Archives for taxes

Top Considerations for June 15 CA Passthrough Payment Deadline

June 2, 2022 | by | Comments Off on Top Considerations for June 15 CA Passthrough Payment Deadline

Richard A. Huffman, CPA, MST Tax Partner   The June 15 deadline is approaching for the mandatory prepayment of the 2022 California passthrough entity elective tax workaround deposit. Important details to consider are as follows: Benefit By electing to pay the taxpayers California tax at the entity level, the federal itemized deduction state and local $10,000 cap is circumvented thus allowing additional federal tax deductions for state taxes paid.  However, the California law has many requirements and nuances that must be followed and considered to make sure the taxpayer will benefit from the entity tax election. Required minimum payment amount
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Categories: Industry News and Newsletter and Updates.
Tags: accounting, accounting firm, business, ca, california, certified public accountants, cpa, cpa firm, firm, irvine, newsletter, oc, orange county, passthrough entity, pte, southern california, tax, tax deadline, tax firm, taxation, taxes, wfy, wright ford young, and wright ford young & co.

WFY Welcomes New Hire in May

May 19, 2022 | by | Comments Off on WFY Welcomes New Hire in May

In the beginning of May, Wright Ford Young & Co. welcomed a new hire who joined our Administrative team. We are excited to have this team member join WFY. Adriana Alcala Adriana Alcala joined our Administrative team in the beginning of May. She previously worked in the mortgage industry for six years as a loan processor. Adriana decided to switch to a different industry to have more stability and grow in her career. In her spare time, she enjoys spending time with her two children and her family. Interested in joining WFY in one of our departments? If you are
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Categories: Company News and Newsletter and Updates.
Tags: accountant, accountants, accounting, accounting career, accounting firm, audit, business, ca, california, careers, certified public accountants, cpa, cpa firm, firm, hiring, irvine, new hires, newsletter, oc, orange county, so cal, southern california, tax, tax firm, taxation, taxes, wfy, wright ford young, and wright ford young & co.

Preparing Yourself and the Best People to Replace You

May 16, 2022 | by | Comments Off on Preparing Yourself and the Best People to Replace You

Gregory Lambourne, Esq. Senior Planning Consultant   Plato observed that “Nothing ever is, but is always becoming.” We begin dying the day we are born. A bleak sentiment for sure, but useful if you allow it to focus and move you. Life is fragile and life is short; it’s over before we know it. But if we live right, once is enough, and we are ready when the time comes. Business owners, are you ready? Our firm counsels many self-made, multi-millionaire business owners.  They are remarkable people with sharp minds and often hard personalities, but also quite soft in the
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Categories: Newsletter and Updates.
Tags: accountant, accountants, accounting, accounting firm, audit, business, business owner, ca, california, certified public accountants, cpa, cpa firm, estates, firm, irvine, law, newsletter, oc, orange county, small business, so cal, southern california, tax, tax firm, tax law, tax planning, taxation, taxes, trusts, wfy, wright ford young, and wright ford young & co.

CA Employers Must Have Retirement Plans for Employees by June 30

April 7, 2022 | by | Comments Off on CA Employers Must Have Retirement Plans for Employees by June 30

By June 30, 2022, any California business owners with five or more employees are required to have a retirement plan for their employees. California businesses with five or more employees must comply with the statewide mandate and offer a retirement plan to their employees by the deadline. Businesses can either go through a private-market option, like a 401(k), or through the state-run CalSavers program. If any California business owners do not provide a retirement plan for their employees by June 30, there will be a penalty of $250 for each employee. Penalties will increase if initial penalties are not addressed.
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Categories: Industry News and Newsletter and Updates.
Tags: accountant, accountants, accounting, accounting firm, audit, business, business owner, ca, ca business, california, calsavers, certified public accountants, cpa, cpa firm, firm, irvine, newsletter, oc, orange county, retirement plan, small business, southern california, tax, taxation, taxes, wfy, wright ford young, and wright ford young & co.

Two New Hires Join WFY in February

March 9, 2022 | by | Comments Off on Two New Hires Join WFY in February

  Last month, two new hires joined Wright Ford Young & Co. in our tax and audit departments: Sarahbelle Kabigting and Nicholl Venzon. Sarahbelle was welcomed into our tax department and Nicholl was welcomed into our audit department. We are thrilled to introduce these two new hires to our WFY team. Saraheblle Kabigting In mid-February, Sarahbelle Kabigting joined WFY as a Tax Senior. She graduated from Cal State Fullerton with her Bachelor’s degree in Accounting. Sarahbelle has her Certified Public Accountant license and has over six year of accounting experience. She specializes in various industries, including entertainment, food service, real
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Categories: Company News and Newsletter and Updates.
Tags: accountant, accountants, accounting, accounting firm, audit, business, ca, california, certified public accountants, cpa, cpa firm, hiring, irvine, new hires, newsletter, oc, orange county, southern california, staff, tax, tax firm, taxation, taxes, wfy, wright ford young, and wright ford young & co.

Expect IRS Delays on Paper Filed Tax Returns

February 23, 2022 | by | Comments Off on Expect IRS Delays on Paper Filed Tax Returns

Hani Sharestan, CPA, MST Tax Partner   In amidst of the 2021 tax season, you should expect delays from the IRS in processing paper filed tax returns that require manual processing. Based on a recent published report, the National Taxpayer Advocate said in its annual report to congress the IRS continues to experience unprecedented severe backlogs in processing paper filed tax returns that require manual processing.  The report shared the following data regarding the IRS backlog of unprocessed returns and correspondence: 2 million unprocessed individual returns (Form 1040) mainly from 2020 and before; 8 million unprocessed payroll tax returns (Form
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Categories: Industry News and Newsletter and Updates.
Tags: accountant, accountants, accounting, accounting firm, audit, business, ca, california, certified public accountants, cpa, cpa firm, firm, IRS, irvine, newsletter, oc, orange county, so cal, southern california, tax, tax filing, tax firm, tax planning, tax return, tax season, taxation, taxes, taxpayer, wfy, wright ford young, and wright ford young & co.

2022 Payroll Tax & Auto Mileage Rate Changes

December 30, 2021 | by | Comments Off on 2022 Payroll Tax & Auto Mileage Rate Changes

By Bonnie Thompson Beginning January 1, 2022 the following changes go into effect for the withholding of payroll taxes and reimbursement of auto mileage.   SOCIAL SECURITY The wage base for withholding social security tax has increased to $147,000. The social security tax rate will be 6.2% for both employers and employees for a maximum expense of $9114.00  For Medicare, the rate is still 1.45% each for employers and employees with no limit this year. Continuing in 2022, employees earning in excess of $200,000 will be subject to a mandatory additional 0.9% medicare tax withholding regardless of their individual tax
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Categories: Industry News and Newsletter and Updates.
Tags: 2022, accountant, accountants, accounting, accounting firm, auto mileage rate, business, california, cpa firm, irvine, newsletter, orange county, payroll tax, tax, tax firm, tax planning, taxation, taxes, wfy, wright ford young, and wright ford young & co.

WFY Attends TACA’s Ante Up for Autism Dinner and Auction

September 30, 2021 | by | Comments Off on WFY Attends TACA’s Ante Up for Autism Dinner and Auction

The Autism Community in Action (TACA) hosted their 16th annual Ante Up for Autism event on Saturday, September 25. The night involved not only fantastic dining and good company, but it also involved a live auction and silent auction. Besides raising money with auction items, TACA reached above and beyond their donation goal of $300,000 the night of the event. All of the proceeds from Ante Up for Autism went to TACA. Along with other generous sponsors, Wright Ford Young & Co. was proud to be a Royal Flush sponsor for this amazing event. Some of Wright Ford Young &
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Categories: Company News and Newsletter and Updates.
Tags: 2021, accountant, accountants, accounting, accounting firm, ante up for autism, autism, business, ca, california, certified public accountants, charity, cpa, cpa firm, donate, firm, irvine, newsletter, nonprofit, oc, orange county, so cal, southern california, sponsor, taca, tax, tax firm, taxation, taxes, the autism community in action, wfy, wright ford young, and wright ford young & co.

WFY Sponsors OCBJ’s Family-Owned Business Awards

September 2, 2021 | by | Comments Off on WFY Sponsors OCBJ’s Family-Owned Business Awards

On Thursday, August 26th, Wright Ford Young & Co. was a platinum sponsor at the Family-Owned Business Awards by Orange County Business Journal (OCBJ). The luncheon honored all the nominees and winners to celebrate and recognize family-owned businesses in Orange County. OCBJ hosted an eventful luncheon starting with drinks and appetizers in the VIP reception area. Shortly after, all attendees moved to the ballroom where they were seated for lunch and the awards ceremony.  The ceremony included presenter CEO of OCBJ Richard Reisman, keynote speakers Igor Olenicoff & Natalia Ostensen from Olen Properties, and the presenters of the individual awards.
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Categories: Company News, Industry News, and Newsletter and Updates.
Tags: accountant, accountants, accounting, accounting firm, awards, business, ca, california, ceremony, certified public accountants, cpa, cpa firm, family owned, family owned business, firm, irvine, large business, oc, ocbj, orange county, small business, so cal, southern california, tax, tax firm, taxation, taxes, wfy, wright ford young, and wright ford young & co.

New Law Tax Workaround for CA Pass-Through Business Owners

July 27, 2021 | by | Comments Off on 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 pass-through business owners can separately elect to pay a 9.3% entity level tax on the owner’s share of the company’s qualified taxable income which will be allowed as a federal tax deduction on the entity return. Owners who participate will receive a credit on their California individual tax return equal to the 9.3% tax paid at the entity level.  The
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Categories: Industry News and Newsletter and Updates.
Tags: accountant, accountants, accounting, accounting firm, business, business owner, ca, california, certified public accountants, cpa, cpa firm, deduction, firm, irvine, law, newsletter, oc, orange county, passthrough entity, small business, so cal, southern california, tax, tax firm, tax workaround, taxation, taxes, wfy, wright ford young, and wright ford young & co.