young.

How to Protect Yourself From the Equifax Data Breach

September 21, 2017 | by | Comments Off on How to Protect Yourself From the Equifax Data Breach

If you have not already done so, you should immediately check your potential impact from the massive cyber security incident at Equifax which may have affected 143 million people. Follow the recommended steps from the Federal Trade Commission located here to see your potential impact. Your security is important to us, please email us at info@cpa-wfy.com or contact us here if you have any additional questions or concerns.  
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Categories: Industry News and Newsletter and Updates.
Tags: breach, cpa, cyber security, equifax, federal trade commission, protect, tax, wfy, and wright ford young.

Wondering About a 1031 Exchange

August 9, 2017 | by | Comments Off on Wondering About a 1031 Exchange

Perhaps you’ve heard of 1031 exchanges or like-kind exchanges, but you’re unsure of the benefits or whether you even qualify. The Internal Revenue Code 1031 is available to those who hold a property that qualifies as productive use in business or investments. If you have a piece of investment property, a 1031 exchange allows you to swap it for a similar property. What is a 1031 exchange? This type of exchange happens when an investor trades his or her real property for a similar or “like-kind” property. Investment properties such as shopping malls, residential buildings, stadiums and more can all
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Categories: Industry News and Newsletter and Updates.
Tags: 1031 exchange, accounting, cpa, deadline, exchange, tax, wfy, wright ford young, and wright ford young & co.

Could Your Business Benefit from the Work Opportunity Tax Credit?

March 22, 2016 | by | Comments Off on Could Your Business Benefit from the Work Opportunity Tax Credit?

If you plan to hire new employees this year, you’re not alone. Employment statistics ended 2015 on a positive note. In addition, roughly 242,000 new jobs were added in February and the unemployment rate fell to 4.9%, its lowest level in eight years. Several recent studies indicate that the hiring momentum will continue in 2016. Hiring new employees could also earn you a credit on your tax return, if you meet certain requirements. The Work Opportunity tax credit is a tax break for qualified wages paid to new employees from certain targeted groups. This credit has undergone several changes since
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Categories: Industry News and Newsletter and Updates.