The One Big Beautiful Bill Act is a sweeping 400-page tax and budget reconciliation proposal. The House passed its version on May 22, 2025, and the Senate Finance Committee released its version on June 16, 2025. Both versions seek to permanently extend or modify expiring provisions of the Tax Cuts and Jobs Act (TCJA) of 2017, while eliminating many green energy credits from the Inflation Reduction Act. Below is a structured comparison of the House and Senate versions: Comparison Chart: House vs. Senate Versions Provision House Version Senate Version Standard Deduction Permanent extension + temporary increases
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WISEPlace Opens New Housing Community in OC for Domestic Violence Survivors
In May, WISEPlace had its grand opening of WISEPlace on Broadway, the first permanent supportive housing (PSH) community in our nearly 100-year history. At the grand opening, there were more than 200 partners and supporters who joined in on the celebration. The celebration was even featured on KTLA 5 News. The historic renovation and modern expansion provides vital support services and permanent affordable housing for 47 residents plus a unit for the onsite site property manager totaling 48 housing units. The spaces include the service areas, wellness and fitness rooms, and outdoor courtyard with community gardens and room for domestic
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WFY Welcomes Five New Hires to Firm
Earlier this month, WFY welcomed new hires to our audit department and administration. We are thrilled to have them join our team! Robert Wright Robert Wright started with WFY in June as one of our newest Audit Staff. He previously interned with our firm last May as an Audit Intern. Robert graduated from CSU Fullerton with his Bachelor’s degree in Business Administration with a concentration in Accounting. In his spare time, he likes hanging out with friends and watching movies. Muriel Nguyen At the start of the month, Muriel Nguyen joined our audit department as an Audit Intern. She is
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If You Own a Foreign Entity, You Might Need to Complete a Survey
Vrinda Jagad International Tax Manager BEA Benchmark Survey Requirement for US Direct Investment Abroad The Bureau of Economic Analysis (BEA), US Department of Commerce, conducts a BE-10 benchmark survey of US Direct Investment Abroad every five years. This survey is used by the Department of Commerce to gather foreign investment information and produce statistics. Who is required to file this survey? Any US person that directly or indirectly owns or controls at least 10% of any foreign incorporated or unincorporated business enterprise at end of the US person’s 2024 fiscal year. US person includes individuals, entities, trusts and estates
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Four New Hires Join WFY in May
In May, Our firm welcomed four new hires to our tax department and administration. WFY is excited to have them join our growing team. Rachel Alm This month, Rachel Alm joined our firm as our Director of Human Resources and Administration. She graduated summa cum laude from Arizona State University with her degree in English. She received her certificate in Human Resources Management from Cornell University, and also has certifications from HRCI, SHRM, and Mental Health First Aid. Rachel has been in human resources and office administration since 2013. In her spare time, she enjoys live music, going to the
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Prepare for the Estate and Gift Tax Sunset Now: Updated for 2025
Greg Lambourne, Esq Senior Planning Consultant Nancy Van Lanen, CTFA, EA Estate & Trust Tax Partner Updated with 2025 exemption and exclusion amounts. Every taxpayer in the United States is subject to certain transfer taxes for gifting away wealth during their life or at their death. However, each taxpayer is granted a “lifetime exemption amount” so they can make limited tax-free gifts. The 2017 Tax Cuts and Jobs Act increased this lifetime exemption amount to an unprecedented $13.99 million for 2025, but this large exemption amount will expire and be reduced by half at the end of 2025.
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The Future of Businesses Under the New Tax Laws of President Trump in 2025
As President Donald Trump begins his second term in 2025, the business landscape in the United States is poised for further shifts under new tax policies. Trump’s first term was marked by significant tax cuts and pro-business reforms, particularly through the Tax Cuts and Jobs Act (TCJA) of 2017. As Trump returns to office, his administration is expected to continue advocating for tax policies that prioritize business growth, deregulation, and corporate profitability. This article explores what businesses—ranging from small startups to large multinational corporations—can expect under the tax laws in the Trump administration’s 2025 agenda. Corporate Tax Rate: Continuation of
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Olga Stebakov, CPA, MBT
Full-Time and Intern New Hires Join WFY in January
This month, WFY welcomed a group of full-time and intern new hires to our tax department. We are thrilled to have these new hires join our team coming into the new year. Olga Stebakov In January, Olga Stebakov joined WFY as our newest Tax Director. Olga graduated from UCLA with a degree in Business Economics/Accounting and received her Masters in Business Taxation from USC. She spent the past 20 years servicing high-net-worth households, generally working with their family offices, focusing on trusts and flow-through entities, real-estate and other various closely held businesses. Most of Olga’s other time is spent keeping up
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WFY Announces Ryan Working and Thomas Kim as New Tax Partners
Wright Ford Young & Co. (WFY) is pleased to announce Ryan Working and Thomas Kim as our newest Tax Partners. The firm practices a full spectrum of accounting services for closely held companies and family business owners, including audit, tax, estates and trusts, and business consulting. Ryan Working joined WFY after college in 2004. Ryan manages a wide variety of tax compliance clients, advising clients with tax issues and strategies, and the lead on all tax services for tax-exempt organizations. His range of expertise includes tax compliance and planning services for a wide variety of closely-held and family-owned corporate businesses
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