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Sign up as a Finance Agent and get paid to help business owners get the capital they need.

• Industry leading payouts
• No cap on the commission you can earn.
• Recieve expert training on cutting edge funding programs

• Help both start-ups and existing businesses
• Offer funding programs for every situation
• Contribute to business growth

• You are connected with a dedicated Agent Manager.
• Lead tracking back office included with every account.
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• You are connected with a dedicated Agent Manager.
• Lead tracking back office included with every account.
• Wide variety of marketing resources available: email templates, scripts, program flyers, lead tracking technology.

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.

Alpine

Fresno

Lake

Mono

Plumas

San Mateo

Sonoma

Amador

Glenn

Los Angeles

Monterey

Sacramento

San Luis Obisco

Stanislas

Butte

Humboldt

Madera

Napa

San Benito

Santa Barbara 

Trinity 

Calaveras

Imperial

Mariposa

Nevada

San Bernardino

Santa Clara

Tulare 

Del Norte

Inyo Kern

Mendocino

Orange

San Francisco

Santa Cruz

Tuolumne 

El Dorado

Kings

Merced

Placer

San Joaquin

Sierra

Yuba 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) 412-7248

https://mkgtaxconsultants.com/about-us/contact-us/

Keeping your money secure is our top priority at MKG Enterprises Corp banking technology, and we’re excited to provide added protection to our customers.

What is an insured cash sweep program?

• It’s a program offered by FDIC-insured banks. Deposits that exceed FDIC insurance coverage are swept into one or more FDIC-insured banks as a way to insure the entirety of a depositor’s balance. 
• Insured cash sweep programs exist to protect depositors and their money by maximizing FDIC insurance and by limiting deposit exposure across a single bank.

MKG Enterprises Corp is a banking technology company and does not directly handle customer deposits; we use chartered partner banks to provide banking services.

https://mkgtaxconsultants.com/banking-as-a-service/

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 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 securities as collateral at par (or face value) for borrowings through federal regulators’ new emergency lending facility, which means banks can avoid selling government bonds and mortgage-backed securities at a loss if they need to raise money.

Some media reports have referred to SVB of Santa Clara, Calif., as a small bank, but it had $212 billion in total assets as of Dec. 31, making it the 17th largest bank in the Russell 3000 Index RUA as of Dec. 31. That makes its collapse the largest U.S. bank failure since that of Washington Mutual in 2008.

One unique aspect of SVB was its decades-long focus on the venture-capital industry. The bank’s loan growth had been slowing as interest rates rose. Meanwhile, when announcing its $21 billion in securities sales on Thursday, SVB said it had taken the action not only to lower its interest-rate risk, but because “client cash burn has remained elevated and increased further in February, resulting in lower deposits than forecasted.”

SVB estimated it would book a $1.8 billion loss on the securities sale and said it would raise $2.25 billion in capital through two offerings of new shares and a convertible bond offering. That offering wasn’t completed.

So this appears to be an example of what can go wrong with a bank focused on a particular industry. The combination of a balance sheet heavy with securities and relatively light on loans, in a rising-rate environment in which bond prices have declined and in which depositors specific to that industry are themselves suffering from a decline in cash, led to a liquidity problem.

Source cited: MoneyMarket

Employer Retention Credit Warning

Many 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.

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One of the biggest changes the SEC has implemented is the legality of “finders” receiving commissions or payments for brokering deals and introducing investors to issuers, syndicators, developers, etc. Before this change, only broker-dealers were allowed to receive compensation for such deals. With the new changes, these finders can now legally receive these commissions and other transaction-based compensation from issuers.

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The ability to legally monetize your connections is something many have been waiting for for quite a long time! Exempt private offerings have traditionally served an important role in providing capital for smaller and medium-sized companies, often along their path to the public markets.

Schedule a free consultation today 

Contact MKG Tax Consultants

Office (559) 412-7248

e-mail [email protected]

How to buy a house with cryptocurrency

Cryptocurrency 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 cash

One 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. currency

Before 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 them

What 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 may not accept cryptocurrency-derived dollars for a down payment. Again, because cryptocurrency is anonymous, when it’s sold and converted to cash, there’s no paper trail that lenders can use to trace a sudden windfall of money in your account, and they may be hesitant to approve your loan without documentation of funds. 

The value of cryptocurrency is constantly changing. Imagine offering four Bitcoin for a home, having the offer accepted, and then watching the value of Bitcoin double right before the contract is signed. Need we say more?

The bottom line

If you want to buy a home with cryptocurrency, do your homework and be prepared to face some hurdles. If you’re not sure you’re cut out to be a cryptocurrency pioneer, consider giving the real estate industry a few years to get more comfortable with digital currencies before dropping any cryptocurrency on a house.

USDC / MKGE token is now paired on Uniswap as a ERC-20 Stable Coin

Buy Crypto/ Token MKGE with Credit/Debit Card 

https://mkgtaxconsultants.com/buy-crypto/

USDC/MKGE Pool:

https://info.uniswap.org/#/pools/0x83e1c656f5949a54d2bbfd34ac104a2135fa1282

Token:

https://info.uniswap.org/#/tokens/0xa7a293966e2463b7af7f5c6f3b660423e3a9c16b

MKG Enterprises Corp Third-Party Originator 

NLMS ID 1370394

Book A Meeting: https://calendly.com/marshawngovan

https://mkgenterprisescorp.com

Bitcoin, ERC-20 tokens and other cryptocurrencies are a very speculative investment and involves a high degree of risk. Investors must have the financial ability, sophistication/experience and willingness to bear the risks of an investment, and a potential total loss of their investment. Information provided by Metropolis Decentralized Exchange is not intended to be, nor should it be construed or used as investment, tax or legal advice, a recommendation, or an offer to sell, or a solicitation of an offer to buy, an interest in cryptocurrency.

• An investment in cryptocurrency is not suitable for all investors.

•  An investor could lose all or a substantial portion of his/her investment in cryptocurrency.

•  An investment in cryptocurrency should be discretionary capital set aside strictly for speculative purposes.

•  An investment in cryptocurrency is not suitable or desirable for all investors.

•  Cryptocurrency has limited operating history or performance.

•  Fees and expenses associated with a cryptocurrency investment may be substantial.

The above summary is not a complete list of the risks and other important disclosures involved in investing in cryptocurrency. Any investment in cryptocurrency is subject to all the risks and disclosures set forth in the Customer Transaction Agreement and other definitive customer agreements.

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.

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 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 Originator

NLMS ID 1370394

Call 559.412.7248 to speak to a loan officer 

Website:

https://www.blink.mortgage/app/signup/p/mkgenterprisescorp