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WFY Announces Nancy Van Lanen as New Estates & Trusts Tax Partner
Wright Ford Young & Co. is pleased to announce Nancy Van Lanen as our new Estates & Trusts Tax Partner. The firm provides tax, audit, estate & trust, and business consulting services to closely held companies, private foundations, family-owned businesses, and high net worth individuals. Nancy Van Lanen joined Wright Ford Young & Co. in November of 2020 as the Estates & Trusts Tax Director. Nancy has over 20 years of experience in tax compliance. She has extensive expertise providing high net worth clients and business owners with tax consulting, planning, and compliance for trusts, estates, and gifting. Prior to
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Industry News
Mary Sidhum
ASU 2016-13 Current Expected Credit Loss Effective for Private Companies in 2023
Carissa DeLuca, CPA, CFE Audit Manager ASU 2016-13 Financial Instruments-Credit Losses, which covers the Current Expected Credit Loss model (also known as CECL), is effective for private companies for years beginning after 12/15/2022. The accounting standard is not just applicable to mortgage banks, but can also impact trade receivables, loan receivables and reinsurance receivables and more for companies in all industries. Previously, US GAAP required an “incurred loss” methodology for credit losses and loss recognition once probable. Under the old method, historic loss percentages were a common and appropriate method of measurement of credit losses. CECL will require
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Decoding the Menu: Navigating Meals Expenses Tax Deductibility in 2023 – 50% vs. 100%
As 2023 unfolds, it’s crucial for business owners and professionals to understand the ever-evolving landscape of tax regulations, especially when it comes to meal expenses. The deductibility of these expenses can significantly impact your bottom line. In this blog post, we’ll delve into the specifics of meals expenses tax deductibility for 2023, distinguishing between the 50% and 100% deduction rules, and offering insights to help you make informed financial decisions. The 0% Deduction Rule: Treating clients to an entertainment event, such as concert tickets, sports games, etc., are now 0% deductible since this came into effect with the 2018
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WFY’s Tax Department Welcomes Two New Hires
In the beginning of December, we welcomed two new hires to our tax department: Mary Sidhum and Matthew Herrera. WFY is pleased to have Mary and Matthew join our growing firm. Welcome to the WFY team! Mary Sidhum Mary Sidhum started with WFY in the beginning of December as our newest Tax Director. Mary has a Bachelor’s degree in Accounting and continued her education by receiving her Master’s degree in Taxation from Golden State University. After receiving her degrees, Mary has worked in public accounting for over 15 years. Outside of the office, Mary enjoys hiking, traveling, watching her
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