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Significant Tax Provisions from Biden’s American Rescue Plan Act

March 18, 2021 | by | Comments Off on Significant Tax Provisions from Biden’s American Rescue Plan Act

Richard A. Huffman, CPA, MST Tax Partner   The American Rescue Plan Act signed into law by President Biden includes the following significant tax provisions: Business tax provisions: Family and sick leave credits – Extends tax credits through 9/30/21. Employee retention credit – Extended through 12/31/21, program criteria as follows: To qualify experienced a full or partial suspension of business operations due to COVID-19 governmental orders or incurred at least 20% decline in quarterly gross receipts as compared to the 2019 year quarter. Main benefits for employers with up to 500 full-time employees (limited benefits for employers with more than
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Categories: Industry News and Newsletter and Updates.
Tags: accountant, accountants, accounting, accounting firm, american rescue plan act, biden, business, ca, california, certified public accountants, coronavirus, covid, covid19, cpa, cpa firm, firm, individual, IRS, irvine, law, oc, orange county, pandemic, ppp, small business, so cal, southern california, stimulus bill, stimulus plan, tax, tax bill, tax firm, tax law, tax provisions, tax reform, taxation, taxes, 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.

Unified Framework for Tax Reform

September 28, 2017 | by | Comments Off on Unified Framework for Tax Reform

Republican lawmakers released on Wednesday a “unified framework” for tax reform designed to cut tax rates, simplify the Internal Revenue Code, and provide a more competitive environment for business. The key changes are as follows: Individuals: Current tax rates: Seven brackets from 10% to 39.6%. Proposed tax rates: Three brackets at 12%, 25% and 35%. Current standard deduction: $6,350 individuals and $12,700 married filing joint. Proposed standard deduction: $12,000 individuals and $24,000 married filing joint. Elimination of personal exemptions, worth $4,050 per person. Repeal of the alternative minimum tax. Repeal of the estate and generation-skipping transfer tax. Eliminate most itemized
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Categories: Industry News and Newsletter and Updates.
Tags: business, cpa, deductions, individual, tax, tax reform, trump, unified framework, wfy, and wright ford young.