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Wright Ford Young & Co., one of Orange County’s premier CPA firms, is proud to announce that it was once again named among Orange County’s “Best Places to Work” by the Orange County Business Journal in the publication’s 2015 annual list. WFY was on Orange County Business Journal’s Orange County’s “Best Places to Work” annual list for the years 2011 and 2012. WFY is a firm that provides an atmosphere where people can flourish in their careers, while at the same time, maintain meaningful relationships with God, their spouses, families, and friends. WFY believes that their clients will significantly benefit
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E-filing is on the upswing. According to the Data Book released by the IRS on March 24, the agency collected almost $3.1 trillion in federal revenue and processed almost 240 million returns during fiscal year 2014. About 65 percent of all returns were filed electronically. Of the 147 million individual income tax returns filed, 84 percent were e-filed. You might think those numbers suggest we are close to becoming a paperless society, at least when it comes to the IRS. That would be a wrong assumption. Even if you recently filed your 2014 tax return electronically, you probably printed out a
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In a competitive global economy many countries around the world try to strengthen their own economies by creating domestic job growth. One way to accomplish that is by providing tax breaks to certain industries who export their products or services. Here’s a brief list of the types of businesses that may qualify here in the US: Companies that export finished goods manufactured in the US. Companies that manufacture products that are components in other products and are ultimately exported. Software companies that develop their software in the US and sell them overseas. Architectural or engineering firms providing services in the
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To read an updated 2023 version of Meals Expenses Tax Deductibility, click here. Dear Clients and Friends: Meals can only be deducted as a business expense if they are directly related or associated with the active conduct of a trade or business. There must be valid business purpose to the meal for it to be a deductible expense. Once this test is established, the expense falls into two categories:  50% deductible or 100% deductible. Meals with employees or business partners are only deductible if there is a direct or indirect business purpose. Meal expense that are 100% deductible: Recreational expenses
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Dear Clients and Friends: Each U.S. person (individuals and business entities) who has a financial interest in or signature or other authority over foreign bank accounts, securities accounts or other financial accounts must file a Form TDF 90-22.1 (Report of Foreign Bank and Financial Accounts or FBAR) if the aggregate value of the accounts exceeds $10,000 at any time during the calendar year.  A foreign financial account is a financial account located outside the U.S.  An account maintained with a branch of a U.S. bank that is physically located outside of the U.S. is a foreign financial account. A financial
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