WFY was proud to be a Full House Sponsor of TACA’s 13th Annual “Ante Up for Autism” benefit gala.
The Autism Community in Action’s (TACA) Orange County chapter held its 13th annual “Ante Up for Autism” fundraising gala on Saturday October 26, 2019 at the Waterfront Beach Resort in Huntington Beach. Wright Ford Young & Co. was proud to continue its long standing support of TACA through a program sponsorship of the very successful event. TACA is a national nonprofit 501(c)(3) organization founded in 2000 by Glen and Lisa Ackerman with the mission to provide education, support and hope to families living with autism. TACA is headquartered in Irvine, CA with staff and volunteers working across the country.
To learn more about TACA, visit www.tacanow.org
On November 8th, WFY Senior Tax Partner, Kahni Bizub, will be one of the panelists for WealthWise Financial Services’s 2019 Business Owner Summit.
The 2019 Business Owner Summit is a day-long event which includes discussing topics such as scaling your business, income tax strategies, retirement plans strategies, and more. The keynote speakers are Jacob M. Gerber, an equity & multi-asset investment director, and E. Luke Farrell, a fixed income investment director.
Kahni Bizub’s specialty is tax planning and compliance services for closely-held and family-owned businesses and their key executives in the service, manufacturing, and distribution industries. She has served some of the same clients for her entire career and believes in building strong CPA-client relationships. Such a rapport allows her to best understand her clients’ needs and tailor services specific to each client. Kahni is also involved in multiple business organizations including Vistage, AICPA, and CalCPA.
If you’d like to learn more about the 2019 Business Owner Summit, click here.
Wright Ford Young & Co. had the privilege of serving as the title sponsor to the Veterans Legal Institute’s annual Lawyers for Warriors event on Monday, September 23rd. Senior audit partner Jeff Myers spoke on Wright Ford Young’s behalf to honor our ongoing partnership with the Veterans Legal Institute.
Lawyers for Warriors is an event that started four years ago where over 250 business leaders who represent legal, medical, financial, military, and other professional industries can network, enjoy wine and appetizers, and recognize those legal community leaders who have graciously offered their services to our veteran heroes. All the proceeds of this event go to Veterans Legal Institute to continue their mission to ensure veterans can receive free legal services.
We want to congratulate the following people for their awards at this event: Stephens Friedland, LLP for Law Firm of the Year, Volunteers of America Los Angeles for Community Partner of the Year, Judge Lon F. Hurwitz for Veteran Advocate of the Year, and David Price, Esq. for Attorney of the Year.
If you’d like to learn more about Veterans Legal Institute or the Lawyers for Warriors event, please go to https://www.vetslegal.com/
On Thursday, September 26th, a group of our Wright Ford Young & Co. employees attended California State University, Fullerton’s Meet the Firms event as well as Northern Arizona University’s Career & Graduate School Expo.
These type of meet and greet events are a way for students and professionals in the accounting community to network with a wide range of firms from boutique to the Big Four. We attend these events to educate students about WFY and what we do, and encourage them to get a hands-on learning experience with our firm.
Wright Ford Young & Co. thanks California State University, Fullerton and Northern Arizona University for another great Meet the Firms recruiting event on Thursday, September 26th. We are very fortunate to have a long standing relationship with the accounting schools and hardworking students in which many of our employees are alumni.
On Saturday, August 17th, Wright Ford Young & Co. attended the Anaheim Angels vs. Chicago White Sox game at the Angel Stadium in Anaheim.
Our audit, tax, and all other departments came together to celebrate one of our core values: we have fun! About 150 friends, family, and employees of WFY attended the exciting game during a perfect day for baseball. Everyone enjoyed the game with popcorn, hot dogs, nachos, and other delicious baseball game treats.
The game started off slow with a tied game by the end of the 2nd inning, but the White Sox took a 4-1 lead by the end of the 3rd inning. The 7th inning came and the Angels scored three runs to get them to a 6-5 lead. At the top of the 9th inning, the White Sox couldn’t lock down any more runs which ended with an Anaheim Angels victory.
If you’d like to check out upcoming Anaheim Angels games, you can check them out here.
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
- 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.
© Copyright 2019. All rights reserved.
Wright Ford Young & Co.’s Audit Partner, Cyndi LeBerthon, has been appointed Chair of the CalCPA Peer Review Committee for the term 2019 through 2021.
This committee of 20 members is responsible for overseeing all peer reviews of CPA firms in California, Arizona and Alaska administered by CalCPA. The peer review committee evaluates the results of the peer reviews, determines the need for follow up remedial or corrective actions, and oversees the performance of AICPA qualified peer reviewers in California, Arizona and Alaska. These measures taken ensure compliance with the AICPA Peer Review Program. Cyndi has served on the peer review committee since 2015 and is honored to be able to give back to the accounting profession through this volunteer, invitation-only role.
If you’d like to learn more about WFY’s Audit Partner, Cyndi LeBerthon, click here.
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 Professional (at least 3 years of experience)
On January 18, 2019, the IRS issued a notice providing “safe harbor” conditions under which rental real estate activities will be treated as a trade or business for purposes of the IRC Section 199A deduction.
To qualify for the safe harbor:
- Separate Books and records must be maintained for each rental real estate enterprise.
- At least 250 hours of rental services must be performed by the taxpayer and/or workers for the taxpayer during the tax year for each rental real estate enterprise. To clarify, a real estate enterprise may be one rental or multiple rentals. Commercial and residential rentals cannot be combined in the same real estate enterprise. Qualifying rental services counting toward the 250 hour requirement include advertising, negotiating and executing leases, verifying tenant applications, collecting rent, daily operation, maintenance and repair of the property, management, purchase of materials for repairs and supervision of employees and independent contractors. The services can be performed by owners, employees, agents and/or independent contractors working for the owners. We recommend filing 1099s by January of the following year for any services performed by non-owners.
- The taxpayer must maintain contemporaneous records including time reports, logs or similar support to document the hours of services performed, a description of the services performed, dates on which the services were performed and who performed the services. This will require tracking everything, your personal time and the time of those you employ. A log book and a file for all invoices from others should be maintained.
Further clarification in the notice:
Triple Net Leases are not eligible for the safe harbor.
Vacation rentals (residences used by the owners) are not eligible for the safe harbor.
A statement is required to be attached to the taxpayer’s tax return and be signed by the taxpayer declaring that all the safe harbor requirements have been met and must include the following language: “Under penalties of perjury, I declare that I have examined the statement and to the best of my knowledge and belief, the statement contains all the relevant facts relating to the revenue procedure and such facts are true, correct and complete.”
Lastly, an enterprise that fails the safe harbor requirements may still qualify as a trade or business under the regulations for purposes of the 199A deduction. If you are unsure about your rental real estate enterprise, consult with a WFY tax advisor.
© Copyright 2019. All rights reserved.