As the year draws to a close, it’s time to engage in financial housekeeping to ensure that you’re making the most of your money. Year-end tax planning is a crucial aspect of managing your finances, and with 2024 on the horizon, it’s the perfect time to implement strategic measures to optimize your tax situation. In this blog post, we’ll explore some key tips for year-end tax planning that can help you minimize your tax liability and maximize your financial well-being. Review Your Income and Expenses: Start your year-end tax planning by conducting a thorough review of your income and expenses
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Archives for Newsletter and Updates
Students Falling Victim to Fraud When Applying for Scholarships
by Carissa DeLuca, CPA, CFE Audit Manager School is in, and many high school seniors have started the daunting process of looking for scholarships to help with their future college plans. For many, this is an absolute necessity which has made space for opportunistic fraudsters. Here are some fraud red flags students and parents should look out for: Application fees for scholarships, especially paid via Zelle, Venmo or Cash App Upfront fees to guarantee financial aid Emails, texts or letters requiring personal information (including social security number, bank information, etc.) Offers for low interest student loans based on
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WFY Celebrates 50 Years by Donating to Others
by Chanelle Bossert Director of Marketing In August, Wright Ford Young & Co. celebrated 50 years of service among clients, friends, and colleagues. Over 200 guests joined the celebration which included casino games, music, an array of hors d’ oeuvres, and many laughs shared among friends in the local business community. To commemorate their 50 years of service, Wright Ford Young & Co. committed to donating $50,000 to local charities on behalf of the six raffle winners who participated in the casino games. Each winner had the opportunity to direct their winnings to a local charity of their choice.
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Importance of Keeping Track of Adjusted Basis of Your Home
Thomas Kim, CPA Tax Director As a homeowner, understanding the concept of “adjusted basis” and keeping track of it is crucial for when it comes to reducing or even eliminating taxes related to the sale or disposition of your property. What is Adjusted Basis? The adjusted basis of your home is the original cost of the property adjusted for various factors. It serves as a reference point for calculating capital gains or losses when you sell or dispose of your home. The adjusted basis is not a static value; it changes over time based on certain events and adjustments.
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Tax Considerations for Expanding Operations Into Foreign Markets
Manny Trelles, CPA Tax Director United States persons (defined as any US citizen, permanent resident alien, entity organized under US laws, or any person in the US) who continue to seek and expand into foreign markets to maintain a competitive edge in their business should carefully consider the tax impact of foreign investment. A few of the considerations to keep in mind for international tax purposes are as follows: Foreign Entity Structure US persons who have established foreign legal structures or operations should consider both local (foreign) and US tax implications. Our firm can connect you with a qualified
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Prepare for the Estate and Gift Tax Sunset Now
Greg Lambourne, Esq Senior Planning Consultant Nancy Van Lanen, CTFA, EA Estate & Trust Tax Director Every taxpayer in the United States is subject to certain transfer taxes for gifting away wealth during their life or at their death. However, each taxpayer is granted a “lifetime exemption amount” so they can make limited tax-free gifts. The 2017 Tax Cuts and Jobs Act increased this lifetime exemption amount to an unprecedented $12.92 million for 2023, but this large exemption amount will expire and be reduced by half at the end of 2025. The IRS says this is a “use it
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New Hires Join WFY’s Tax and Audit Departments
In July, Wright Ford Young & Co. welcomed five new hires to our audit department and tax department. Shane Kuhlman, Angela Manaloto, Joshua Salinas, and Devin Huffman joined our tax department while Andrew Wakefield joined our audit department. We are excited to have these new additions to our growing firm. Welcome to the WFY team! Shane Kuhlman In July, Shane Kuhlman joined WFY’s tax department as one of our three Tax Interns. Shane recently graduated from CSU Fullerton with his degree in Business Administration with an emphasis on Accounting. This is his first internship in his accounting career and he’s
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WFY Welcomes New Hires in May and June
Wright Ford Young & Co. welcomes three new hires to our tax department and administrative department. Ricardo Tornero and Michelle Huh joined our tax department and Yesenia Alvarez joined our administrative department. We are thrilled to welcome these new hires join the WFY team. Ricardo Tornero In May, Ricardo Tornero joined the firm as a Tax Senior in our tax department. He graduated from CSU Fullerton with his Bachelor’s degree in Accounting. Before coming to WFY, Ricardo has been working in the public accounting industry since 2015. Ricardo loves traveling when he can and trying new and exciting food. Michelle
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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 in cryptocurrency transactions. Cryptocurrency is a type of virtual currency that uses cryptography to secure transactions that are digitally recorded on a distributed ledger, such as a blockchain. Virtual currency is a digital representation of value only available in electronic form. Cryptocurrency and income recognition A taxpayer who provides goods or services and receives an airdrop or payment in virtual currency has taxable income equal to the
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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 this article, I will provide some basic concepts we use to help decide if an income/franchise tax return may be required in another state. Economic Presence: Historically, in order to be subject to taxes in a state you would need to have a physical presence in the state. In recent years due to the development of significant court cases and e-commerce, the vast majority
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