Archives for cpa firm

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.

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.

BREAKING NEWS: Significant Taxpayer Friendly Changes to the Paycheck Protection Program

Richard A. Huffman, CPA, MST Tax Partner The Senate just passed the House bill, called the Paycheck Protection Flexibility Act which is expected to be signed into law by the president.  The law will extend the Paycheck Protection Program (PPP) loan forgiveness period from eight weeks to twenty four weeks and reduce the payroll forgiveness spend requirement from 75% to 60%.  Loan recipients now have until December 31, 2020 to complete their twenty four week spend period and to meet the restoration of workforce and pay requirements. However, if at least 60% of the loan is not spent on payroll,
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Categories: Newsletter and Updates.

WFY Welcomes Two New Hires to Audit Department

This month, Wright Ford Young & Co. is pleased to announce we have two new hires joining our team. Mimi Duong will be joining as an Audit Staff and Lauren Gilmour will be joining as an Audit Intern in our audit department. WFY is pleased to welcome these new hires to our team. Mimi Duong At the end of May, Mimi Duong started a position with WFY as Audit Staff.  She will be graduating CSUF later this year with a Business Administration degree with a concentration in Accounting.  In her spare time, she enjoys spending time with friends and family,
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Categories: Company News and Newsletter and Updates.

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.

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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Categories: Newsletter and Updates.

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.

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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Categories: Industry News and Newsletter and Updates.

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.

Tax Director Melodie Reguero on Tax Planning at Bruin Professionals

On Wednesday, November 20th, our WFY Tax Director Melodie Reguero presented at the Orange County Bruin Professionals meeting. Ms. Melodie Reguero spoke on tips about year-end tax planning along with Cheryl Gee from UBS. Year-end tax planning is especially critical this time of year to proactively reduce a taxpayer’s risk exposure and tax liability before the new year. If you are interested in tips about year-end tax planning, read our article on Year-End Tax Saving Moves for Individuals. Reguero regularly attends Bruin Professionals meetings, which is diverse group of UCLA alumni who are established in business. The group focuses on
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Categories: Company News and Newsletter and Updates.