Posts

savings

Year-End Tax Savings Moves for Individuals

Since 2019 is coming to a close now is the time to take action to proactively reduce your tax liability before the new year.

Included are a few strategies that may help with your tax situation:

  1. Harvest stock losses while substantially preserving one’s investment position. This can be accomplished by selling the shares and buying other shares in the same company or another company in the same industry to replace them, or by selling the original shares then buying back the same securities at least 31 days later.
  1. Apply a bunching strategy to deductible contributions and/or payments of medical expenses. The increased standard deduction and limited itemized deduction of state and local taxes to $10,000 will cause many taxpayers to lose the benefit of their itemized deductions.  By bunching multiple years of charitable contributions and medical expenses into one year, a taxpayer may create a taxable benefit that would not otherwise exist.  For example, a taxpayer who expects to itemize deductions in 2019 and usually contributes a total of $10,000 to charities each year, should consider prefunding 2020 and 2021 charitable contributions by contributing a total of $30,000 into a donor advised charitable fund and then distribute the funds to the charities over the following two years.
  2. Take required minimum distributions (RMDs). Taxpayers who have reached age 70-½ should be sure to take their 2019 RMD from their IRAs or 401(k) plans (or other employer-sponsored retired plans). Failure to take a required withdrawal can result in a penalty of 50% of the amount of the RMD not withdrawn. Those who turned age 70-½ in 2019 can delay the first required distribution to 2020, however, this can result in taking a double distribution in 2020 (the required amount for 2019 and 2020).
  3. Use IRAs to make charitable gifts. Taxpayers who have reached age 70-½, own IRAs, and are thinking of making a charitable gift should consider arranging for the gift to be made by way of a qualified charitable contribution, or QCD—a direct transfer from the IRA trustee to the charitable organization. Such a transfer (not to exceed $100,000) will neither be included in gross income nor allowed as a deduction on the taxpayer’s return. A qualified charitable contribution before year end is a particularly good idea for retired taxpayers who don’t need all of their as-yet undistributed RMD for living expenses.
  4. Make year-end gifts. A person can give any other person up to $15,000 for 2019 without incurring any gift tax. The annual exclusion amount increases to $30,000 per donee if the donor’s spouse consents to gift-splitting. Anyone who expects eventually to have estate tax liability and who can afford to make gifts to family members should do so.

These are broad suggestions that will benefit some but not all taxpayers.  To discuss and create a personalized tax strategy, be sure to contact a WFY tax specialist at info@cpa-wfy.com or (949) 910-2727.

ante up for autism

WFY Sponsors TACA’s 13th Annual Ante Up for Autism Benefit Gala

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

business owner summit

WFY Partner Kahni Bizub as Panelist at 2019 Business Owner Summit

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.

lawyers for warriors

WFY Title Sponsors Veterans Legal Institute’s Lawyers for Warriors Event

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/

 

meet the firms

WFY Attends Meet the Firms at CSUF and NAU

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.

 

angels game

WFY Attends Anaheim Angels Game

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.

A special thanks to our Partners Kahni Bizub and Jeff Myers for putting this special event together for WFY.

If you’d like to check out upcoming Anaheim Angels games, you can check them out here.

legacy luncheon

E&T Partner Marisa Alvarado Panels OCCF’s 2019 Legacy Luncheon

On June 12th, our Estates & Trusts Senior Tax Partner, Marisa Alvarado, and some of WFY’s other Estates & Trusts staff attended Orange County Community Foundation’s 2019 Legacy Luncheon at the Pacific Club with many other philanthropists and professional advisors.

The luncheon consisted of learning about other women in philanthropy and acquiring tips to make the most of their charitable planning.  More than 100 people gathered for the event to listen to a panel discussion about charitable planning which Marisa Alvarado was a panelist.

OCCF is a foundation that works with individuals, families and businesses to match charitable interests to community needs and provide grants and resources to nonprofits and monitor local issues. The foundation has also granted more than $560 million to dreamers and doers motivated by their passion for a wide range of causes and issues.

To learn more about the Legacy Luncheon and OCCF, go to OCFF’s website.

 

calcpa

Cyndi LeBerthon Appointed Chair of CalCPA Peer Review Committee

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.

Congratulations, Cyndi!

If you’d like to learn more about WFY’s Audit Partner, Cyndi LeBerthon, click here.

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.