Wright Ford Young & Co.

07/14/2026

Midyear is an ideal time to revisit philanthropic strategies. Aligning charitable goals with tax planning ensures both meaningful impact and optimized outcomes.

Have you reviewed your charitable giving strategy for 2026?

Note: Everyone’s financial situation is different. Contact a WFY advisor to discuss your financial plan.

07/14/2026

Charitable giving is an effective way to align philanthropic goals with tax planning, particularly when donating appreciated property. Generally, contributions of long-term capital gain property to qualified charities are deductible at fair market value (FMV), subject to AGI limitations.

When the donated property is encumbered by debt, transferring the liability to the charity can be difficult. In these cases, our Tax Partner Albert Yang explains how a bargain sale may be a practical alternative.

https://cpa-wfy.com/planning-considerations-for-charitable-donations-and-bargain-sales/

Charitable giving is an effective way to align philanthropic goals with tax planning, particularly when donating appreciated property...

07/13/2026

WFY would like to welcome these new hires to our tax department and E&T department! Welcome to the team!

07/10/2026

Scammers are not just targeting taxpayers. Increasingly, they are targeting the tax professionals who hold taxpayer data.

The IRS Security Summit campaign warns tax pros about fake IRS messages, social media tax myths, new-client phishing schemes, and attempts to steal ID numbers.

07/09/2026

July 10 is the drop-dead deadline for tens of millions of Americans to file for a potential COVID-related IRS refund. If taxpayers haven't filed with the IRS by then to protect a potential refund or abatement, they will lose that chance forever.

https://www.usatoday.com/story/money/personalfinance/2026/06/27/covid-tax-refund-july-10/90707517007/

A federal court ruling could mean tax refunds for millions of Americans, but you must file a claim by the July 10 deadline or lose it forever.

07/09/2026

The IRS announced it will soon automatically abate three types of penalties — failure to file, failure to pay, and failure to deposit — for taxpayers with a history of timely compliance.

Under the new system, eligible taxpayers will no longer have to request penalty relief that the IRS says is routinely granted.

07/08/2026

The House Ways and Means Committee has approved a package of seven bills aimed at protecting taxpayer rights, improving IRS services, combating fraud, and increasing transparency for nonprofit hospitals. The legislation addresses tax relief for American hostages held abroad, aid for victims of financial fraud, and the adoption of new technology at the IRS.

https://tax.thomsonreuters.com/news/house-taxwriters-approve-taxpayer-rights-administrative-bill-package/

The House Ways and Means Committee has approved a package of seven bills aimed at protecting taxpayer rights, improving IRS services, combating fraud, and increasing transparency for nonprofit hospitals.

07/07/2026

Successful year-end planning starts well before Q4. Early positioning provides greater flexibility in managing income, deductions, and investment decisions.

Note: Everyone’s financial situation is different. Contact a WFY advisor to discuss your financial plan.

07/07/2026

Why a Review Engagement Might Be Exactly What Your Business Needs

When your business is growing, it is normal to need financing from a bank. Prior to providing lending to your business, your banker may want added confidence in your internal financial statements by an independent CPA. While the highest level of assurance is an audit, you may not always need or want to pay for an audit. Our Audit Partner in Charge, Cyndi LeBerthon, explains where a review engagement can be a great fit.

https://www.cpa-wfy.com/why-a-review-engagement-might-be-exactly-what-your-business-needs/

07/06/2026

The federal savings program went live on July 4, with the families of 6 million American children claiming accounts. Among those children are 1.4 million newborn babies who get $1,000 in seed money from the government.

https://www.usatoday.com/story/money/personalfinance/2026/07/06/trump-accounts-1000-dollars-newborns-july-4/90820211007/

President Donald Trump rang in the arrival of Trump Accounts, a program that gives $1,000 federal seed money to newborns.