Posts

tax workaround

New Law Tax Workaround for CA Pass-Through Business Owners

Richard A. Huffman, CPA, MST Tax Partner   The 2017 Tax Cut and Jobs Act limits individuals state and local tax deduction to $10,000 a year through 2025. California passed into law a workaround for tax years 2021- 2025. Qualifying…
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Tax Update on Business Meals Being 100% Deductible in 2021

Angela Tang, CPA Estate & Trust Supervisor   The cost of business meals were considered a deductible expense since 1986, the problem is only 50% of such costs were allowed as a deduction until now.  The latest 2020 stimulus…
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Two New Hires Join Audit Department

This week, Wright Ford Young & Co. welcomed two new hires to our firm. Joy Uba and Lele Kyles will be joining our audit department. We are pleased to have these new hires join our WFY team. Joy Uba Joy Uba joined us in beginning…
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WFY Partners Jeff Myers & Cyndi LeBerthon Host Upcoming Webinar

Our WFY Partners Jeff Myers, CPA, and Cyndi LeBerthon, CPA, will be presenting at MGI's Efficiently Conducting Employee Benefit Plan Audits on June 23, 2021. If you're looking to learn what's new and what peer reviewers are looking for…
director of marketing
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WFY Introduces New Director of Marketing

This month, Wright Ford Young & Co. promoted Chanelle Bossert to Director of Marketing.  Congratulations, Chanelle! Chanelle Bossert Before receiving the Director of Marketing position, Chanelle was previously a Marketing &…
tax credit
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Is Your Company Eligible for the Employee Retention Tax Credit?

Richard A. Huffman, CPA, MST Tax Partner By retaining employees during the pandemic, your company may be eligible for a payroll tax credit of up to $5,000 per employee in 2020 and $28,000 per employee in 2021. The employee retention…
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AI in Auditing

By Carissa DeLuca, CPA, CFE Audit Manager   For several years now we’ve been hearing about how Artificial Intelligence (AI) is the future of seemingly just about every industry.  Industries from healthcare to banking have…
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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,…
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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 –…
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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…