This month, our firm had new additions join all three of our departments at WFY. We are thrilled to have these new hires join WFY! Lisa Sun Lisa Sun started with WFY this month as our newest Estate & Trust Tax Manager. Lisa has been working in public accounting for over twelve years at firms ranging from small firms to nationwide firms. She specializes in private client services. Outside of the office, Lisa’s hobbies include spending time with family and friends, jiu jitsu, gardening, being active, and baking. Nguyen Pham In mid-July, Nguyen Pham joined our firm as one of
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Archives for Newsletter and Updates
Director of Business Development Byron Culp Featured in OCBJ Article
At the beginning of July, our Director of Business Development Byron Culp was featured in OCBJ for being welcomed to the Board of Directors at WISEPlace. WISEPlace is an organization that leads the effort of ending homelessness for unaccompanied individuals through housing solutions and empowering wrap-around services that provide a path toward personal self-reliance. Culp has been on the Board of Directors since 2022 and helps unaccompanied women experiencing homelessness through his professional network, fundraising efforts, and community engagement. Click the link below to read the full OCBJ article. On the Move: WISEPlace Welcomes Michael Boos, Erin Giglia,and Byron Culp
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Charitable Contributions: Smart Strategies and Documentation Tips for 2025
Jinhee Park, CPA Tax Manager Charitable giving can make a real difference for your favorite causes—and for your tax bill. Here’s what you need to know about the latest rules, including how to maximize your deduction and what records you’ll need for different types of gifts. Key Deduction Limits for 2025 Cash donations: Deduct up to 60% of your adjusted gross income (AGI) for gifts to public charities. Appreciated assets (like stocks): Deduct up to 30% of your AGI. Standard deduction: $15,000 for single filers and $30,000 for married couples; you must itemize to deduct charitable gifts. Donating Appreciated
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Four New Hires Join WFY
WFY welcomed new additions to our tax department and estate and trust department. We are excited to have these four new hires join our team. Andrea Gonzalez Andrea Gonzalez recently joined our firm as an Estate & Trust Tax Senior. She graduated from San Diego State University in 2021 with a Bachelor’s degree in Business Administration. Andrea has over four years of experience in public accounting. Her background includes bookkeeping and tax primarily with high net worth individuals and real estate pass through entities. Prior to WFY, she worked at another accounting firm and joined WFY to fully specialize her
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How Rental Losses Can Help Offset Your W-2 Wages or Business Income
Thomas S. Kim, CPA Tax Partner When most people think about owning rental property, they focus on the extra monthly cash flow. But there’s another side to rental real estate that’s just as valuable: the potential tax savings that come from rental losses. With the right strategy, certain types of rental losses — often created by depreciation and other deductions — can help reduce your ordinary taxable income, such as W-2 wages or income from a business. However, not all rental losses automatically offset other types of income. The rules depend on how the rental activity is classified for
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‘One Big Beautiful Bill’ Signed Into Law: What It Means for Business Owners and High-Net-Worth Individuals
Richard Huffman, CPA, MST Tax Partner After extensive negotiations Congress has passed and the President has signed into law the ‘One Big Beautiful Bill’ – one of the most comprehensive tax and financial reform packages in recent years. The legislation includes a broad range of provisions affecting business owners and high-net-worth individuals that should be taken into consideration for future tax planning. Here are the key provisions of the final version that we believe are most important to business owners and high-net-worth individuals as follows: Business Owners: Bonus Depreciation Permanently extends the 100% first-year (bonus) depreciation deduction for qualifying
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The One Big Beautiful Bill Act: House v. Senate Comparisons
The One Big Beautiful Bill Act is a sweeping 400-page tax and budget reconciliation proposal. The House passed its version on May 22, 2025, and the Senate Finance Committee released its version on June 16, 2025. Both versions seek to permanently extend or modify expiring provisions of the Tax Cuts and Jobs Act (TCJA) of 2017, while eliminating many green energy credits from the Inflation Reduction Act. Below is a structured comparison of the House and Senate versions: Comparison Chart: House vs. Senate Versions Provision House Version Senate Version Standard Deduction Permanent extension + temporary increases
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WISEPlace Opens New Housing Community in OC for Domestic Violence Survivors
In May, WISEPlace had its grand opening of WISEPlace on Broadway, the first permanent supportive housing (PSH) community in our nearly 100-year history. At the grand opening, there were more than 200 partners and supporters who joined in on the celebration. The celebration was even featured on KTLA 5 News. The historic renovation and modern expansion provides vital support services and permanent affordable housing for 47 residents plus a unit for the onsite site property manager totaling 48 housing units. The spaces include the service areas, wellness and fitness rooms, and outdoor courtyard with community gardens and room for domestic
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WFY Welcomes Five New Hires to Firm
Earlier this month, WFY welcomed new hires to our audit department and administration. We are thrilled to have them join our team! Robert Wright Robert Wright started with WFY in June as one of our newest Audit Staff. He previously interned with our firm last May as an Audit Intern. Robert graduated from CSU Fullerton with his Bachelor’s degree in Business Administration with a concentration in Accounting. In his spare time, he likes hanging out with friends and watching movies. Muriel Nguyen At the start of the month, Muriel Nguyen joined our audit department as an Audit Intern. She is
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If You Own a Foreign Entity, You Might Need to Complete a Survey
Vrinda Jagad International Tax Manager BEA Benchmark Survey Requirement for US Direct Investment Abroad The Bureau of Economic Analysis (BEA), US Department of Commerce, conducts a BE-10 benchmark survey of US Direct Investment Abroad every five years. This survey is used by the Department of Commerce to gather foreign investment information and produce statistics. Who is required to file this survey? Any US person that directly or indirectly owns or controls at least 10% of any foreign incorporated or unincorporated business enterprise at end of the US person’s 2024 fiscal year. US person includes individuals, entities, trusts and estates
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