By Jennifer Haddad, CPA Audit Partner, ERISA Plan Audits Audit Director Every year, Wright Ford Young & Co. attends the annual AICPA & CIMA Employee Benefit Plans Conference. The multi-day conference includes a comprehensive lineup of sessions, delivered by top regulators and expert practitioners. Sessions at the conference include topics such as the new Employee Benefit Plan audit standard (AU-C Section 703), common operational errors, a DOL and IRS regulatory update, and prohibited transactions. The information gathered from the conference does not just benefit us, as the auditors, but is also informative for the Plan Sponsors we work with.
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Archives for Newsletter and Updates
Interns Join Audit Department for WFY Summer Internship Program
Wright Ford Young & Co. welcomed four new interns to our team in May: Fayze Hindi, Elizabeth Gieser, Chenal Assady, and Brooke McMurtry. These interns will be joining our audit department for our summer internship program. We are thrilled to introduce these new hires to our WFY team. Fayze Hindi In May, Fayze Hindi joined our audit department as an Audit Intern. She’s currently a senior at Whittier College studying for her degree in Business Administration and minoring in Economics and Computer Science. Fayze plans on continuing her education at USC with a Master’s degree in Accounting. In her spare
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Top Considerations for June 15 CA Passthrough Payment Deadline
Richard A. Huffman, CPA, MST Tax Partner The June 15 deadline is approaching for the mandatory prepayment of the 2022 California passthrough entity elective tax workaround deposit. Important details to consider are as follows: Benefit By electing to pay the taxpayers California tax at the entity level, the federal itemized deduction state and local $10,000 cap is circumvented thus allowing additional federal tax deductions for state taxes paid. However, the California law has many requirements and nuances that must be followed and considered to make sure the taxpayer will benefit from the entity tax election. Required minimum payment amount
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Industry News and Newsletter and Updates.
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WFY Welcomes New Hire in May
In the beginning of May, Wright Ford Young & Co. welcomed a new hire who joined our Administrative team. We are excited to have this team member join WFY. Adriana Alcala Adriana Alcala joined our Administrative team in the beginning of May. She previously worked in the mortgage industry for six years as a loan processor. Adriana decided to switch to a different industry to have more stability and grow in her career. In her spare time, she enjoys spending time with her two children and her family. Interested in joining WFY in one of our departments? If you are
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Company News and Newsletter and Updates.
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Preparing Yourself and the Best People to Replace You
Gregory Lambourne, Esq. Senior Planning Consultant Plato observed that “Nothing ever is, but is always becoming.” We begin dying the day we are born. A bleak sentiment for sure, but useful if you allow it to focus and move you. Life is fragile and life is short; it’s over before we know it. But if we live right, once is enough, and we are ready when the time comes. Business owners, are you ready? Our firm counsels many self-made, multi-millionaire business owners. They are remarkable people with sharp minds and often hard personalities, but also quite soft in the
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Newsletter and Updates.
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CA Employers Must Have Retirement Plans for Employees by June 30
By June 30, 2022, any California business owners with five or more employees are required to have a retirement plan for their employees. California businesses with five or more employees must comply with the statewide mandate and offer a retirement plan to their employees by the deadline. Businesses can either go through a private-market option, like a 401(k), or through the state-run CalSavers program. If any California business owners do not provide a retirement plan for their employees by June 30, there will be a penalty of $250 for each employee. Penalties will increase if initial penalties are not addressed.
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Industry News and Newsletter and Updates.
accountant, accountants, accounting, accounting firm, audit, business, business owner, ca, ca business, california, calsavers, certified public accountants, cpa, cpa firm, firm, irvine, newsletter, oc, orange county, retirement plan, small business, southern california, tax, taxation, taxes, wfy, wright ford young, and wright ford young & co.
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WFY Welcomes Two New Hires in March
In March, Wright Ford Young & Co. had two new hires join our team in our audit and estate and trust departments. Andre Nielsen joined our audit department as Audit Staff and Jason Gonzalez joined our estate and trust department as Diligence Coordinator. We are excited to have these two new team members join WFY. Andre Nielsen Andre Nielsen joined our audit department as Audit Staff during the month of March. He graduated from Central Washington University in 2019 with his Bachelor’s degree in Accounting. Prior to WFY, Andre has three years of public accounting experience. He currently resides in
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Two New Hires Join WFY in February
Last month, two new hires joined Wright Ford Young & Co. in our tax and audit departments: Sarahbelle Kabigting and Nicholl Venzon. Sarahbelle was welcomed into our tax department and Nicholl was welcomed into our audit department. We are thrilled to introduce these two new hires to our WFY team. Saraheblle Kabigting In mid-February, Sarahbelle Kabigting joined WFY as a Tax Senior. She graduated from Cal State Fullerton with her Bachelor’s degree in Accounting. Sarahbelle has her Certified Public Accountant license and has over six year of accounting experience. She specializes in various industries, including entertainment, food service, real
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Company News and Newsletter and Updates.
accountant, accountants, accounting, accounting firm, audit, business, ca, california, certified public accountants, cpa, cpa firm, hiring, irvine, new hires, newsletter, oc, orange county, southern california, staff, tax, tax firm, taxation, taxes, wfy, wright ford young, and wright ford young & co.
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WFY Sponsors 60th Anniversary Gala Hosted by Beyond Blindness
On February 26th, Beyond Blindness hosted their 60th Anniversary Gala at the Marconi Automotive Museum in Tustin. Wright Ford Young & Co. was one of the table sponsors at the gala. The special anniversary gala was a dining in the dark experience to the attendees. It also had many other fun elements including immersive exhibits, a silent and live auction, and featured speaker Paralympic gold medalist Becca Meyers. As live entertainment, Empowering Arts performed live ensemble music for the event. Empowering Arts is a non-profit organization founded by student artists. Their goal is to positively impact the community through music
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Expect IRS Delays on Paper Filed Tax Returns
Hani Sharestan, CPA, MST Tax Partner In amidst of the 2021 tax season, you should expect delays from the IRS in processing paper filed tax returns that require manual processing. Based on a recent published report, the National Taxpayer Advocate said in its annual report to congress the IRS continues to experience unprecedented severe backlogs in processing paper filed tax returns that require manual processing. The report shared the following data regarding the IRS backlog of unprocessed returns and correspondence: 2 million unprocessed individual returns (Form 1040) mainly from 2020 and before; 8 million unprocessed payroll tax returns (Form
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Industry News and Newsletter and Updates.
accountant, accountants, accounting, accounting firm, audit, business, ca, california, certified public accountants, cpa, cpa firm, firm, IRS, irvine, newsletter, oc, orange county, so cal, southern california, tax, tax filing, tax firm, tax planning, tax return, tax season, taxation, taxes, taxpayer, wfy, wright ford young, and wright ford young & co.
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