Archives for oc

Employers with Over 50 Employees Must Register with CalSavers by June 30

By June 30, 2021, nonexempt employers with more than 50 California W-2 employees must register with the CalSavers program. For exempt employers, if you’ve already offered a retirement plan, you do not have to participate in the program, but you still must register as “exempt” on the CalSavers website. Nonprofit organizations must register with CalSavers as well (if not exempt), but religious organizations are exempt from the registration requirements. How to Register for CalSavers Program For registering, employers will be notified via letter of their requirement to register with the CalSavers program. An access code will be given to them
Read More

Categories: Industry News and Newsletter and Updates.

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
Read More

Categories: Industry News and Newsletter and Updates.

CA Lawmakers Reach COVID Relief Deal Including Partial PPP Conformity

Richard A. Huffman, CPA, MST Tax Partner   The long awaited recently announced California pandemic relief package includes the following benefit highlights for businesses and individuals: California partial conformity to federal tax treatment of Paycheck Protection Plan loans allowing companies to deduct up to $150,000 in expenses covered by the PPP loan (including Economic Injury Disaster Loan grants). Increase the funds available for the small business and nonprofit grant program (2018 or 2019 gross revenues less than $2.5M) from $500 million to more then $2 billion.  Information regarding this grant program can be found at the following link: https://www.grants.ca.gov/grants/california-small-business-covid-19-relief-grant-program/. Two
Read More

Categories: Industry News and Newsletter and Updates.

The Most Common Anti-Fraud Control

Carissa DeLuca, CPA, CFE Audit Manager   In the Association of Certified Fraud Examiners, Inc. (ACFE)’s Report to the Nations 2020 Global Study on Occupational Fraud and Abuse, they noted external audits of financial statements were the number one most common anti-fraud control in the small and large businesses they studied.  However, the auditor’s responsibility regarding fraud is only to provide reasonable assurance that the financial statements do not include material misstatements due to fraud or misappropriation of assets. In fact, it’s management’s responsibility to design, implement and maintain internal controls that prevent and detect fraud.  This is even more
Read More

Categories: Newsletter and Updates.

New Tax Senior Joins WFY’s Tax Department

Our new tax senior who will be joining our Tax Department at Wright Ford Young & Co. is Queenie Qin. We are excited to have Queenie join WFY. Welcome to the team! Queenie Qin In January, Queenie Qin joined WFY as a Tax Senior. She graduated Pepperdine University with her Bachelor’s degree in Accounting in 2017, and she graduated from UCI with her Master’s degree in Professional Accountancy in 2018. Her experience in accounting includes interning and working fulltime at another public accounting firm and her CPA license is pending. During her time off, she enjoys traveling and visiting her
Read More

Categories: Company News and Newsletter and Updates.

WFY Welcomes New Audit Senior

We are pleased to announce a new Audit Senior who is joining our Audit Department: Robert Caicedo. Welcome to the WFY team! Robert Caicedo Robert Caicedo joined WFY in mid-January as an Audit Senior. In 2013, Robert graduated from UCSD with a Bachelor’s degree in Management Science and Economics.  He continued going to school at night while working in the accounting department of one of his previous jobs to be able to take the CPA exam.  His experience in accounting is mainly ERISA audits, private industry audits, and non-profits. In his free time, Robert likes to mountain bike, play soccer,
Read More

Categories: Company News and Newsletter and Updates.

New COVID Relief Bill Signed Into Law

Richard A. Huffman, CPA, MST Tax Partner   The House and Senate passed the Consolidated Appropriations Act, 2021 (CAA, 2021) which is expected to be signed into law by the President. The CAA, 2021 bill includes the renewal and expansion of popular provisions in earlier COVID relief bills with the significant provisions summarized as follows: Paycheck Protection Program (PPP) forgivable loan expenses allowed as a tax deduction (overriding IRS ruling disallowing the deduction). Uncertainty remains whether California and other states will conform. Reopen PPP for first time borrowers who have not yet applied or who previously withdrew their application. Second
Read More

Categories: Industry News and Newsletter and Updates.

PPP Loan Forgiveness Taxability in 2020

Richard A. Huffman, CPA, MST Tax Partner Tony Maldonado, CPA Tax Senior   While the current law states forgiven Paycheck Protection Program (PPP) loans are tax-free, the Internal Revenue Service previously issued guidance stating that the qualifying expenses paid with the forgiven loan funds are nondeductible for income tax purposes.  There has been uncertainty as to whether the qualifying expenses would be non-tax deductible when paid in 2020 or when the loan is forgiven which could go into 2021. The IRS just recently released awaited guidance stating if your business received a PPP loan and there is a reasonable expectation
Read More

Categories: Industry News and Newsletter and Updates.

WFY Sponsors VLI’s Lawyers for Warriors Event

  Wright Ford Young & Co. was the Title Sponsor for Veterans Legal Institute’s annual Lawyers for Warriors fundraising event on November 9th. This year the event had to shift to broadcasting over live stream because of the pandemic, but that didn’t slow Veterans Legal Institute down. The non-profit raised over $100,000 at the event for pro bono legal services for veterans in need. Many other individuals and businesses were either long-term advocates for the non-profit or sponsored the event in some way. The event also featured speakers like Top Gun producer Jerry Bruckheimer, former Los Angeles Lakers player Mychel
Read More

Categories: Newsletter and Updates.

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
Read More

Categories: Newsletter and Updates.