Archives for business owner

Preparing Yourself and the Best People to Replace You

May 16, 2022 | by | Comments Off on 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
Read More

Categories: Newsletter and Updates.
Tags: accountant, accountants, accounting, accounting firm, audit, business, business owner, ca, california, certified public accountants, cpa, cpa firm, estates, firm, irvine, law, newsletter, oc, orange county, small business, so cal, southern california, tax, tax firm, tax law, tax planning, taxation, taxes, trusts, wfy, wright ford young, and wright ford young & co.

CA Employers Must Have Retirement Plans for Employees by June 30

April 7, 2022 | by | Comments Off on 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.
Read More

Categories: Industry News and Newsletter and Updates.
Tags: 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.

New Law Tax Workaround for CA Pass-Through Business Owners

July 27, 2021 | by | Comments Off on New Law Tax Workaround for CA Pass-Through Business Owners

Richard A. Huffman, CPA, MST Tax Partner   The 2017 Tax Cut and Jobs Act limits individuals state and local tax deduction to $10,000 a year through 2025. California passed into law a workaround for tax years 2021- 2025. Qualifying pass-through business owners can separately elect to pay a 9.3% entity level tax on the owner’s share of the company’s qualified taxable income which will be allowed as a federal tax deduction on the entity return. Owners who participate will receive a credit on their California individual tax return equal to the 9.3% tax paid at the entity level.  The
Read More

Categories: Industry News and Newsletter and Updates.
Tags: accountant, accountants, accounting, accounting firm, business, business owner, ca, california, certified public accountants, cpa, cpa firm, deduction, firm, irvine, law, newsletter, oc, orange county, passthrough entity, small business, so cal, southern california, tax, tax firm, tax workaround, taxation, taxes, wfy, wright ford young, and wright ford young & co.

New COVID Relief Bill Expanded Employee Retention Credit Benefits

January 7, 2021 | by | Comments Off on New COVID Relief Bill Expanded Employee Retention Credit Benefits

Richard A. Huffman, CPA, MST Tax Partner   The recently enacted stimulus law expands and clarifies the CARES Act Employee Retention Credit (ERTC), key details are as follows: Beginning on January 1, 2021 and through June 30, 2021, the provision: Increases the credit rate from 50% to 70% of qualified wages. Expands eligibility for the credit by reducing the gross receipts decline from 50% to 20% over a prior quarter. Qualified wages are increased from $10,000 in total per employee to $10,000 per quarter per employee. Qualified wage restrictions apply at 500 employees, rather than 100. Removes the 30-day wage
Read More

Categories: Industry News and Newsletter and Updates.
Tags: accountant, accounting firm, business owner, businesses, cares act, covid relief bill, cpa, cpa firm, credit, employee credit, employee retention credit, ertc, irvine, orange county, ppp, small business, so cal, stimulus, tax, tax benefit, tax firm, taxation, wfy, and wright ford young.

Wondering if You’re Eligible for R&D Credits

July 12, 2017 | by | Comments Off on Wondering if You’re Eligible for R&D Credits

If you’re a business owner who wants to eliminate the uncertainty in developing a new product or improving an existing one, you’re probably engaging in research and development. Unfortunately for them, many business owners don’t realize that in some cases, R&D expenditures may be eligible for a tax deduction. Or perhaps they think that some expenses are deductible when they’re not. The IRS notes that “R&D expenditures generally include all expenditures incident to the development or improvement of a product.” The term “product” has a wide range in this context and can include: Formula Invention Patent Pilot Model Process Technique
Read More

Categories: Newsletter and Updates.
Tags: business owner, R&D credits, and tax.