Our WFY Tax Partner, Richard Huffman, has created a 15-minute video presentation to illustrate the benefits your business may qualify for under the CARES Act. Included are the Paycheck Protection Program Loans, Employee Retention Credit and deferral and income tax benefits. Watch the video to learn which benefits apply to you. Please contact your WFY advisor to discuss how your business can benefit from these programs or you can contact us here.
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Archives for Newsletter and Updates
IRS Launches Economic Impact Payment Direct Deposit Portal
Today, the IRS launched a portal specifically focusing around the Economic Impact Payment. The portal is designed for taxpayers to check the status of their stimulus payment, set up direct deposit, and more. Click here to visit the Economic Impact Payment Direct Deposit portal. When clicking the “Get My Payment” button, taxpayers will be able to: Get their payment status Confirm their payment type (direct deposit or check) Other information if needed, such as their bank account information Taxpayers who want to accelerate the process of receiving their payment must add their bank account information and provide the following information:
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Disaster Relief Payment Tax Assistance to Employees Affected by COVID-19
Richard A. Huffman, CPA, MST Tax Partner The national emergency declaration on March 13 triggered a tax benefit which allows employers to make non-taxable qualified disaster relief payments to employees for reasonable and necessary expenses resulting from the coronavirus pandemic. Reimbursable expenses excludable from employee taxable income are as follows: Unreimbursed medical expenses including co-pays, deductibles, vitamins and supplements Increased expenses associated with being quarantined at home (e.g., increased utilities and home office expenses) Home office expenses include expenses associated with setting up or maintaining a home office such as enhanced internet connections, computer monitors, laptops, printers, office supplies,
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Avoid Phishing in the Time of COVID-19
As the uncertainty of the coronavirus pandemic continues, scammers are using different ways to gather your information and use it for ransom. Some websites are offering information on COVID-19 relief programs in exchange for signing up through them as a subscription or requesting a fee. With this, the websites hold your basic information ransom and could possibly cause you problems in the near future. WFY wants to make sure there aren’t any more problems for our clients who are already going through an ambiguous period of time. Fraud will only increase as the coronavirus pandemic goes on. Therefore, we advise
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Summary Analysis of Coronavirus Enacted Laws
Richard A. Huffman, CPA, MST Tax Partner With the recently enacted laws to help companies with the current Coronavirus pandemic, there has been confusion regarding which benefit programs will apply to what companies. In our efforts to assist you in which benefits can help you and your company, WFY has created a breakdown summary spreadsheet and flowchart below.
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Newsletter and Updates.
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accountants, accounting, benefits, california, cares act, certified public accountants, coronavirus, coronavirus help, covid, covid19, cpa, cpa firm, family first corona virus act, irvine, orange county, paycheck protection program, payroll tax credit, payroll tax deferral, ppp, sba loans, tax, tax benefits, tax firm, wfy, and wright ford young.
The Senate and House Passes CARES Act of 2020
Richard A. Huffman, CPA, MST Tax Partner On March 27th, 2020, the House passed an amended version of the Senate’s Coronavirus Aid, Relief, and Economic Security (CARES) Act sending to the President to sign into law. The Act provides a wide sweeping infusion of cash into the economy helping individuals and businesses during these extraordinary times. Below is a summarized version of the Act explaining all the key details for individuals and businesses including the various loan programs. Direct financial help to individuals: Rebates of up to $1,200 for individuals and $2,400 for married couples. People with children can
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Quarterly Update: CPA Exam Passed by WFY Employees
Wright Ford Young & Co. enjoys recognizing colleagues and clients on their achievements and success. WFY enjoys the same opportunity to also recognize our employees by spotlighting those professionals on the WFY team that have made great strides to accelerate their career. Passing the Certified Public Accountant (CPA) exam is just one of those career enhancing accomplishments. We would like to congratulate the following WFY employees for recently passing all four parts of the CPA exam in the last three months: Manny Trelles – Tax Supervisor The California CPA exam is a rigorous licensing qualification to pass and has many
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WFY as Title Sponsor for VLI’s 2020 Lawyers for Warriors
For the second year in a row, Wright Ford Young & Co. will be the Title Sponsor for Veterans Legal Institute’s annual Lawyers for Warriors Event. For years, Veterans Legal Institute has been providing pro bono legal assistance to homeless, at risk, disabled and low income current and former service members to eradicate barriers to housing, healthcare, education, and employment and foster self-sufficiency. Their core values are outreach, compassion, quality, leadership, and empowerment – values that fall in line with WFY’s values. The Lawyers for Warriors Networking & Fundraising Event is a way to honor hero advocates who have contributed
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Six New Hires Join WFY Team
Wright Ford Young & Co. is proud to announce we are adding six new hires to our team. We have Cheryl Shelton joining our estates & trusts department, and Brody Alcanter, Marzeh Khanjari, Rajbir Singh, Linh Trinh and Diane Waxler-Milne joining our tax department. WFY is pleased to welcome these new hires to our team. Cheryl Shelton In January, Cheryl Shelton started with WFY as an Estates & Trusts Supervisor in our estates & trusts department. She graduated from Cal State Fullerton and continued her education at Western State Law School. Cheryl has worked in accounting for over 15 years.
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Company News and Newsletter and Updates.
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accountant, accountants, accounting, business, ca, california, certified public accountants, cpa, cpa firm, estates, firm, irvine, new hires, oc, orange county, tax, tax firm, tax law, tax planning, taxation, taxes, trusts, wfy, wright ford young, and wright ford young & co.
WFY’s 2019 Charitable Contributions
For over 12 years, Wright Ford Young & Co. has made it a priority to contribute to many non-profits locally and nationally. Since 2007, WFY has been helping to give back by donating 1% of our gross revenues each year to charities as a way to help improve the lives of those around us and those less fortunate. We have donated over $1,253,000 since the program’s formation. In 2019, WFY made donations to over 20 non-profit organizations – our biggest number of charities to date. We would like to thank all the organizations for everything they do and how much
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