Martini Partners, CPAs

ICYMI: Martini Partners joined i ts practice with Withum earlier this ye ar and you can stay in conta ct with the team in Encino by followi ng Withum’s page or by signing up f or our newsletter!

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Withum is a nationally recogniz ed CPA and advisory firm with 18 offic es and annual revenue of $360M, ranki ng in the top 25 firms in t he country. The strategic partnership has expand ed our depth of services for clien ts while providing unparalleled career opportunities f or our team. For more on With um: https://www.withum.com/

Martini Partners Joins Its Practice wi th Withum

We are excited to announce th at, effective today, February 1, Martini Partne rs is joining its practice with WithumSmith+Bro wn, PC. Steve Martini, Founding Partner, Kev in Holmes, Assurance Practice Leader, Christopher Passmo re, Managing Partner of Martini Partners, a nd 50 additional team members will be add ed to the Withum roster and wi ll remain at our current location in Enci no, CA.

Withum is a nationally recognized C PA and advisory firm with 18 offic es and annual revenue of $360M, ranki ng in the top 25 firms in t he country. This strategic partnership will expa nd our depth of services for clien ts while providing unparalleled career opportunities f or our team.

For mo re on this announcement: https://www.withum.com/resources/martini-partners-joins-its-practice-with-withum/?utm_source=martini&utm_medium=referral&utm_campaign=martini%20merger

Martini Partners Joins Its Practice wi th Withum Martini Partners, LLC, a public accounti ng firm headquartered in Encino, CA, join ed its practice with WithumSmith+Brown, PC (With um) on February 1, 2022.

Here's a process to develop a marit al balance sheet which may make t he process of dividing assets during a divor ce less painful. Contact us at (8 18) 789 1179 for additional information a nd to discuss your specific financial situation.

A number of tax limits affecti ng businesses are annually indexed for inflati on and many have increased for 2022. F or example, the Section 179 expensing lim it has gone up to $1.08 milli on from $1.05 million in 2021. Heal th Savings Account (HSA) contributions for individu al coverage have increased to $3,650 (fr om $3,600). HSA family coverage contributions increas ed $100 to $7,300. Employees can contribu te $20,500 to a 401(k) plan in 2022 ( up from $19,500). 401(k) “catch-up contributions” a re $6,500 (unchanged from 2021). And t he deduction for business-related meals and beverag es provided by a restaurant is 1 00% for 2022 (and 2021). We c an answer any questions about taxes a nd your business. Contact us at (8 18) 789 1179.

The IRS is opening the 2021 individu al income tax return filing season on J an. 24. Even if you usually don ’t file until closer to the Apr il deadline (or you file an extensio n), consider filing early. It can potential ly protect you from tax identity the ft. In these scams, a thief us es another person’s personal information to fi le a fraudulent return early in t he filing season and claim a bog us refund. Another benefit of early fili ng is that if you’re getting a refu nd, you’ll get it faster. And if y ou were eligible for an Economic Impa ct Payment or advance Child Tax Cred it payments last year and didn’t recei ve them, you can claim them on yo ur 2021 return. Contact us at (8 18) 789 1179 for additional information.

Forecasting sales demand and other metri cs can help keep your business on sol id financial footing. Quantitative methods start wi th historical financial statements, while qualitative metho ds based on input from outside exper ts may be more appropriate. To determi ne the right forecasting method(s) for yo ur business, consider these five questions: 1) h ow far into the future do y ou plan to forecast? 2) how stea dy is demand? 3) how much da ta do you have? 4) do y ou carry inventory? and 5) how ma ny products do you sell? Some situatio ns may require the use of forecasti ng software and complex modeling techniques, su ch as statistical regression and time-series decompositi on. Contact us at (818) 789 1179 f or assistance.

Here's some information on a busine ss vehicle tax break. If you're consideri ng purchasing a business vehicle this ye ar contact us at (818) 789 1179 to discu ss the financial implications of your specif ic situation.

Martini Partners is delighted to announ ce the promotions of several members of t he . Congratulations to the following membe rs of the team on the ir new positions.

Kerra Diener - Senior Manag er
Shawn Kagan - Supervisor
Robert Sargsyan - Supervisor
Dav id Vela - Senior Associate
Genesis Alfaro - Seni or Associate
Rouba Khzam - Senior Associate

Do you want to sell commerci al or investment real estate that h as appreciated significantly? One way to def er a tax bill on the ga in is with a Section 1031 “like-kin d” exchange where you exchange the proper ty rather than sell it. With re al estate prices up in many marke ts (and higher resulting tax bills), t he like-kind exchange strategy is attractive. A like-ki nd exchange is any exchange of re al property held for investment or f or productive use in your trade or busine ss for like-kind investment, trade or busine ss real property. Like-kind exchanges can be a gre at tax-deferred way to dispose of re al property. Contact us at (818) 789 1179 if y ou have questions or would like to discu ss the strategy further.

While Congress didn’t pass the Bui ld Back Better Act in 2021, the re are still tax changes that m ay affect your tax situation for th is year. That’s because some tax figur es are adjusted annually for inflation. It ’s a good idea to familiarize yourse lf with tax amounts that have chang ed for this year. For example, t he amount you have to earn in 2022 befo re you can stop paying Social Securi ty on your salary has increased to $147,0 00 (from $142,800 for 2021). In 20 22, you can contribute up to $20,5 00 to a 401(k) plan (up fr om $19,500 in 2021). You can contribu te another $6,500 catch-up amount to a 401 (k) if you’re age 50 or old er. Contact us at (818) 789 1179 if y ou have questions or need more information.

Congratulations to Kevin M. Khoury, C PA who has been promoted to manag er in our audit and assurance te am. Kevin, who is a Certified Publ ic Accountant and a Certified Fraud Examin er, provides attestation services for privately he ld companies in a wide variety of industries.

Aft er earning his Bachelor’s of Science Degr ee in Accounting from San Diego Sta te University, Kevin began practicing public accounti ng with Martini Partners. He specializes in worki ng with emerging and middle market compani es in industries including marketing, manufacturing, distributi on, professional services, franchised businesses, dealerships a nd employee benefit plans.

For information about worki ng in our Audit and Assurance te am, contact us at (818) 789 1179.

Many businesses employ Chief Information Office rs, Chief Technology Officers and Chief Digit al Officers. But there are more specializ ed IT leadership roles to consider: 1) A Chi ef Information Security Officer to oversee ongoi ng data security efforts and monitor developi ng threats. 2) A Chief Technology Innovati on Officer to identify opportunities for innovati on and lead initiatives to accomplish chos en objectives. 3) A Chief Marketing Technologi st to recommend new solutions and overs ee the use of existing marketing te ch. Whether at the C level or a mo re junior management level, these positions ca ll for expenditures in hiring, payroll a nd benefits. We can help you explo re their feasibility. Contact us at (8 18) 789 1179.