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CA Governor Signed Law to Conform to Federal Tax Law Changes

The California governor signed law AB 91, also known as the “Loophole Closure and Small Business and Working Families Tax Relief Act of 2019” which partially conforms to certain provisions of the Federal Tax Cuts and Jobs Act, some of the significant items are as follows:

  • Small business accounting method reform and simplification
    • Allow businesses with average gross receipts less than $25 million to adopt the cash method of accounting
  • Net operating losses
    • Only allow net operating loss carryforwards

The new California law does not conform to:

  • Opportunity zone gain deferrals and capital gain exclusions
  • Fringe benefit federal deduction limitations
    • Convenience of employer meals
    • Entertainment
    • Parking and transportation

Although the law goes into effect for many of the provisions starting in 2019, certain provisions can be elected to apply to 2018.

To discuss how best to apply these changes to your situation, please contact a WFY tax expert at (949) 910-2727 or info@cpa-wfy.com.

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WFY Tax Department is Hiring

Wright Ford Young & Co. is seeking qualified candidates to join our tax department team! We are looking for hard-working, dedicated people who are willing to learn and flourish in their careers.  Full-time positions are available for the following departments:

Tax Department

  • Tax Professional (at least 3 years of experience)

If you are interested and qualified for the position above, please email your resumes careers@cpa-wfy.com or go to our Careers page.

tax season CPA discussion

The Problems Faced Between You and Your Current CPA This Past Tax Season

Once the corporate, individual and foundation tax reporting season is complete, there’s always an opportunity to evaluate and reassess the taxpayer’s level of satisfaction with their CPA relationship. Lack of communication, unwanted tax return extensions, incorrectly prepared Schedule K-1’s, and inability to accurately apply the qualified TCJA reform benefits  are just a few of the many frustrations that may have been experienced this past tax season.

Situations can arise in a taxpayer-CPA relationship which makes a taxpayer to question whether or not their current accounting firm is the right fit for them.  Small to mid sized closely held companies and family business owners may feel as though they have outgrown their small practice CPA or might feel under served by their larger accounting firm.  Some of the common situations where Wright Ford Young is referred into a new client relationship have been:

  • Delayed responses from their current CPA or lack of follow up communication that caused their tax returns to be unnecessarily extended.
  • Excessive turnover of accounting firm staff that caused the need for re-training and more work to be completed by company employees.
  • Need for new growth capital, loan or line of credit that requires a company’s financial statements to be audited, reviewed or compiled for the first time.
  • When a company’s employee benefit plan exceeds 100 participants for the first time, thus requiring a qualified ERISA auditor to audit the plan (i.e. 401(k)).
  • When a business owner considers a liquidity event, yet doesn’t want to fully exit the business, the consideration of structuring a tax-friendly ESOP is warranted.
  • The need for a family business owner to take advantage of the new tax strategies relating to personal estate and trust planning.
  • Anytime a company financial leader or family business owner no longer sees a true correlation between the accounting fee they pay and the value of service they receive.

If you are a small to mid-sized company or family business owner who is dissatisfied with your current accounting firm, please contact Wright Ford Young to schedule a no-obligation conversation with one of our audit, tax, or estates and trusts planning specialists.

Spend some time getting to know us and you’ll see how you can achieve compliance without feeling like a number in a “check the box” environment.

Learn how a proactive year-round tax strategy can serve as a valuable improvement vehicle to your profitability, not just a tax time expense.

Understand why estate planning is critical to maximizing your wealth preservation while you are still able to fully enjoy life with your family, not after.

See how our partners and staff are hands-on and better equipped to respond to individual requests from all our clients and not shielded with layers of staff, and realize a true correlation between the fee you pay and the value of service you actually receive.

wfy grows

WFY Grows Tax Department Before 2018 Tax Season

WFY grows their firm with eight new hires: Michael Montgomery, Jennifer Nguyen, Karla Young, Alice Wang, Jeff Hwang, Linh Trinh, and Farheen Kolsy.  All these new hires are joining WFY’s tax department as tax staff or tax interns.  WFY is pleased to welcome these new hires to the WFY team.

Michael Montgomery

Joining the WFY tax staff is Michael Montgomery. Michael graduated from CSU Fullerton in 2015 and has a Bachelor’s degree in Business Administration, with a concentration on Accounting.  With his experience in accounting, he has mainly worked in offices that specialize in small businesses and individuals.  During the off season, Michael and his wife, Katie, enjoy traveling and attending Anaheim Ducks and Anaheim Angels games.

Jennifer Nguyen

Jennifer Nguyen graduated from CSU Fullerton last fall after interning with WFY last year. We welcomed Jennifer back to WFY as an addition to our tax staff. Jennifer plans to start studying for her CPA exams this year, and continues to foster kittens from WAGS Animal Shelter and Animal Services in Westminster.

Karla Young

Our third tax staff addition to WFY is Karla Young. She graduated from University of the Philippines with a degree in Development Studies. Karla is well versed in IT and Marketing, but switched to developing her career in accounting once she moved to Orange County. Other than developing her skills in accounting, she also likes to send out typewritten letters to friends and family.

Alice Wang

Alice Wang joins the WFY team as one of our newest tax staff.  She received her Master’s degree in Accounting from CSU Fullerton, and has worked in accounting for four years.  Outside of the office, Alice loves to read and travel.

Jeff Hwang

For the 2018 tax season, Jeff Hwang joins the WFY team as a tax intern. Jeff is currently attending CSU Fullerton and working on his Master’s degree in Taxation.  Other than practicing taxation, Jeff enjoys watching sports games and attending comedy shows.

Linh Trinh

Linh Trinh is starting with WFY as a tax intern in our tax department.  She’s currently attending CSU Fullerton and plans to graduate in the Spring of 2020 with her Bachelor’s degree in Accounting.  Other than working towards her degree, Linh is also an active member of Accounting Society at CSU Fullerton.

Farheen Kolsy

Our fourth tax intern to join our WFY tax department is Farheen Kolsy. She’s a senior on the road to graduating from CSU Fullerton in May of 2019 with a degree in Business Administration concentrating in Accounting. On her down time, Farheen likes to hang out with friends and hike.

We are always looking to grow our firm. If you would like to see our open positions in audit, tax, and estates and trusts, please head to our Careers page.