Angela Tang, CPA Estate and Trust Supervisor Election day on November 3rd is upon us, and the outcome may determine the future landscape for Estate and Gift Tax policy for next year and beyond. High Net Worth Individuals (HNW) should consider the potential changes for individual lifetime estate and gift tax exemption amounts and take appropriate actions to meet their individual estate tax planning goals. Currently, individuals are able to gift or bequest $11.58 million, free of estate and gift taxes, to their beneficiaries. The amounts will sunset after 2025 to $5 million (inflation indexed) as part of the
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Archives for Newsletter and Updates
WFY Welcomes New Audit Staff Member
Wright Ford Young & Co. is expanding! We would like to introduce Teresa Gerhold as our newest addition to our Audit Department. WFY is pleased to welcome Teresa to our team. Teresa Gerhold This week, Teresa joined WFY as Audit Staff in our Audit Department. She graduated from Chapman University in May with a Bachelor’s degree in Accounting and a minor in Data Analytics. Her previous experience in accounting includes a tax internship in the Bay Area. After taking an audit class in the Fall of 2019, Teresa decided to pursue her career in audit instead. In her downtime, she
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Company News and Newsletter and Updates.
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accountant, accountants, accounting, accounting firm, audit, audit staff, business, ca, california, careers, certified public accountants, cpa, cpa firm, firm, irvine, new hires, oc, orange county, southern california, tax, tax firm, taxation, taxes, wfy, wright ford young, and wright ford young & co.
Partner Andy Bautista Featured in Podcast Discussing COVID-19 Topics
As we continue through this global COVID-19 pandemic, challenges can arise for businesses that were not visible a few months ago. Our Tax Partner, Andy Bautista, recently contributed to a podcast that discusses common challenges that businesses are facing throughout the pandemic. In this episode of The Business Talks Podcast, Andy begins his discussion on the important tax impacts this year at the 8 minute mark of the podcast. He touches base on topics such as tax planning for 2020, PPP loans, higher potential tax rates with an administration change, and more. Andy joined other local business specialists Michael Krengel,
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Company News and Newsletter and Updates.
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accountant, accountants, accounting, accounting firm, business, ca, california, certified public accountants, coronavirus, covid, covid19, cpa, cpa firm, irvine, newsletter, oc, orange county, pandemic, small business, southern california, tax, tax firm, taxation, taxes, wfy, wright ford young, and wright ford young & co.
SBA Releases PPP Flexibility Act Guidance and Revised Forgiveness Application Form
Richard A. Huffman, CPA, MST Tax Partner The Small Business Administration has released additional Paycheck Protection Program (PPP) guidance and revised the forgiveness application form to align with the Paycheck Protection Program Flexibility Act which was signed into law on June 5, 2020. Highlights of the updates are as follows: 1. For non-owners included compensation is 24 weeks of compensation up to $100,000 with a maximum per employee amount of $46,154. 2. For owners (S and C corporation owner-employees, self-employed individuals and general partners) the included compensation is the lesser of 2.5 months of 2019 compensation or $20,833. 3. Employer
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Newsletter and Updates.
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accountants, accounting, accounting firm, audit, auditing, ca, california, cpa, cpa firm, ford, irvine, orange county, ppp, ppp loan, sba, southern california, tax, tax firm, taxation, wfy, wright, wright ford young, and young.
BREAKING NEWS: Significant Taxpayer Friendly Changes to the Paycheck Protection Program
Richard A. Huffman, CPA, MST Tax Partner The Senate just passed the House bill, called the Paycheck Protection Flexibility Act which is expected to be signed into law by the president. The law will extend the Paycheck Protection Program (PPP) loan forgiveness period from eight weeks to twenty four weeks and reduce the payroll forgiveness spend requirement from 75% to 60%. Loan recipients now have until December 31, 2020 to complete their twenty four week spend period and to meet the restoration of workforce and pay requirements. However, if at least 60% of the loan is not spent on payroll,
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WFY Welcomes Two New Hires to Audit Department
This month, Wright Ford Young & Co. is pleased to announce we have two new hires joining our team. Mimi Duong will be joining as an Audit Staff and Lauren Gilmour will be joining as an Audit Intern in our audit department. WFY is pleased to welcome these new hires to our team. Mimi Duong At the end of May, Mimi Duong started a position with WFY as Audit Staff. She will be graduating CSUF later this year with a Business Administration degree with a concentration in Accounting. In her spare time, she enjoys spending time with friends and family,
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Roth IRA Conversion During Coronavirus – Is Now the Right Time?
Cheryl Shelton, JD Tax Supervisor Roth IRA’s have two big tax advantages: Tax-free withdrawals and exemption from required minimum distributions. But converting a traditional IRA into a Roth IRA is a taxable distribution. While in the midst of the coronavirus, is 2020 the right time to make the conversion? Here are some reasons why it might be the ideal time to do a complete or partial conversion: Low tax rates Stock market decline Reduced income The tax rates are the lowest they have been in a while due to the TCJA (they are scheduled to last through 2025). If
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Why Gifting During an Economic Downturn May Be Right for You
Janelle Tokunaga, CPA, MST Tax Supervisor While it may seem like there has been a shortage of good news lately, we wanted to bring your attention to a few bright spots that have come about during our current economic downturn. With the extra time you have at sheltering in place, it may be a good time to revisit your current estate and gift plan. To recap: the 2020 Federal lifetime exemption is $11.58 million per person, including inflation, and the 2020 annual Federal gift exclusion is $15,000 per donee and donor. The current economic market is showing decreased values
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Newsletter and Updates.
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Non-Deductibility of PPP Related Expenses to the Extent of Forgiven PPP Funds (IRS Notice 2020-32)
Janet Kim, CPA, MST Tax Director The IRS released Notice 2020-32 on April 30, 2020, which provides guidance on the deductibility of expenses paid with Paycheck Protection Program (PPP) loan proceeds that are forgiven and excluded from the borrower’s income. The IRS has determined otherwise deductible expenses that are paid with PPP funds may not be deductible for federal income tax purposes to the extent the expenses were reimbursed by a PPP loan that was then forgiven. The PPP was created by Section 1106 of the Coronavirus Aid, Relief, and Economic Security Act (CARES Act). Under the PPP, the
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Business Transition Preparedness Post COVID-19
During the ongoing management of COVID-19 restrictions, we are all trying to determine and assess the short- and long-term damage on businesses, the economy, and the capital markets. While we don’t pretend to have answers better than others, we would like to share our thoughts on the impact of the virus on M&A transactions. First off, we don’t want to trivialize the health impact imposed by the pandemic nor the human element of lost jobs, life disruptions, and family separations. Our intent is to provide our strategic thoughts while we try to maintain a sense of normalcy. Prior to the
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