Martini Akpovi Partners, CPAs

A California gymnastics club is hit with stiff penalties for wage violations and more. After an investigation, the CA Labor Commissioner’s Office determined that the club wasn’t paying employees for all the hours worked and were paying some as little as $5.00 per hour, well below the state hourly minimum wage ($14.00 for employers with at least 25 employees, and $13.00 for smaller employers). The citation includes $590,689 in minimum wage violations, plus violations of meal periods, rest periods, contract wages and waiting penalties. Also $342,765 was assessed as interest due to the employees and $386,996 in civil penalties due to payroll violations. Here’s more: https://bit.ly/32ALkOJ #employmentlaw #minimumwage #businesstax #payroll

70% of people aged 65+ today will need long-term care in their lifetimes, but only 11% of Americans have long-term care insurance. Are you prepared? #longtermcare #insurance #estateplanning #financialplanning #personalfinance #moneygoals #accounting #audit #tax #accountinglife #assetprotection

Episode 17 of our Financial RoadMAP podcast is now live. You can subscribe and listen on all of the major platforms including Apple Podcasts and Spotify. https://anchor.fm//Episode-17-John-Murphy--President--JK-M In this episode, MAP’s Managing Partner, Chris Passmore, talks to John Murphy, affectionately known as Murph, and President of JK Murphy Advisors (JKMA). Their discussion covers the different steps involved in growing a business and preparing for a transaction so t...hat business owners can successfully meet their strategic, growth, liquidity, succession and shareholder transition objectives. Murph has spent his career working with private business owners to successfully achieve their growth stories by acting in an advisory board-type role. After 20 years as an investment banker, Murph started JKMA in 2004. We hope you enjoy listening! #podcast #financialroadmappodcast #accounting #cpa #tax #audit #accounting #businessadvisory #businessgrowth #businessstrategy #mergersandacquisitions

Are you wondering whether alternative energy technologies can help you manage energy costs in your business? If so, there’s a valuable federal income tax benefit (the business energy credit) that applies to the acquisition of many types of alternative energy property. The credit is available for the construction of certain property including equipment that uses solar energy to generate electricity for heating and cooling and certain small wind energy property. The credit amount is limited and based on when construction begins. Of course, there are business considerations unrelated to the tax benefits that may influence your decision to use alternative energy. We can help assess your options. Contact us at (818) 789 1179. #businessenergycredit #energycosts #taxcredits #alternativeenergy #businesstax

The May 17 deadline for filing your 2020 individual tax return is coming up. It’s important to file and pay your tax return on time to avoid penalties imposed by the IRS. Here are the basic rules. Separate penalties apply for failing to pay and failing to file. The failure-to-pay penalty is 1/2% for each month (or partial month) the payment is late. The maximum penalty is 25%. The failure-to-file penalty is a more severe rate of 5% per month (or partial month) to a maximum of 25%. If you obtain an extension to file (until Oct. 15), you’re not filing late unless you miss the extended due date. However, a filing extension doesn’t apply to your responsibility to pay. Contact us at (818) 789 1179 with questions. #taxpenalties #fileontime #taxday

Assembly Bill 80 (AB80) is now officially law in California, providing partial conformity to federal law allowing taxpayers to deduct expenses paid with Paycheck Protection Program (PPP) forgiven loan amounts as well as Economic Injury Disaster Loans (EIDL) targeted and advance grants. Read the full article on our website https://martinicpas.com//california-ab-80-provides-partial and contact us at (818) 789 1179 with questions. #taxes #ppploans #ppploanforgiveness #AB80 #EIDL #COVID19

Starting in 2020, employers can elect to treat qualified retirement plans adopted after the close of a tax year, but before the due date (including extensions) of the tax return, as having been adopted as of the last day of the year. The additional time to establish a plan provides flexibility for employers who are considering adopting a plan, and the opportunity for employees to receive contributions for that earlier year. Before 2020, an employer had to adopt a plan by the ...last day of year in which it would be in effect. As a result, each year, many employers were rushing to establish a new plan by December 31 to secure a tax deduction for such year. Under the SECURE Act, an employer now has until their business’ tax return due date, plus extensions, to sign a document to establish a plan for the prior year. The tax filing deadline varies based on the employer’s business entity type. Full details can be found in the bill, H.R. 1994, which became law in 2020. https://www.congress.gov//116th-congr/house-bill/1994/text There is still time to set up a retirement plan for the 2020 tax year. Please contact us at (818) 789 1179 if you have questions. #employeebenefits #retirementplans #businesstax #SecureAct

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A number of tax-related limits affecting businesses are annually indexed for inflation, and many have increased for 2021. For example, the Section 179 expensing limit has gone up to $1.05 million from $1.04 million for 2020. Health Savings Account (HSA) contributions for individual coverage have increased to $3,600 (from $3,550). HSA family coverage contributions increased $100 to $7,200. Some 2021 amounts have stayed the same due to low inflation. This includes employee cont...ributions to 401(k) plans, which remain $19,500. And the deduction for business-related meals and beverages doubled from 50% to 100% due to a new law. We can answer any questions you have about taxes and your business. Read the full article on our website https://bit.ly/3poqew1 and contact us at (818) 789 1179 with questions. #businesstax #2021taxes #employeebenefits #taxdeductions #retirementplans

We are delighted to announce that Nicole Pounds has returned to Martini Akpovi Partners as an Associate in our tax team. An intern from our 2020 summer internship program, Nicole graduated California State University, Northridge in December 2020 with a Bachelor of Science in Professional Accountancy. In her free time Nicole enjoys making mosaic glass art, taking interactive improv. classes and dancing ballet. Welcome (back) to the team Nicole!... For information about our internship program and full time opportunities in our team, contact us at (818) 789 1179. #tax #internship #accounting #team #hiring #accountingcareers #GreatPlaceToWork

It’s understandable if you’re more concerned about your 2020 tax bill than you are about your 2021 tax situation. That’s because your 2020 individual tax return is due to be filed in less than 3 months. However, it’s a good idea to familiarize yourself with tax amounts for this year. For example, the amount you have to earn in 2021 before you can stop paying Social Security on your salary has increased to $142,800 (from $137,700 for 2020). For 2021, you can contribute up to $19,500 (unchanged from 2020) to a 401(k) plan. You can contribute another $6,500 catch-up amount to a 401(k) if you’re age 50 or older. Read the full article on our website https://bit.ly/2LQKIje and contact us at (818) 789 1179 if you have questions or need more information. #2021taxes #individualtaxes #incometax #charitabletaxdeductions #gifttax

Some Long Beach, California grocery stores must soon offer hero pay. On Jan. 20, 2021, Long Beach Mayor Robert Garcia signed an ordinance requiring some grocery store employers to pay workers an extra $4 per hour. You have earned this hero pay, Garcia said. The City Council unanimously approved this change as the first such ordinance passed by a city. The $4 is separate from base pay, bonuses, commissions and tips. Affected businesses are those that devote 70% or more of their business to selling food products, have more than 300 grocery workers nationwide, and more than 15 per store within city limits. A lawsuit has been filed by the CA Grocers Association challenging the ordinance. #heropay #californiatax #tax #accounting #payroll