In California, if you are an officer and the sole shareholder of a corporation (or the only shareholders are you and your spouse), you may elect to stop California State Disability Insurance (SDI) withholding from your wages by filing an exclusion election with the California Employment Development Department (EDD). SDI Withholding Update Effective January 1, 2024, California eliminated the SDI taxable wage limit and maximum withholding amount. This means all wages are subject to SDI withholding. The current SDI rate for 2026 is 1.3%. Example: If your wages are $500,000, SDI withholding would normally be $6,500. By electing the exclusion,
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Archives for Newsletter and Updates
The 2026 Tax Season: What High-Net-Worth Individuals & Business Owners Should Expect
Since the tax filing season starts on January 26, the U.S. federal tax landscape has shifted significantly due to major legislation enacted in 2025. For high-net-worth individuals (HNWIs) and business owners, understanding these changes now can unlock tax savings, reduce liabilities, and inform smart planning decisions before year-end. Major Tax Legislation: One Big Beautiful Bill Act (OBBBA) The One Big Beautiful Bill Act (OBBBA), signed in July 2025, represents the most sweeping overhaul of the U.S. tax code in years and will shape the 2026 tax season. It permanently extends many of the Tax Cuts and Jobs Act (TCJA) provisions
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New Additions Join WFY Team in January
In January, our firm had twenty new additions join WFY. We are excited to welcome this group of people to our team! Bill Torres Bill Torres joined Wright Ford Young & Co. as a Tax Partner with more than four decades of experience in public accounting, tax, and financial advisory services. Since beginning his career in 1985, he has advised individuals, closely held businesses, fiduciaries, and estates on complex domestic and international tax matters, with deep expertise spanning compliance, planning, controversy, and transactional consulting. Before joining WFY, Bill founded and operated his own firm for 30 years through experience developed
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WFY Announces Merger of Bill Torres & Company, Inc.
Wright Ford Young & Co. (WFY), an Orange County based CPA firm, is excited to announce the merger of Bill Torres & Company, Inc. effective Jan. 1, 2026. Bill Torres & Company, Inc. has been operating for over 30 years with an expertise in tax and accounting services for privately held companies and high net worth individuals. “This merger is a strong addition to our firm,” says Jeff Myers, Managing Partner of WFY. “It will give us a presence in Los Angeles and allow us to expand our international tax services to better serve our clients.” Bill Torres & Company,
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WFY Earns Spot on OCBJ’s 2025 Companies That Care List
Wright Ford Young & Co. (WFY) is proud to be recognized as a 2025 Companies That Care Honoree by the Orange County Business Journal, an annual accolade celebrating businesses that go above and beyond in philanthropy, volunteerism, and community engagement. This prestigious designation affirms WFY’s enduring commitment to making a meaningful difference in the lives of those across Orange County. At the core of Wright Ford Young & Co.’s mission is a deep-seated dedication to community enrichment—extending well beyond exceptional accounting services. For years, the firm has infused its business values with purpose, ensuring that success is shared with the
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WFY Welcomes Two New Hires to Firm
In December, our firm welcomed two new additions to our tax department. We are excited to have these new hires join WFY! Matthew Russo Matthew Russo joined WFY in December as a Tax Supervisor. Matthew graduated from CSU Fullerton in 2017 and has been working in public accounting for eight years at a variety of firms. In public accounting, he specializes in commercial and residential real estate along with large tangible trade or business S-corporations with multistate nexus analysis. Matthew has also dealt with high-net-worth individuals including AMT preference adjustments related to incentivized stock options. During his free time, Matthew
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Year-End Tax Planning Strategies for High-Net-Worth Individuals and Business Owners
As we approach the end of 2025, Wright Ford Young & Co CPAs is committed to helping our clients make informed decisions that minimize tax liability and maximize financial opportunities. Year-end tax planning is especially critical this year, given recent legislative changes and evolving strategies for high-net-worth individuals and business owners. Below are key moves to consider before December 31. Charitable Giving: Act Before New Limits Take Effect OBBBA introduces new restrictions starting in 2026: A 0.5% of AGI floor for itemized charitable deductions. A cap limiting the tax benefit of itemized deductions to 35% for top-bracket taxpayers (down from
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New Senior Audit Manager Joins WFY in November
In November, WFY welcomed a new addition to our audit department: Freddy De Haro. We are thrilled to have him join WFY! Freddy De Haro At the beginning of November, Freddy De Haro started with WFY as a Senior Audit Manager in our audit department. Freddy graduated from CSU Fullerton with a degree in Business Administration with an emphasis in Accounting. He has 14 years of experience in both public and private accounting and includes firms similar to WFY. In his spare time, Freddy enjoys working out and spending time with his wife, daughter, and pet poodle, Cookie. Interested in
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FASB Issues ASU 2025-06: Modernizing Internal-Use Software Accounting
Cyndi LeBerthon, CPA Partner in Charge – Audit Department A long overdue update to how companies accounting for internal-use software has been issued. On September 18, 2025, the FASB issued ASU 2025-06, titled Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software. This update marks a significant step in modernizing the accounting for software development costs in an era where cloud computing and agile development dominate the technology landscape. Entities may apply the guidance prospectively or retrospectively, based on their preference. The ASU is effective for public business entities for fiscal years beginning after
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Key Changes for Estate & Trust Planning Under the ‘One Big Beautiful Bill Act’
Nancy Van Lanen, CTFA, EA Estate & Trust Partner The new One Big Beautiful Bill Act has rewritten some of the most important estate and trust tax rules. We’ve highlighted the updates that matter most for high-net-worth individuals and anyone focused on smart estate planning. Effective Start: January 1, 2026 (unless otherwise noted) Estate, Gift & GST Tax Exemptions Permanently Raised Starting in 2026, the federal estate and gift tax exemption increases permanently to $15 million per person ($30 million per married couple) and will be annually indexed for inflation. The Generation-Skipping Transfer (GST) exemption also increases to $15
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