MKG Tax Consultants News, View Points, Taxes & Finances

MKG Tax Consultants

MKG Enterprises Corp Financial Services is a diversified financial technology company that provides tax refund financial products primarily to customers with limited access to consumer credit from banks, thrifts, credit cards, and lenders. As a leading mobile tax refund FinTech we provide tax advantage IRA accounts, crypto tax service and digital wallets. MKG Tax Consultants will enable startup businesses to open bank accounts conveniently from their mobile phone, send/ receive ACH deposits, instantly issue virtual and plastic debits cards, pay bills, manage cash flow securely online with an FDIC Insured business bank account. Most economists will agree that small businesses are the backbone of the nation’s economy. They create more new jobs, provide goods and services that bigger businesses may see as not worth their while, and support their local communities. The importance of separating personal finances from business expenses. The goal is to give underprivileged and underbanked families access to consumer credit to be able to affordably finance auto loans, finance solar systems, home improvements, make a down payment on a home, investing and/or pay off debt leveraging their tax refund as collateral using a proprietary banking & finance app. read less
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IRS provides tax relief for victims of severe winter storms, flooding, landslides and mudslides in California
23-03-2023
IRS provides tax relief for victims of severe winter storms, flooding, landslides and mudslides in California
Victims of severe winter storms, flooding, landslides and mudslides in California beginning March 9, 2023, now have until Oct. 16, 2023, to file various individual and business tax returns and make tax payments, the Internal Revenue Service announced today.Following the disaster declaration issued by the Federal Emergency Management Agency, individuals and households affected by severe winter storms, flooding, landslides and mudslides that reside or have a business in these 42 counties qualify for tax relief.AlpineFresnoLakeMonoPlumasSan MateoSonomaAmadorGlennLos AngelesMontereySacramentoSan Luis ObiscoStanislasButteHumboldtMaderaNapaSan BenitoSanta Barbara Trinity CalaverasImperialMariposaNevadaSan BernardinoSanta ClaraTulare Del Norte Inyo KernMendocinoOrangeSan FranciscoSanta CruzTuolumne El DoradoKingsMercedPlacerSan JoaquinSierraYuba Counties The declaration permits the IRS to postpone certain tax-filing and tax-payment deadlines for taxpayers who reside or have a business in the disaster area. For instance, certain deadlines falling on or after March 9, 2023, and before Oct. 16, 2023, are granted additional time to file through Oct. 16, 2023. As a result, affected individuals and businesses will have until Oct. 16 to file returns and pay any taxes that were originally due during this period. This includes 2022 individual income tax returns due on April 18, as well as various 2022 business returns normally due on March 15 and April 18. Among other things, this means that eligible taxpayers will have until Oct. 16 to make 2022 contributions to their IRAs and health savings accounts.The Oct. 16, 2023, deadline also applies to any payment normally due during this period, including quarterly estimated tax payments, quarterly payroll and excise tax returns. In addition, penalties on payroll and excise tax deposits due on or after March 9, 2023, and before March 24, 2023, will be abated as long as the tax deposits are made by March 24, 2023.Contact MKG Tax Consultants for a free extension filing Office (559) 412-7248https://mkgtaxconsultants.com/about-us/contact-us/
Silvergate Bank Collapse
14-03-2023
Silvergate Bank Collapse
A bank run occurs when a large number of customers of a bank or other financial institution withdraw their deposits simultaneously over concerns of the bank's solvency.As more people withdraw their funds, the probability of default increases, prompting more people to withdraw their deposits. In extreme cases, the bank's reserves may not be sufficient to cover the withdrawals.Silvergate Bank's quick demise through a self-liquidation is prompting a closer look at the many red flags that ensnared the California bank even before the collapse of cryptocurrency exchange FTX late last year forced a run on deposits.The state-chartered Silvergate's voluntary liquidation, announced Wednesday, will allow the La Jolla, Calif.,-based bank to wind down its operations, sell remaining assets and pay off its depositors. The process is being monitored by California's Department of Financial Protection and Innovation.Among the many lessons to be learned from Silvergate's collapse is that a liquidity crunch can quickly engulf a bank, particularly if management makes the wrong bet on interest rates, experts said. Silvergate's monoline business model was concentrated in the crypto industry, where the risks and correlated aftershocks were not fully understood."They didn't think deposits would dissipate so quickly in an environment where the securities portfolio was deeply underwater," said Todd H. Baker, senior fellow at the Richman Center for Business, Law and Public Policy at Columbia Business School and Columbia Law School. Silvergate's management "underestimated how much they were exposed in multiple ways to interest rate rises, and they probably underestimated how aggressive the regulators would be trying to essentially get a handle on their overall situation," Baker added. Silvergate had an unusual business model, holding billions in zero-interest deposits from crypto exchanges. Both FTX and Alameda Research had accounts at Silvergate. It also operated the Silvergate Exchange Network cryptocurrency trading platform that served as a payments network for crypto companies to swap fiat currencies with each other. When the bank shut its network last week, crypto depositors fled en masse.The deposit and industry concentration, interest rate squeeze and lack of any other meaningful business were self-inflicted wounds.
Silicon Valley Bank Run on Deposits
13-03-2023
Silicon Valley Bank Run on Deposits
Silicon Valley Bank failed on Friday March 10, 2023 following a run on deposits, after its parent company’s share price crashed a record 60% on Thursday.Trading of SVB Financial Group’s stock SIVB had been halted early Friday, after the shares plunged again in premarket trading. Treasury Secretary Janet Yellen said SVB was one of a few banks she was “monitoring very carefully.” Reaction poured in from several analysts who discussed the bank’s liquidity risk.California regulators closed Silicon Valley Bank and handed the wreckage over to the Federal Deposit Insurance Corp. later on Friday. Signature Bank of New York, (the main subsidiary of Signature Bank Corp. SBNY, was closed by state regulators and taken over by the FDIC on Sunday.Below is the same list of 10 banks we highlighted on Thursday that showed similar red flags to those shown by SVB Financial through the fourth quarter. This time, we show how much they reported in unrealized losses on available-for-sale, or AFS, securities — an item that played an important role in SVB’s crisis.Below that is a screen of U.S. banks with at least $10 billion in total assets, showing those that appeared to have the greatest exposure to unrealized securities losses on AFS securities, as a percentage of total capital, as of Dec. 31.The latest industry developments include an emergency lending facility set up by federal regulators to help banks avoid selling securities for losses if they need to raise cash to cover deposit outflows. The regulators have also said all depositors of Silicon Valley Bank and the failed Signature Bank of New York would have access to their money — even uninsured deposit balances. First Republic Bank FRC (listed below) announced it had secured funding from the Federal Reserve and JPMorgan Chase & Co. JPM.Banks are now able to pledge
Employer Retention Credit Warning
04-12-2022
Employer Retention Credit Warning
Employer Retention Credit WarningMany businesses have received phone calls and emails from third-party companies marketing ERC refunds. The ERC is an inherently risky tax credit that will lead to a high likelihood of an audit over the next five years.The Internal Revenue Service has warned employers to be wary of third parties who are advising them to claim the Employee Retention Credit (ERC) when they may not qualify. Some third parties are taking improper positions related to taxpayer eligibility for and computation of the credit.These third parties often charge large upfront fees or a fee that is contingent on the amount of the refund and may not inform taxpayers that wage deductions claimed on the business' federal income tax return must be reduced by the amount of the credit.If the business filed an income tax return deducting qualified wages before it filed an employment tax return claiming the credit, the business should file an amended income tax return to correct any overstated wage deduction.Businesses are encouraged to be cautious of advertised schemes and direct solicitations promising tax savings that are too good to be true. Taxpayers are always responsible for the information reported on their tax returns. Improperly claiming the ERC could result in taxpayers being required to repay the credit along with penalties and interest. No matter who filed the amended 941 form the business is still responsible for the information reported.  As a reminder, only recovery startup businesses are eligible for the ERC in the fourth quarter of 2021. Additionally, for any quarter, eligible employers cannot claim the ERC on wages that were reported as payroll costs in obtaining PPP loan forgiveness or that were used to claim certain other tax credits.If you claimed the Employee Retention Credit be prepared for an audit.Contact us Today! Our Enrolled Agents have extensive IRS Audit Representation.
How to buy a house with cryptocurrency
01-08-2022
How to buy a house with cryptocurrency
How to buy a house with cryptocurrencyCryptocurrency is proving to be less of a trend and more of a force that’s here to stay. Bitcoin (BTC) reached an all-time high of over $68,000 in November 2021 after starting the year at just under $30,000, and the crypto industry  as a whole grew to a total market cap of more than $2 trillion. It makes sense that cryptocurrency investors are thinking big when it comes to tapping into the power of their crypto stashes. Can you use cryptocurrency to buy a house?If you’re considering using Bitcoin, Ethereum, Dogecoin, Litecoin or one of a number of other cryptocurrencies to purchase a home, you’re not alone. It’s becoming increasingly common, but there are some challenges to be aware of, and the volatility of the cryptocurrency market can make some transactions complicated. How do you buy a home with cryptocurrency?There are a few options for using cryptocurrency to buy a home. Convert cryptocurrency to cashOne of the simplest ways to use your cryptocurrency nest egg to buy a home is to sell the cryptocurrency for fiat money (dollars) using a service like BitPay, then use that money to purchase a home. However, keep in mind that you’ll need to keep the fiat money in an account in your name for at least two months before it’s considered an asset that can be used to purchase a home, and a deposit that large may get flagged by the IRS. Any money you make from selling cryptocurrency may also be subject to capital gains tax, so check with your financial advisor or tax attorney.Convert your crypto to U.S. currencyBefore it can be used to buy a house, cryptocurrency must be converted to U.S. currency.MKG Enterprises Corp Third=Party Originator is beta-testing to accept cryptocurrency stable coins for its borrowers as a down payment and closing costs, that would be converted to U.S. dollars and offer its borrowers the ability to create a digital wallet to convert their crypto to fiat however much borrowers intend to use and have the money in their bank account prior to closing.Seasoning Your lender’s underwriting team will need to verify that the crypto assets were in your digital wallet or digital exchange account for at least 60 days prior to when you sold themWhat are the cons to buying a home with cryptocurrency?As enticing as cryptocurrency may be, it’s still something of an unknown entity in the real estate industry. When considering buying a home with cryptocurrency, watch out for these drawbacks:Not all sellers accept cryptocurrency. While trust is growing in Bitcoin, Ethereum and  their competitors, few sellers are ready to go all-in and accept cryptocurrency as payment for a real estate transaction, so it may limit your home-buying options. Cryptocurrency exchanges may be subject to capital gains taxes. The IRS considers cryptocurrency a type of property, property that must be sold in order for you to realize its value in dollars. Be sure to consult a tax professional to find out how using cryptocurrency to buy a home may affect your tax liability. You may have fewer legal protections in a cryptocurrency transaction. For users of cryptocurrency, two of its main selling points are security and anonymity. But that means transactions are difficult to trace, so if anything goes wrong, you could face a sticky legal situation. Be sure to consult a legal professional to learn how to protect yourself.  Most mortgage lenders...
Loan Amount Vs Purchase Price – What’s The Difference?
23-07-2022
Loan Amount Vs Purchase Price – What’s The Difference?
When you borrow money to buy a home, you’ll see many numbers thrown around. Most buyers focus on the purchase price of the home. It’s an indicator of whether or not you can afford the price. But since you probably won’t pay cash only, you must consider the loan amount. The loan amount is the money you borrow to buy the home. It usually differs from the purchase price since most lenders don’t always provide 100 percent financing. Considering the loan-to-value ratio is important too. This value compares the purchase price and the loan amount and is a number lenders talk about often.Understanding these numbers helps you make solid real estate investment decisions. While focusing on the purchase price makes sense, it’s the loan amount that plays the most important role in your decision, here’s why.What’s The Purchase Price?The purchase price is the amount you agree to pay the seller. It’s the amount on your sales contract or the amount your real estate agent worked so hard to get the seller to agree to.For example, a home is listed for $300,000, but your real estate agent gets them down to $285,000. Your purchase price is $285,000. That’s what you agree to pay. Now, you probably don’t have $285,000 lying around, so you need financing, which is where the loan amount matters.The Loan Amount Isn’t The Purchase PriceThe loan amount differs from the purchase price because most lenders won’t give you 100 percent of the sales price. We’ll use our $285,000 sales price example from above. Traditional lenders or banks will typically give you 80 percent of that amount, so $228,000 if you live in the home as your primary residence. Primary residence properties have a lower risk of default because you live there, but you must come up with the remaining $57,000. Lenders require your own investment to reduce the risk of default. They call it having ‘skin in the game’. Traditional loans require a 20 percent investment. Lenders feel if you have 20 percent of your own money invested, you’ll be more likely to pay your bills on time and not default on the loan, risking your property.  MKG Enterprises Corp. Third-Party OriginatorNLMS ID 1370394Call 559.412.7248 to speak to a loan officer Website:https://www.blink.mortgage/app/signup/p/mkgenterprisescorp
Down Payment Gift for Health Care, Public Safety and Educational Occupations
19-06-2022
Down Payment Gift for Health Care, Public Safety and Educational Occupations
GSFA Platinum borrowers with certain occupations are eligible to apply for a DPA Gift instead of a Second Mortgage. The DPA Gift never has to be repaid.Qualifying occupations in CA include:Medical and Healthcare workers;Peace Officers, Sheriff, Border Patrol Agents, Correctional Officers and others serving in a Law Enforcement capacity;Firefighters, CalFire, paramedic, and Emergency Medical Technicians (EMTs), including administrative staff that supports firefighters; andCurrent members of the California State Teachers Retirement System (CalSTRS) or University of California Retirement Plan (UCRP), employees of a California accredited Private, Charter or Public School District or California State University, Junior College or Private College, including school administration and staff.Program HighlightsFinancial assistance for down payment and/or closing costs (Now up to 5.5%).Homebuyer doesn't have to be a first-time homebuyer to qualify.Perfect credit not required. FICO scores as low as 640 can qualify.Flexible income limits (low-to-moderate income).Various first mortgage loan types available to fit the needs of the homebuyer(FHA, VA, USDA and Conventional financing)The GSFA OpenDoors Program helps low-to-moderate income homebuyers in California purchase a home by providing down payment and/or closing cost assistance (DPA), up to 7% of the First Mortgage Loan amount. On a $300,000 Mortgage Loan, 7% in assistance is $21,000.The program is limited to owner occupied primary residences only. There is no first-time homebuyer requirement and the qualifying guidelines are flexible.Program HighlightsFinancial assistance up to 7%, to use for down payment and/or closing costs.Homebuyer doesn't have to be a first-time homebuyer to qualify.Perfect credit not required. FICO Scores as low as 620 can qualify.Flexible income limits (low-to-moderate income).Various first mortgage loan types available to fit the needs of the homebuyer.(FHA, VA, USDA and Conventional financing) Mortgage Loan OfficerMarshawn Govan NLMS# 1370676Appointments, Call, Message Direct (559) 354-3100Schedule a down payment assistance consultation:https://calendly.com/marshawngovanGet Prequalifiedhttps://www.mkgenterprisescorp.com/home-purchase/
Get Prequalified for a Home Loan | CalHFA Forgivable Equity Builder Loan Program
14-06-2022
Get Prequalified for a Home Loan | CalHFA Forgivable Equity Builder Loan Program
Get Prequalified for a Home LoanFind out how much house you can borrow before you start looking – and how you can make the strongest offer possible on the property you choose.What documents should you have ready when contacting a loan officer?When initially contacting a loan officer, you may want to have this list of documents and information available to help answer questions that they will ask you:Pay stubs last 30 daysBank statements last 3 monthsEmployment historyPrevious tax returns 2 yearsGet prequalified for a mortgage loanhttps://www.mkgenterprisescorp.com/home-purchase/CalHFA - Am I Eligible?https://www.calhfa.ca.gov/apps/AmIEligible/CalHFA FICO requirements 660https://www.calhfa.ca.gov/homebuyer/programs/index.htmThe Forgivable Equity Builder Loan is a forgivable subordinate loan program that may only be used with a CalHFA first mortgage.Fannie Mae Area Median Income Lookup Toolhttps://ami-lookup-tool.fanniemae.com80% AMI divided income limit by 12 Calculate DTI = 45% of AMI income limitsExample $50,240 /12= $4,187 X 0.45 = $1,884.15 must include interest + principle + property taxes and PMIDetermines borrowers Capacity ability to make interest and principal repayments on a loan, using his or her disposable income or cash flow.Conforming 30 Year Fixed An interest rate of 5.625% (5.89 APR) is for the cost of 1.875 points ($4,687.59) paid at closing. On a $250,000 mortgage, you would make monthly payments of $1,439.15. Monthly payment does not include taxes and insurance premiums. The actual payment amount will be greater. Payment assumes a loan-to-value (LTV) of 60.00%An interest rate of 6.25% (6.345% APR) is for the cost of points paid at closing. On a $250,000 mortgage, you would make monthly payments of $1,539.30. Monthly payment does not include taxes and insurance premiums. The actual payment amount will be greater. Payment assumes a loan-to-value (LTV) of 60.00%Mortgage Loan Officer Marshawn Govan NLMS ID 1370676Text: (559) 500-6030This material has been prepared for informational purposes only, and is not intended to provide, and should not be relied on for, tax, legal or accounting advice. You should consult your own tax, legal and accounting advisors before engaging in any transaction.
Cashflow Quadrant The 4 Ways Produce Income
15-05-2022
Cashflow Quadrant The 4 Ways Produce Income
E – EmployeeAn employee has a job. This is where most people earn their income. The job itself is owned by a business, which could be a single person or a large corporation. The employee gives his or her time, energy, and skills to an employer in exchange for a pay check and benefits.Employees can make a little or lot of money. But when an employee stops working (or when the business stops), their income stops, too.This long-term lack of control over income is the primary problem of the E quadrant. An employee’s financial destiny, security, and freedom is dependent upon the whim and the success of their employer.S – Self-EmployedMany employees get tired of their lack of control and choose to work for themselves. The self-employed still work, but they own their job.The S quadrant includes dentists, insurance agents, restaurant owners, realtors, handymen, and many other trade workers. Many self-employed people earn very large incomes, but like the employee, when they stop working so does their income.Self-employed people do have a lot more control than an employee, but that also means they have more responsibility. As a result, success usually means working harder and working longer. Over the long run this can lead to burn out and fatigue.B – Business OwnerThose in the B quadrant own a system and lead people. The systems and people who work for the business can run successfully without the business owner’s constant involvement.The same types of businesses could be run by S owners and B owners. For example, a plumber could own and work in his own plumbing business, or a business owner could create a plumbing business and hire quality plumbers, administrators, and a manager to run the systems of the plumbing business.The wealthiest individuals in the world typically own businesses. These include Bill Gates of Microsoft, Jeff Bezos of Amazon, and Mark Zuckerberg of Facebook.I – InvestorsInvestors own assets that produce income. This is the quadrant for truly passive income.Investors in this quadrant have usually accumulated money earned in one or more of the other three quadrants, and they let the money go to work and produce even more money for themselves.Investors often purchase shares of companies owned by those in the B quadrant. The capital from the investors helps to fuel the systems created by the business owner, and this fuel can lead to even greater growth (and more income) for everyone involved.There are multiple paths to financial independence, but most of them ultimately lead to the right side of the quadrant – B and I. So, if you want to achieve greater financial independence and freedom, it will pay to start learning the skills and mindset required to make this move to the right side.Become a guest on MKG Tax Consultants News, View Points, Taxes & Finances podcast covers the latest trends in the market from real estate, taxes, finances, crowdfunding, crypto investing, wealth building strategies and asset protection with a mission driven purpose to strengthen our community by closing the wealth gap created by systemic disparities in the financial industry.https://fresno-capital-formation.captivate.fm/booking
Tax-Smart Strategies to Buying a Home
15-05-2022
Tax-Smart Strategies to Buying a Home
Tax-Smart Strategies, Get our Tax-Filing App on Android and iOS -  Now available for personal and business tax preparation, Get approved to buy a home, purchase mortgage insurance and protect your family with life insurance.Powered by: MKG Tax ConsultantsMKG Enterprises Corp is revolutionizing the tax industry to tackle the housing affordability crisis to build the next financial technology company with a mission driven purpose to strengthen our community by closing the wealth gap created by systemic disparities in the financial industry.The goal is to give underprivileged and underbanked families access to consumer credit to be able to affordably finance auto loans, finance solar systems, home improvements, make a down payment on a home, investing and/or pay off debt leveraging their tax refund, bitcoin investments, IRA, 401K, 403B, HSA accounts towards the down payment on a house using a proprietary tax-filing banking as a service best in class mobile app, there are even some benefits: 401K, 403B, IRA loans aren’t taxed as early withdrawal penalty and they have low interest rates. Choose the Best Mortgage Option Right For You.First-Time Homebuyers Down Payment AssistanceWork with the Largest Home Lenders In America Connect with a mortgage broker in your community. Three tax-smart home buying moves: mortgage prequalification vs preapproval and using an IRA to purchase a home.I. Pre Qualification is an early step in your home buying journey. When you prequalify for a home loan, you’re getting an estimate of what you might be able to borrow, based on information you provide about your finances, as well as a credit check.Prequalification is also an opportunity to learn about different mortgage options and work with your lender to identify the right fit for your needs and goals.II. Pre Approval is as close as you can get to confirming your creditworthiness without having a purchase contract in place. You will complete a mortgage application and the lender will verify the information you provide. They’ll also perform a credit check. If you’re pre approved, you’ll receive a preapproval letter, which is an offer (but not a commitment) to lend you a specific amount, good for 90 days.Find out how much house you can borrow before you start looking – and how you can make the strongest offer possible on the property you choose.If you’re ready to make your dream of owning a home a reality, you’ve probably already heard that you should consider getting prequalified or preapproved for a mortgage. It’s time to understand exactly what each of those terms means and how they might help you. And when you’re working towards a goal this big, you want every advantage.III. Using a 401(k) and 403(b) to purchase a home is borrowing from your retirement —this is the more tax favorable option. When you take out a 401(k) or 403(b) loan, you do not incur the early withdrawal penalty, nor do you have to pay income tax on the amount you withdraw up to $10,000 tax free earnings.But you do have to pay yourself back—that is, you have to put the money back into the account and will pay yourself interest. The interest rate and the other repayment terms are usually designated by your 401(k) plan provider or administrator. Generally, the maximum loan term is five years. However, if you take a loan to buy a principal residence, you may be able to pay it back over a longer period than five yearsIRAsUnlike 401(k)s or 403(b)s IRAs have...
New California program lets first-time homebuyers borrow down payment at 0% interest
12-05-2022
New California program lets first-time homebuyers borrow down payment at 0% interest
Loans for unique situations If a traditional home loan doesn’t fit your style, MKG Enterprises Corp has other options that may suit your needs.First-Mortgage Down Payment Assistance Programs• Minimum down payment of 0% to 3%• Down payment can be a gift• Minimum FICO® Score of 640• Loan amounts up to $647,200GET PREQUALIFIED Mortgage Loan Officer Marshawn Govan NLMS ID 1370676California Forgivable Equity Builder LoanHome equity has proven to be one of the strongest ways for families to build and pass on intergenerational wealth and CalHFA is committed to improving equitable access to homeownership for all Californians. The Forgivable Equity Builder Loan gives first-time homebuyers a head start on this with immediate equity in their homes via a loan of up to 10% of the purchase price of the home. The loan is forgivable if the borrower continuously occupies the home as their primary residence for five years“Interest rates on the CalHFA first mortgage will vary depending on your financial circumstances, lender fees, and other factors. Interest rates can also change daily. The Forgivable Equity Builder Loan is a forgivable subordinate loan program that may only be used with a CalHFA first mortgage.Borrower RequirementsBe a first-time homebuyerOccupy the property as a primary residence; non-occupant co-borrowers are not allowed.CalHFA borrowers must complete homebuyer education counseling and obtain a certificate of completion through an eligible homebuyer counseling organization.Property RequirementsBe a single-family, one-unit residence, including approved condominium, planned unit developmentsGuest houses, granny units and in-law quarters may be eligibleManufactured housing is permittedCondominiums must meet the guidelines of the first mortgageChoose the Best Mortgage Option Right For You.First-Time Homebuyers Down Payment AssistanceWork with the most popular down payment assist programs in California.Contact Loan Officer https://www.mkgenterprisescorp.com/contact-us/Phone (559) 337-5990
Video Remote Interpreting Sign Language Service for Deaf and Hard of Hearing
07-05-2022
Video Remote Interpreting Sign Language Service for Deaf and Hard of Hearing
MKG Tax Consultants is pleased to offer diversity and connect humans with VRS to bridge the language barrier gap of the deaf and hard of hearing community to get their taxes prepared or buy auto, home, and life insurance.We offer video conferencing technology with a sign language interpreter to facilitate communication between a deaf person and a hearing person.Scheduled-Video Remote interpreting tax preparation, auto, home, life insurance, and mortgage loan originator Sign Language Service price $2.32 per minute 1-hour minimum requirement (paid-in advance) If the scheduled appointment is canceled within 48 hours of the scheduled appointment, the client will be billed for the full scheduled appointment. Deaf and Hard of Hearing Taxes & Financial Support (DHTFS) Schedule VRI Support Link:https://keap.app/checkout/qmz602/scheduled-vrs-aslOn-Demand Video Remote interpreting tax preparation, insurance and mortgage loan originator Sign language $2.80 per minute 1-hour minimum requirement (paid-in advance) On-Demand interpreting will be billed by the minute for the duration the interpreter was connected with the client. DHTFS On-Demand VRI Support Link:https://keap.app/checkout/qmz602/on-demand-vrsWe will email and text message a zoom or video appointment calendar invite for the date and time you requestedAll scheduled assignments are subject to a 1-hour minimum per interpreter at the applicable rate and are billed at 15-minute increments after the 1st hour. Learn more about our VRS Financial Serviceshttps://mkgtaxconsultants.com/video-remote-interpreting-sign-language-service
Strive Real Estate Group
28-04-2022
Strive Real Estate Group
Co-founder of a top real estate team in Fresno called Strive Real Estate Group at Real Broker. Helped 144 families in 2021. Receives cash flow from 17 doors with 3 being an Airbnb. OUR MISSIONTo provide our clients with sound business advice and represent their interests with the highest level of professionalism, intelligence and integrity in the industry.Win – Win: or no dealIntegrity: do the right thingCustomers: always come firstCommitment: in all thingsCommunication: seek first to understandCreativity: ideas before resultsTeamwork: together everyone achieves moreTrust: starts with honestySuccess: results through peopleFresno Calif. has had a 23.1% rent increase over the last 12 months which is well above the state of California (11.6%) and U.S. (15.1%) rent increases. The average one-bedroom apartment now costs $1,150.KEY POINTSHome prices are rising faster than rents, which is shrinking the affordability gap between being a homeowner and a tenant.Single-family homes are less affordable than they have been in just over three quarters of the U.S. — the highest total in 13 years, according to a real estate data tracker.All real estate is local, however. Homeownership is more affordable than renting in suburban and rural areas, but it’s cheaper to rent in big cities. Work with a good mortgage loan officer that put your best interest at heartGet Pre-approved before home shoppingFind a good relator that knows the local marketFile two years of tax returnsContact Darren Wade Strive Real Estate DRE # 01910957550 W Alluvial, STE 110Fresno , CA 93711(559) 840-8838Instagram: Dad_Realtor_InvestorLinkedin: https://www.linkedin.com/in/strive-real-estate-group-6602b6180Website: http://strivehomefinder.com
Community Development Financial Institutions – Opportunities for Managers of Loan Funds and Venture Capital Funds
16-04-2022
Community Development Financial Institutions – Opportunities for Managers of Loan Funds and Venture Capital Funds
Community Development Financial Institution (CDFI) certification is awarded to “community-based organizations that seek to expand economic opportunity in low-income communities and provide financial products and services to individuals and businesses often underserved by traditional financial institutions. The CDFI Fund, which oversees the certification process, provides technical and financial assistance to empower qualified organizations that are providing disadvantaged communities with financial products and services. Particularly, as the focus of this OnPoint, the CDFI Fund provides a variety of unique benefits to privately-managed loan funds and venture capital funds seeking to assist communities that historically have lacked access to traditional financial services. These benefits may be appealing to banks, bank holding companies and other financial service providers that can serve as investors in these for-profit CDFI-eligible investment funds. The program has garnered recent attention in the wake of COVID-19 with participation by a number of large firms.Overview of CDFI ProgramThe CDFI Fund was formed as an agency of the Department of the Treasury in 1994 to oversee the CDFI certification program. Once certified, CDFIs are qualified to apply for technical and financial assistance awards (i.e. grants and low-cost credit), as well as operational support and training through the CDFI Fund’s Capacity Building Initiative. CDFI certification is based upon whether the CDFI entity: has a primary mission of promoting community development; primarily serves one or more target markets; and maintains accountability to the defined target market(s). Government benefits and incentives are available for traditional lenders to invest in CDFIs, which, in turn, support communities that traditionally have been overlooked by financial services providers. It has been reported that a 2018 survey conducted by the Opportunity Finance Network estimated that “58% of the clients served by its roughly 300 CDFI members are people of color, 85% are low-income and 48% are women. Certification Process CDFI certification is a designation conferred by the CDFI Fund. Obtaining CDFI certification is a formal acknowledgement by the CDFI Fund that a financial institution meets certain community-development finance criteria. To be eligible for CDFI certification, an organization must be a legal entity and:Have a primary mission of promoting community development;Be a financing entity (i.e., an entity whose predominant business activity is the provision, in arms-length transactions, of financial products and/or services);Serve one or more target marketsProvide development services in conjunction with its financing activities;Maintain accountability to a defined market (typically through representation on its governing board and/or advisory board(s); andBe a non-governmental entity (other than a Tribal government) at the time of application.ConclusionCDFI loan funds and venture capital funds are options worth considering by fund managers in order to attract new capital in pursuit of community-driven investment opportunities. Renewed government support, as well as growing interest from the private sector, make this an excellent time for innovative private funds, which are interested in acting as a catalyst for investments in underserved communities, to seek CDFI certification.As more consumers rely on using their mobile phone devices nowadays Americans Check Their Phones 8 Billion Times a Day, making Banking-As-A-Service and online mobile tax preparation a game-changer. Banking as a Service is reconfiguring the banking value chain, enabling new digital banking.MKG Enterprises Corp is a diversified financial technology company with a mission driven purpose to strengthen our community by closing the...
When is the deadline to file taxes? April 18 tax filing deadline for most
14-04-2022
When is the deadline to file taxes? April 18 tax filing deadline for most
The filing deadline to submit 2021 tax returns or an extension to file and pay tax owed is Monday, April 18, 2022, for most taxpayers. By law, Washington, D.C., holidays impact tax deadlines for everyone in the same way federal holidays do. The due date is April 18, instead of April 15, because of the Emancipation Day holiday in the District of Columbia for everyone except taxpayers who live in Maine or Massachusetts. Taxpayers in Maine or Massachusetts have until April 19, 2022, to file their returns due to the Patriots' Day holiday in those states. Taxpayers requesting an extension will have until Monday, October 17, 2022, to file. File electronically and choose direct depositTo speed refunds, the IRS urges taxpayers to file electronically with direct deposit information as soon as they have everything they need to file an accurate return. If the return includes errors or is incomplete, it may require further review that may slow the tax refund. Having all information available when preparing the 2021 tax return can reduce errors and avoid delays in processing.IRS Extension Form 4868 Sole Proprietors and Individualhttps://mkgtaxconsultants.com/product/irs-extension-form-4868-sole-proprietors-and-individual/ Watch for IRS letters about advance Child Tax Credit payments and third Economic Impact PaymentsThe IRS started sending Letter 6419, 2021 advance Child Tax Credit, in late December 2021 and continues to do so into January. The letter contains important information that can help ensure the return is accurate. People who received the advance CTC payments can also check the amount of the payments they received by using the CTC Update Portal available on IRS.gov.Eligible taxpayers who received advance Child Tax Credit payments should file a 2021 tax return to receive the second half of the credit. Eligible taxpayers who did not receive advance Child Tax Credit payments can claim the full credit by filing a tax return.The IRS will begin issuing Letter 6475, Your Third Economic Impact Payment, to individuals who received a third payment in 2021 in late January. While most eligible people already received their stimulus payments, this letter will help individuals determine if they are eligible to claim the Recovery Rebate Credit for missing stimulus payments. If so, they must file a 2021 tax return to claim their remaining stimulus amount. People can also use IRS online account to view their Economic Impact Payment amounts.Both letters include important information that can help people file an accurate 2021 tax return. If the return includes errors or is incomplete, it may require further review while the IRS corrects the error, which may slow the tax refund. Using this information when preparing a tax return electronically can reduce errors and avoid delays in processing.The fastest way for eligible individuals to get their 2021 tax refund that will include their allowable Child Tax Credit and Recovery Rebate Credit is by filing electronically and choosing direct deposit.Tips to make filing easierTo avoid processing delays and speed refunds, the IRS urges people to follow these steps:Organize and gather 2021 tax records including Social Security...
Justice Department Warns Taxpayers to Avoid Fraudulent Tax Preparers
14-04-2022
Justice Department Warns Taxpayers to Avoid Fraudulent Tax Preparers
Justice Department Warns Taxpayers to Avoid Fraudulent Tax PreparersTax Division continues enforcement efforts to stop dishonest return preparersWith less than one month left in this year’s tax season, the Department of Justice urges taxpayers to choose their return preparers wisely. Return preparer fraud is one of the IRS’ Dirty Dozen Tax Scams. Unscrupulous preparers who include errors or false information on a customer’s return could leave a taxpayer open to liability for unpaid taxes, penalties, and interest.Over the last year, the Justice Department’s Tax Division has worked with U.S. Attorney’s Offices around the country to bring both civil and criminal action against dishonest tax preparers, seeking as appropriate civil injunctions to stop ongoing fraud, civil penalties or disgorgement of ill-gotten proceeds, and criminal sanctions. The department intends to send a strong message that those who prepare fraudulent returns will face serious and lasting consequences.Examples of civil injunctions obtained by the Tax Division over the last year include:On Feb. 25, 2021, a federal court in Delaware enjoined return preparers Jorge Bravo, Michael Eller Income Tax Service, Nelson Graciano and Pedro Toala from preparing, filing or assisting in the preparation or filing of any federal tax returns which claim ineligible persons as dependents, claim improper business expenses or losses, or improperly claiming the Child Tax Credit and other credits. The injunction runs through Dec. 31, 2026, and requires the defendants to hire an independent monitor to examine selected returns.On Nov. 17, 2020, a federal court in the Northern District of New York entered a stipulated permanent injunction against Demetric Williams, individually and doing business as Poor No More LLP, that bars him from preparing returns for others, and from owning or operating a tax return preparation business, and from representing customers in connection with any matter before the IRS. Williams was required to notify his customers of the order.On Aug. 27, 2020, a federal court in the Western District of Tennessee permanently enjoined Rickey Greer and Stacie Smith (formerly Greer) from acting as federal tax return preparers, assisting in any way in the preparation of federal income tax returns, and representing any person before the IRS. Under the terms of the injunction, the Greers agreed to give up their IRS-assigned preparer identification numbers.The Tax Division has also sought to strip fraudulent preparers of ill-gotten gains and to hold in contempt those who attempt to flout court-ordered restraints on further fraudulent activity. Over the last year,On March 3, 2021, a federal court in the Middle District of Florida, Orlando Division, enjoined Michelle Jenkins from acting as a return preparer, owning a tax preparation business, or training others in the preparation of tax returns. Jenkins must immediately, permanently close any tax preparation stores she owns, and may not franchise any tax return business to others or her customer lists. Jenkins was ordered to disgorge $25,000 in proceeds from her fraudulent tax preparation. On April 9, 2021, Jenkins’ co-defendants, Ben Philippe, Clebert Philippe, and Reliance 1 Tax Services LLC, were similarly enjoined. Ben Philippe was ordered to disgorge $96,945.10; Clebert Philippe and Reliance 1 Tax Services together were ordered to disgorge $134,633.00.On Jan. 27,...
Beginning in 2018, unreimbursed employee expenses are no longer eligible for a tax deduction on your federal tax return
14-04-2022
Beginning in 2018, unreimbursed employee expenses are no longer eligible for a tax deduction on your federal tax return
Beginning in 2018, unreimbursed employee expenses are no longer eligible for a tax deduction on your federal tax returnThe vast majority of W-2 workers can’t deduct unreimbursed employee expenses in 2020. The Tax Cut and Jobs Act (TCJA) eliminated unreimbursed employee expense deductions for all but a handful of protected groups.The TCJA restriction lasts until 2026, when miscellaneous itemized deductions are slated to return for all employees.Unreimbursed employee expenses don’t apply to those who aren’t classified as employees. Therefore, independent contractors and other business owners can deduct ordinary and necessary business expenses.You can continue to deduct unreimbursed employee expenses if you are part of one of the following groups:Armed Forces reservists: Members of a reserve component of the military can keep deducting unreimbursed expenses.Qualified performing artists: This definition is narrow. The performing artist — a musician or actor — needs to have at least two employers in a year, earn at least $200 per employer, and report $16,000 or less in adjusted gross income. Earnings made any other way cannot exceed 10% of the person’s total earnings.Fee-basis state or local government officials: These cases are rare. Those employed by a state government and are paid by fees, at least in part, fall into this category. A salaried government official likely wouldn’t qualify.Employees with impairment-related work expenses: Employees with physical or mental disabilities can deduct expenses they incur to be able to work. Expenses could include the cost of attendants and equipment necessary to do their jobs.The unreimbursed business expenses exemption began with 2018 tax returns. This means employees can no longer offset their taxable income with employee business expenses.What Were The Previous Rules About Unreimbursed Employee Business Expenses?Prior to 2018, an employee could deduct unreimbursed job expenses to the extent these expenses, along with certain other miscellaneous expenses, were more than 2% of their Adjusted Gross Income (AGI). The employee would need to be eligible to itemize to deduct these expenses.However, with tax reform, all miscellaneous “2%” expenses, including unreimbursed employee expenses are not allowed between 2018 and 2025. Expenses such as union dues, work-related business travel, or professional organization dues are no longer deductible, even if the employee can itemize deductions.Self-employed taxpayers may continue to deduct ordinary and necessary business expenses against self-employment income on Schedule C or Schedule F.IRS Audit Period Is 3 Years, 6 Years Or Forever: How To Cut Your Risk. But in some cases, even though you filed and thought everything was in order, the statute of limitations on the IRS ability to audit you never runs. The basic rule is that the IRS can audit for three years after you file, but there are many exceptions that give the IRS six years or longer. For example, the three years is doubled to six if you omitted more than 25% of your income. This 25% rule can apply to tax basis too.