Tax Guidance on Crypto and Virtual Currency

Manny Trelles, CPA Tax Manager   Recently, the IRS issued additional guidance on crypto and virtual currency. The guidance addressed concerns regarding the timing of income recognition, tax basis, and clarification on terms…

Should My Business Be Filing Income/Franchise Taxes in Other States?

By Ryan Working, CPA, MST Tax Director   As a small to midsize business navigating the world of state income/franchise taxes can be difficult.  Every state has different rules, tax rates, and requirements for filing.  In…
contribution plan revisions

Defined Contribution Plan Revisions Issued for 2023 Plan Years and More

Dean Smith, CPA Audit & Accounting Partner   Revisions affecting defined contribution plans (including 401(k), money purchase and ESOP plans) subject to independent audits have been issued for 2023 plan years and beyond. On…

Update on Report of Foreign Bank and Financial Accounts (FBAR)

Manny Trelles, CPA Tax Manager   Recently, the US Supreme Court held that the $10,000 penalty for a non-willful failure to file a Report of Foreign Bank and Financial Accounts (FBAR) for foreign accounts accrued per report,…

IRS and CA Extend Payment and Filing Deadlines to October 16 for CA Disaster-Area Taxpayers

Richard A. Huffman, CPA, MST Tax Partner   The IRS and California recently announced that disaster-area taxpayers who reside in or have a business in the following California counties will now have until October 16, 2023 to…
administrative assistant

New Tax Administrative Assistant Joins WFY in February

In February, Wright Ford Young & Co. welcomed Cristina Hargett to our firm. Cristina joined us as a Tax Administrative Assistant in our tax department. We are thrilled to welcome Cristina to the firm. Cristina Hargett Cristina…

SDI Wage Base Cap Eliminated Starting in 2024

Manny Trelles, CPA Tax Manager   Governor Newsom signed SB 951 on September 30, 2022 repealing the wage ceiling for contributions into California’s State Disability Insurance (SDI) fund beginning January 1, 2024. This means…
three new hires january

WFY Welcomes Three New Hires in January

Wright Ford Young & Co. welcomes three new hires to our tax department and estate and trust department this month. Jonathan Djahanbani joined our estate and trust department, and Hannah Carbone and Justus Huang joined our tax department.…
ashley winston

Ashley Winston Joins WFY as Director of Firm Administration

At the start of the year, Ashley Winston joined Wright Ford Young & Co. as our Director of Firm Administration. Ashley will be handling our office’s day-to-day operations to help our office continue to run smoothly and successfully…
tax extension ca storm victims

IRS Extends Payments and Filing Deadlines to May 15 for CA Storm Victims

Richard A. Huffman, CPA, MST Tax Partner   Victims of the most recent California storm now have until May 15, 2023 to file various federal individual and business tax returns and make tax payments. The IRS announced January…

New Transfer Tax on All Real Property Sales Over $5 Million in LA

Manny Trelles, CPA Tax Manager   Measure ULA (aka the “Homelessness and Housing Solutions Tax”) was recently approved by voters in the City of Los Angeles. The new transfer tax is set to start April 1st, 2023. The transfer…
three new hires november
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Three New Hires Join WFY in November

In November, Wright Ford Young & Co. welcomed three new hires to our tax department and audit department. Jenifer Hwang joined our tax department, and Sean Berlin and Tyler Connally joined our audit department. Welcome to the WFY team,…