employee retention credit
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New COVID Relief Bill Expanded Employee Retention Credit Benefits

Richard A. Huffman, CPA, MST Tax Partner   The recently enacted stimulus law expands and clarifies the CARES Act Employee Retention Credit (ERTC), key details are as follows: Beginning on January 1, 2021 and through June…
hires
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Six New Hires Join WFY

Wright Ford Young & Co. would like to welcome six new hires to our firm. We have Jerry Owens and Andrew Campos joining our Audit Department; Shannon Zhu, David Pak, and Renee Qiu joining our Tax Department; and Kirsten Capps joining our…
payroll tax
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2021 Payroll Tax and Standard Auto Mileage Rate Changes

By Bonnie Thompson Beginning January 1, 2021, the following changes go into effect for the withholding of payroll taxes and reimbursement of auto mileage. SOCIAL SECURITY The wage base for withholding social security tax has increased…
covid relief bill
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New COVID Relief Bill Signed Into Law

Richard A. Huffman, CPA, MST Tax Partner   The House and Senate passed the Consolidated Appropriations Act, 2021 (CAA, 2021) which is expected to be signed into law by the President.   The CAA, 2021 bill includes…
sales tax relief
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New California Sales Tax Relief Announced for Small Businesses

Ryan Working, CPA, MST Tax Director Back in April 2020, the Governor allowed taxpayers to apply for sales tax penalty and interest relief for 90 days for any taxpayer reporting less than $1 million in sales on their sales tax return. The…
small business hiring tax credit
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Applying and Qualifying for CA Small Business Hiring Tax Credit

Cameron Lee Tax Staff Applications have recently opened on December 1st, 2020 to apply for California's small business hiring tax credit. This past September, Governor Gavin Newsom signed SB 1447 allowing qualifying small business…
proposition 19
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CA Proposition 19 and the Qualified Personal Residence Trust

Nancy Van Lanen Estate & Trust Director The recently passed Proposition 19 in California provides expanded property tax benefits by allowing homeowners who are disabled, over 55 years of age, or whose homes were damaged in wildfire…
director

WFY Welcomes New E&T Director

Wright Ford Young & Co. would like to introduce the newest addition to our firm. Nancy Van Lanen comes to WFY as our new Estate & Trust Director. We are pleased to welcome her to the WFY team. In November, Nancy Van Lanen started…
ppp loans
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PPP Loan Forgiveness Taxability in 2020

Richard A. Huffman, CPA, MST, Tax Partner Tony Maldonado, CPA, Tax Senior While the current law states forgiven Paycheck Protection Program (PPP) loans are tax-free, the Internal Revenue Service previously issued guidance stating that…
lawyers for warriors

WFY Sponsors VLI’s Lawyers for Warriors Event

Wright Ford Young & Co. was the Title Sponsor for Veterans Legal Institute's annual Lawyers for Warriors fundraising event on November 9th. This year the event had to shift to broadcasting over live stream because of the pandemic,…