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Healthcare Providers Receive CARES Act Provider Relief Fund

November 11, 2020 | by | Comments Off on Healthcare Providers Receive CARES Act Provider Relief Fund

The CARES Act allocated $175 billion in grants to support hospital and healthcare providers on the front lines of the coronavirus response to recover lost revenue and increased expenses as a result of the pandemic. Certain grants do not require repayment just as long as the recipient submits documentation sufficient to ensure that the funds were used for healthcare-related expenses or lost revenue attributable to the coronavirus and expended by June 30, 2021.  Appropriate records and cost documentation should be maintained for potential audit. All recipients of Provider Relief Fund payments are required to comply with reporting requirements issued by
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Categories: Newsletter and Updates.
Tags: accountant, accountants, accounting, accounting firm, business, ca, california, cares, cares act, certified public accountants, coronavirus, covid, covid19, cpa, cpa firm, firm, healthcare, irvine, oc, orange county, pandemic, relief fund, so cal, southern california, tax, tax firm, tax law, taxation, taxes, wfy, wright ford young, and wright ford young & co.

WFY Introduces New Podcast: The WFY Podcast

November 3, 2020 | by | Comments Off on WFY Introduces New Podcast: The WFY Podcast

Wright Ford Young & Co. has introduced a new way to give you exclusive content from our tax and accounting experts. The WFY Podcast is Wright Ford Young & Co.’s new podcast featuring our WFY tax and accounting specialists discussing relevant and important issues that could effect you and your business. Our first episode includes Tax Partners Andy Bautista and Richard Huffman discussing 2020 tax planning in regards to President Trump’s and Vice President Biden’s tax proposals. Stay tuned for upcoming episodes in other accounting topics with WFY accounting professionals. Where to listen to the episode:        
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Categories: Company News and Newsletter and Updates.
Tags: accountants, accounting, accounting firm, audit, biden, ca, california, cpa, cpa firm, episodes, irvine, oc, orange county, podcast, so cal, southern california, tax, tax law, tax planning, tax proposal, the wfy podcast, wfy, wright ford young, and wright ford young & co.

WFY Welcomes New Audit Staff Member

October 29, 2020 | by | Comments Off on 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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Categories: Company News and Newsletter and Updates.
Tags: 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

October 1, 2020 | by | Comments Off on 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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Categories: Company News and Newsletter and Updates.
Tags: 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

June 18, 2020 | by | Comments Off on 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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Categories: Newsletter and Updates.
Tags: 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.

Why Gifting During an Economic Downturn May Be Right for You

May 14, 2020 | by | Comments Off on 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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Categories: Newsletter and Updates.
Tags: accountant, accountants, accounting, ca, california, certified public accountants, coronavirus, covid19, cpa, cpa firm, estate, estates, firm, gift plan, gifting, irvine, oc, orange county, plan, small business, southern california, tax, tax firm, tax planning, taxation, taxes, trusts, wfy, wright ford young, and wright ford young & co.

Summary Analysis of Coronavirus Enacted Laws

April 1, 2020 | by | Comments Off on 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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Categories: Newsletter and Updates.
Tags: 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.

Six New Hires Join WFY Team

January 23, 2020 | by | Comments Off on 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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Categories: Company News and Newsletter and Updates.
Tags: 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.

Year-End Tax Saving Moves for Individuals

November 13, 2019 | by | Comments Off on Year-End Tax Saving Moves for Individuals

Since 2019 is coming to a close now is the time to take action to proactively reduce your tax liability before the new year. Included are a few strategies that may help with your tax situation: Harvest stock losses while substantially preserving one’s investment position.  This can be accomplished by selling the shares and buying other shares in the same company or another company in the same industry to replace them, or by selling the original shares then buying back the same securities at least 31 days later.2. Apply a bunching strategy to deductible contributions and/or payments of medical expenses.
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Categories: Newsletter and Updates.
Tags: accountant, accountants, accounting, california, certified public accountants, cpa, cpa firm, firm, individual, ira, irvine, newsletter, oc, orange county, rmd, savings, tax, tax savings, tax specialist, taxation, taxes, wfy, wright ford young, and wright ford young & co.

WFY Sponsors TACA’s 13th Annual Ante Up for Autism Benefit Gala

November 8, 2019 | by | Comments Off on WFY Sponsors TACA’s 13th Annual Ante Up for Autism Benefit Gala

WFY was proud to be a Full House Sponsor of TACA’s 13th Annual “Ante Up for Autism” benefit gala. The Autism Community in Action’s (TACA) Orange County chapter held its 13th annual “Ante Up for Autism” fundraising gala on Saturday October 26, 2019 at the Waterfront Beach Resort in Huntington Beach. Wright Ford Young & Co. was proud to continue its long standing support of TACA through a program sponsorship of the very successful event. TACA is a national nonprofit 501(c)(3) organization founded in 2000 by Glen and Lisa Ackerman with the mission to provide education, support and hope to
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Categories: Company News and Newsletter and Updates.
Tags: accountant, accountants, accounting, ante up for autism, autism, benefit gala, ca, california, certified public accountants, cpa, cpa firm, oc, orange county, southern california, sponsor, taca, tax, tax firm, taxation, taxes, wfy, wright ford young, and wright ford young & co.