For complete details at NO COST OR OBLIGATION, please call 

866-675-3933

https://integrity4life.com/MKG-Insurance-Agency

MKG Insurance Agency

CDI License #0J03013

Mentioned in this episode:

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Safe Harbor 401(k)s are designed to allow owners and highly compensated employees (generally owners and those making over $120,000) to contribute up to the maximum dollar limit as their 401(k) elective deferral without regard to what other employees contribute. These plans allow the key employees to contribute up to the maximum dollar limit of $20,500 for 2022 as their 401(k) elective deferral without regard to what the other employees contribute. The maximum deferral for 2022 is $27,000 if a participant is age 50 or over

https://mkginsuranceagency.com/business-owner-retirement-plans/

An important deadline is on the horizon for California business owners. By June 30, 2022 employers with five or more employees are required to have a retirement plan in place for workers — either through a private-market option, like a 401(k), or through the state-run CalSavers program

CalSavers: California retirement savings plan

A by-product of state-mandated retirement legislation, CalSavers is designed to improve the financial security of Californians working in the private sector. It also presents an opportunity for small business owners who otherwise wouldn’t have been able to afford the overhead or administrative costs of a retirement plan to keep employees engaged and attract new talent.

What is CalSavers?

CalSavers is a retirement savings program sponsored by the State of California, facilitated by businesses and funded by employee savings. It has no employer fees or fiduciary responsibility and minimal administrative upkeep, making it relatively simple for businesses to participate.

Mentioned in this episode:

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Defined benefit plans allow higher contribution levels than defined contribution plans but along with that flexibility comes the requirement to meet minimum contributions.

Safe Harbor 401(k)s are designed to allow owners and highly compensated employees (generally owners and those making over $120,000) to contribute up to the maximum dollar limit as their 401(k) elective deferral without regard to what other employees contribute. The maximum deferral for 2019 is $25,000 if a participant is age 50 or over.

Interested in sharing your life insurance story, become a guest on our show

https://mkg-insurance-agency.captivate.fm/booking

Learn more about Safe Harbor 401(k) plans: 

https://mkginsuranceagency.com/business-owner-retirement-plans

MKG Insurance Agency CA License No. 0J03013

Contact us for a free quote (559) 293-4977

Mentioned in this episode:

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abstract trailer

Do you need to protect your family? Would you like to create a tax free retirement? Life insurance allows you to accomplish both these objectives very efficiently and affordably.

Why Life Insurance In the event of a tragedy, life insurance proceeds can help cover everyday expenses, like the mortgage and household bills. The cash received from a policy (the death benefit) can help protect your family from being burdened with debt. In addition to helping meet your family’s immediate financial needs, life insurance can also be used to help keep a business thriving, help finance future needs like your children’s education or supplement your retirement funds.

You may know the distinct pride you get in purchasing your own home or car. Ownership can give a certain comfort, a certain satisfaction that your financial stability is solid, secure, and even permanent.

 Interested in sharing your life insurance story, become a guest on our show

https://mkg-insurance-agency.captivate.fm/booking

MKG Insurance Agency CA License No. 0J03013

Contact us for a free quote (559) 293-4977

Website:

https://mkginsuranceagency.com/life-insurance/

Mentioned in this episode:

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The business pays a tax-deductible bonus to fund premiums for a life insurance policy personally owned by the business owner.The business owner designates a beneficiary for the death benefit. The business owner may have access to policy cash values on a tax-favored basis to address personal needs such as supplemental retirement income.

*The business owner employee pays income tax on the bonus received. At death, the business owner’s beneficiary receives the death benefit proceeds, generally income tax-free.

You carry insurance coverage to protect your business from the loss of property and equipment, but what about your most valuable asset—your key employees? A key employee may be the owner, a partner, a top executive or an important member of your organization with unique talents, experience or skills that are crucial to the prosperity of your business. Key person life insurance protects your business from the financial impact of the loss of an essential employee.

As a business owner, you understand that one of your most valuable assets is the creative talent of your key employees. Your competitors also understand this and compete for the very same talent. You need a protection strategy that will give your key team members a strong incentive to remain employed at your organization. One way of managing this challenge is to offer an attractive compensation package. But salary alone may not be enough. An executive bonus plan (also known as a Section 162 bonus plan) may provide a simple solution. These plans are designed to help you attract and retain key employees. 

Learn more about 162 Executive Plans: 

https://mkginsuranceagency.com/162-executive-bonus-plans/

Interested in sharing your life insurance story, become a guest on our show

https://mkg-insurance-agency.captivate.fm/booking

MKG Insurance Agency CA License No. 0J03013

Contact us for a free quote (559) 293-4977

Mentioned in this episode:

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Published On March 10, 2022 - 11:35 AM

Written By Frank Lopez at The Fresno Business Journal

https://thebusinessjournal.com/fresno-entrepreneur-launches-one-stop-banking-app/

The tax season is upon us, and while every taxpayer encounters some confusion when filing, the uphill tax battle is even steeper for businesses.

A local tax and insurance consulting agency has launched an app to make the filing process for personal and business owners quicker and simpler.

MKG Insurance Agency and Tax Consultants, with two locations in Fresno, released its banking-as-a-service tax app for both the IOS and Android platform in February.

President and CFO Marshawn Govan said it was important to launch the mobile app during Black History Month to honor the contributions African-Americans have made throughout history — and to recognize the fight for racial justice going on to this day.

The app allows users to open bank accounts from their mobile phone, send and receive ACH (Automated Clearing House) payments, pay bills and manage cash flow securely online with an FDIC-insured business bank account.

The new app is a rebuild from an old version with an IBM license—meaning MKG didn’t own the source code for app. The new app was built specifically for MKG, meaning there is no limit for the license and no costs to renew it.

Most tax companies with mobile apps use third-party developers, leasing the software as a service.

“We are originators and developers of what we have in the market,” Govan said. “We can also branch out, white label it and offer that as a software service to other tax companies — to a bank looking to become a green product.”

The app also helps consumers start the process of buying a home.

Govan said the goal is to help underprivileged and underbanked families access credit to affordably finance auto loans, home improvements, home solar systems, down payments, investment and paying off debts.

While it is unique that a local tax and insurance agency has its own specifically developed app, MKG also offers crypto tax service.

Users will be able to buy, sell and exchange crypto currency. The company even launched its own crypto-token — Token MKG Enterprises Corp.

According to Govan, no other tax firm is offering a crypto token.

The app also features money-wiring services such as Cash app and Venmo.

Users that are business owners will be able to open a business banking account, send and receive money and make check deposits — much like other banking apps on the market.

Currently MKG is doing regulation crowdfunding, allowing retail investors that might not be accredited to invest smaller amounts. With smaller investment amounts, Govan said it gives them an opportunity to share in the company’s future growth without them having to invest a large part of their finances.

https://wefunder.com/mkgenterprisescorps

MKG is preparing to go public in 2022 to be listed on the OTC market. Govan said that investors have the opportunity to invest now before it grows.

Govan said there are a lot of barriers for Black people and other underserved communities regarding financial equity, and the FinTech industry is not one where Black people normally dominate.

This]]>Marshawn Govan, President and CFO of MKG Insurance Agency and MKG Tax Consultants, has unveiled a comprehensive banking app that rolls many services, from taxes to crypto, under one banner.

Published On March 10, 2022 - 11:35 AM

Written By Frank Lopez at The Fresno Business Journal

https://thebusinessjournal.com/fresno-entrepreneur-launches-one-stop-banking-app/

The tax season is upon us, and while every taxpayer encounters some confusion when filing, the uphill tax battle is even steeper for businesses.

A local tax and insurance consulting agency has launched an app to make the filing process for personal and business owners quicker and simpler.

MKG Insurance Agency and Tax Consultants, with two locations in Fresno, released its banking-as-a-service tax app for both the IOS and Android platform in February.

President and CFO Marshawn Govan said it was important to launch the mobile app during Black History Month to honor the contributions African-Americans have made throughout history — and to recognize the fight for racial justice going on to this day.

The app allows users to open bank accounts from their mobile phone, send and receive ACH (Automated Clearing House) payments, pay bills and manage cash flow securely online with an FDIC-insured business bank account.

The new app is a rebuild from an old version with an IBM license—meaning MKG didn’t own the source code for app. The new app was built specifically for MKG, meaning there is no limit for the license and no costs to renew it.

Most tax companies with mobile apps use third-party developers, leasing the software as a service.

“We are originators and developers of what we have in the market,” Govan said. “We can also branch out, white label it and offer that as a software service to other tax companies — to a bank looking to become a green product.”

The app also helps consumers start the process of buying a home.

Govan said the goal is to help underprivileged and underbanked families access credit to affordably finance auto loans, home improvements, home solar systems, down payments, investment and paying off debts.

While it is unique that a local tax and insurance agency has its own specifically developed app, MKG also offers crypto tax service.

Users will be able to buy, sell and exchange crypto currency. The company even launched its own crypto-token — Token MKG Enterprises Corp.

According to Govan, no other tax firm is offering a crypto token.

The app also features money-wiring services such as Cash app and Venmo.

Users that are business owners will be able to open a business banking account, send and receive money and make check deposits — much like other banking apps on the market.

Currently MKG is doing regulation crowdfunding, allowing retail investors that might not be accredited to invest smaller amounts. With smaller investment amounts, Govan said it gives them an opportunity to share in the company’s future growth without them having to invest a large part of their finances.

https://wefunder.com/mkgenterprisescorps

MKG is preparing to go public in 2022 to be listed on the OTC market. Govan said that investors have the opportunity to invest now before it grows.

Govan said there are a lot of barriers for Black people and other underserved communities regarding financial equity, and the FinTech industry is not one where Black people normally dominate.

This makes it difficult for many in communities of color to have access to capital for home loans or business loans.

“We want to show businesses in the Valley a path,” Govan said. “ We could become a Silicon Valley in Fresno, but it takes the right companies, the right mindset and having the resources, and getting the information out there for people.”

Skip the line, download our mobile app today and get started with your tax return from the Safety of your home.

Largest possible tax refund or lowest tax liability “money-back written guarantee” 

Professionally prepared by MKG Tax Consultants licensed tax preparers.

Website: https://mkgtaxconsultants.com

Mentioned in this episode:

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Bond assistance has been a hot item on the blog lately, namely in

 New Jersey, 

The bill, S-123/A-3559, calls for the New Jersey Economic Development Authority to establish the “Small Business Bonding Readiness Assistance Program.” As mentioned above, the program will aid small business that might be unfamiliar with the bonding process by guiding them through bonding requirements and educating these businesses on the process to obtain surety bonds.

The Small Business Bonding Readiness Assistance Program (SBBRAP) will do so though support programs and assistance including: improving small businesses’ financial presentation; helping to improve the businesses’ operational efficiency, profitability, and bonding capacity; and educating small businesses on the aspects surety bonding subject through workshops and consulting sessions

Specifics of the program have not quite been settled, but the New Jersey Economic Development Authority will be in charge of establishing the terms and conditions under which a business may apply for the program. The authority will also be in charge of establishing and maintaining the “Small Business Bonding Readiness Assistance Fund,” which will provide grant funding for small businesses participating in the program, as well as provide funds to SBBRAP for support services/ assistance and administration costs. The fund will be established with public funds as well as public and private donations.

Takeaway

This new legislation is great news for smaller contractors looking to work on public projects. While the prices of surety bonds on public projects may be going down in the future, that contractors will now have a tour guide to help them navigate the bond process will alleviate the administrative burden that smaller contractors face. Further, the public will also benefit from lower prices on public projects as a greater number of contractors will be competing for the jobs.

Louisiana, 

Help With Louisiana Surety Bonds: The Bonding Assistance Program

Competition in the market may drive down surety bond prices going forward. In the interim small businesses need all the help they can get. On this front, the state of New Jersey recently created the Small Business Bonding Readiness Assistance Program to help industry members obtain surety bonds. Louisiana is doing the same with the Louisiana Economic Development’s Bonding Assistance Program.

Who does the program help?

The Bonding Assistance Program is only available to those businesses that are members of the Louisiana Economic Development  Small and Emerging Business Development Program. Registering for the program is easy,...]]>The Surety Bond Guarantee Program makes life easier for small construction businesses. Through the program, the SBA partners with surety companies to partially guarantee bonds. This reduces the risk for surety bond providers, making it easier for small businesses to attain bonds and compete for public projects. Last month, two facets of the program were adjusted to further benefit small construction businesses.

Bond assistance has been a hot item on the blog lately, namely in

 New Jersey, 

The bill, S-123/A-3559, calls for the New Jersey Economic Development Authority to establish the “Small Business Bonding Readiness Assistance Program.” As mentioned above, the program will aid small business that might be unfamiliar with the bonding process by guiding them through bonding requirements and educating these businesses on the process to obtain surety bonds.

The Small Business Bonding Readiness Assistance Program (SBBRAP) will do so though support programs and assistance including: improving small businesses’ financial presentation; helping to improve the businesses’ operational efficiency, profitability, and bonding capacity; and educating small businesses on the aspects surety bonding subject through workshops and consulting sessions

Specifics of the program have not quite been settled, but the New Jersey Economic Development Authority will be in charge of establishing the terms and conditions under which a business may apply for the program. The authority will also be in charge of establishing and maintaining the “Small Business Bonding Readiness Assistance Fund,” which will provide grant funding for small businesses participating in the program, as well as provide funds to SBBRAP for support services/ assistance and administration costs. The fund will be established with public funds as well as public and private donations.

Takeaway

This new legislation is great news for smaller contractors looking to work on public projects. While the prices of surety bonds on public projects may be going down in the future, that contractors will now have a tour guide to help them navigate the bond process will alleviate the administrative burden that smaller contractors face. Further, the public will also benefit from lower prices on public projects as a greater number of contractors will be competing for the jobs.

Louisiana, 

Help With Louisiana Surety Bonds: The Bonding Assistance Program

Competition in the market may drive down surety bond prices going forward. In the interim small businesses need all the help they can get. On this front, the state of New Jersey recently created the Small Business Bonding Readiness Assistance Program to help industry members obtain surety bonds. Louisiana is doing the same with the Louisiana Economic Development’s Bonding Assistance Program.

Who does the program help?

The Bonding Assistance Program is only available to those businesses that are members of the Louisiana Economic Development  Small and Emerging Business Development Program. Registering for the program is easy, but both the business and its owner must meet certain eligibility requirements.

For a person to be considered a Small and Emerging Business Person:

• The person must be a U.S. citizen or legal resident
• The person must be a Louisiana resident of at least one year
• The business being represented is owned and controlled by persons who individually have a net worth under $400,000 (excluding personal residences, business assets, and retirement accounts)
• A managing owner of a firm applying for the program must be a full-time employee of the firm

For a business to be considered a Small and Emerging Business:

• The business must be owned and controlled by one or more Small and Emerging Business Persons
• The business’ principle place of business is Louisiana
• The business is organized for profit to perform a lawful, commercially useful function
• The business’ net worth does not exceed $1.5M
• The business anticipates creating new full-time jobs

MKG Insurance Agency 

CA License No. 0J03013

Florida Department of Insurance License No. W487779

4021 N Fresno Street Suite 107 | Fresno, CA 93726

Toll-Free (866) 675-3933

web: mkginsuranceagency.com

Mentioned in this episode:

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The 19th century was not the beginning of Black business in America, but this century would see these pursuits being organized along the lines of and under the newly reconstructed U.S. Government structure. The 1800s saw the creation of many businesses, including insurance companies, banks, and newspapers. The first Black insurance company, The African Insurance Company, was founded in Philadelphia, PA in 1810. The first Black newspaper, Freedom’s Journal, was founded in New York, NY in 1827. However, by the end of the century, many gains made after the enslavement ended were lost due to Jim Crow, Black Codes, segregation, and theft.

The 20th century began with the formation of the National Negro Business League (currently the National Business League). The year 1900 would usher in the “Golden Age of Black business”, named so by historian, Juliet E. K. Walker. This would last from approximately 1900 to 1930, most likely ending due to The Great Depression, 1929-1939, and race riots and massacres, including one of the best-known, the 1921 Tulsa Race Riot, which spanned from May 31 through June 1 that year and was the first time in history the United States bombed its own people.

In the first decade of the 21st century, Black businesses experienced the largest growth, adding 0.8 million businesses. The creation of the 2010 Dodd-Frank Wall Street Reform Protection Act to assist Black-owned businesses procure more federal contracts. This Act also established the Office of Minority and Women Inclusion (OMWI) which among other duties, develops standards for equal employment opportunity and the racial, ethnic, and gender diversity of the workforce. The years 2020-2021 saw racial unrest coupled with a pandemic, spurring a rebuilding of Black/African American business and economic bases.

Honoring Black History Month

https://mkgtaxconsultants.com/honoring-black-history-month/

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https://mkginsuranceagency.com/business-owner-retirement-plans/

Safe Harbor 401(k) Solution vs Traditional 401(k)

Allows the owner and other highly paid

employees to contribute the maximum

deferral allowed by law no matter how

much (or how little) the other employees

contribute.

Traditional 401(k) plans are required

to ensure that all employees are treated

equally under the plan, regardless of the

pay level.

Highly compensated employees’

contributions may be limited dependent

upon what all other employees contribute

as elective deferrals to the plan under the

annual ADP/ACP test.

A Safe Harbor 401(k) will be deemed

to have automatically met the top heavy

requirements regardless of the percentage

of the plan assets in the key empoyees’

accounts.

When the balances of the key employees

of the company are at least 60% of the

total plan assets, the plan is considered top

heavy.

If key employees continue to contribute

salary deferrals to the plan, the company

is required by law to make a contribution

of at least 3% of pay to all other employees

in the plan. This is very likely to occur in

a small company’s 401(k) plan since key

employees are likely to make the largest

contribution to the plan.

A safe harbor plan solves these 401(k) plan problems often encountered by a small employer making it a very attractive plan for the small business owner.

MKG Insurance Agency

California Dept. Insurance License 0J03013

4021 N Fresno Street #107| Fresno, CA 93726

(559) 293-4977 direct | (866) 675-3933 ext 

Mentioned in this episode:

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Our plans can be designed to provide the following benefits:

• DEATH
• LIFE INSURANCE YOU DON’T HAVE TO DIE TO USE
• DISABILITY
• UNEMPLOYMENT
• CRITICAL ILLNESS
• MONEY BACK OPTION
• KNOWING YOUR FAMILY WILL NOT LOSE THEIR HOME
• COLLEGE FUNDING
• RETIREMENT FUNDING
• INCOME PROTECTION
• CREATE A TAX FREE INCOME THAT CAN’T BE OUTLIVED

For complete details at NO COST OR OBLIGATION, please call 559-293-4977 For immediate service, you may call: 866-675-3933 or apply online

https://mkginsuranceagency.com/life-insurance/

Life Insurance with living Benefits

Do you need to protect your family? Would you like to create a tax free retirement? Life insurance allows you to accomplish both these objectives very efficiently and affordably.

Why Life Insurance In the event of a tragedy, life insurance proceeds can help cover everyday expenses, like the mortgage and household bills. The cash received from a policy (the death benefit) can help protect your family from being burdened with debt. In addition to helping meet your family’s immediate financial needs, life insurance can also be used to help keep a business thriving, help finance future needs like your children’s education or supplement your retirement funds.

You may know the distinct pride you get in purchasing your own home or car. Ownership can give a certain comfort, a certain satisfaction that your financial stability is solid, secure, and even permanent.

Mentioned in this episode:

intro music 1

intro music 1