Golbar & Associates, LLP

CPAs and Net Worth Advisors

The Firm was established in Los Angeles in 1989 by the managing partner, Mr. Ashton A. Golbar. Since then the company has grown to be one of the most respected firms of its size by the financial and business community. This is one of the reasons that we have ongoing referrals from banks, factoring companies and bonding agencies. Our goal is to proactively service clients by providing timely financial reports to use in their respective businesses and when they achieve their ultimate success, help them legally pay the least amount of taxes. We are committed to providing close, personal attention to our clients. We take pride in giving you the assurance that the personal assistance you receive comes from years of advanced training, technical experience and financial acumen.

Mission: "Our mission is to increase the net worth of our clients"

[04/28/20]   From a good friend in lending. Worth considering:

I hope you are all doing well and being safe. Over the past month, I’ve had many clients reach out to me and ask if it was a good idea to contact their mortgage note holder and request a forbearance. Please consider that the following are my personal views about requesting a forbearance and individuals should decide for themselves based on a conversation with their attorney or financial advisor as to what is the appropriate course of action for them and their families.

First, I would say that if making your mortgage payment is an issue, then by all means contact your bank and request a forbearance. Please consider that forbearance is not a forgiveness of your loan payment. The bank will collect the missed payments at a future date.

Ultimately, my recommendation is that if you can afford to make your payment, you should. Banks are not supposed to report late payments during a forbearance, however, during my 30-year career in lending, I have seen firsthand that banks do make errors, especially during periods where there is a lot of credit related activity (i.e. the Great Recession and the current Covid-19 pandemic). If by chance a mortgage late payment shows up on your credit report, your credit score will drop dramatically and will make it difficult for you to obtain mortgage financing with attractive terms in the future. Best-case scenario is you will need to chase down someone at your bank, get a letter from them exonerating you from the late payment, and then submit your paperwork to the credit reporting agencies to clear the late payment. If all goes well (which usually doesn’t), this process will take a few months to remedy. If all doesn’t go well, it may take many months or years to remove late payments.

Mortgage late payments are one of the worst derogatory credit items on a credit report, especially if you are looking to purchase a new home or refinance an existing loan.

The second reason for concern is that even if there is no late payment on your credit, the credit report will most likely show a forbearance. This can also be problematic if you are looking for financing in the future. A forbearance basically tells a creditor that you were not able to meet your payment obligations. With today’s lending environment, lenders are becoming much more risk averse. Any reason to deny a loan is a good reason.

Going through the lending downturn in 2008-2012, we saw many clients request loan modifications of their loans. Although a forbearance doesn’t carry the same gravity as a loan mod as far as one’s credit, the lessons we learned can be applied here. Some were successful in getting loan modifications, but many were not. Ultimately both sets of borrowers ended up with derogatory items on their credit, which messed up their credit for years. To this day I still see remnants of clients that tried to do loan modifications many years ago and still can’t find decent financing due to lower credit scores and mortgage late payments on their credit report

As mentioned, these are my opinions and you should do what is best for your situation. Please do not hesitate to reach out to me if you wish to discuss this or any other mortgage related matters.

[04/18/20]   Remember, buying a house, specifically by taking out a mortgage at current rates is the perfect hedge against a weakening dollar.

golbar.com

Golbar & Associates: A professional tax and accounting firm in Los Angeles, California: Splash Page

https://www.facebook.com/500014351/posts/10157175624539352/

golbar.com We provide a wide range of services to individuals and businesses in a variety of industries. Our firm strives to meet each client's specific needs in planning for the future and achieving their goals in an ever-changing financial and regulatory environment.

finance.yahoo.com

Federal Reserve to backstop Payment Protection Program loans

finance.yahoo.com The Federal Reserve will backstop the Small Business Administration’s emergency loan program, as lenders continue to work through the Payment Protection Program.

[04/04/20]   so yesterday was the first day the banks started accepting PPP applications. The shear volume of demand, caused website and voice line crash in some of the biggest banks in the country.
B of A was the first one to go live without giving notice to the other banks. But decided they would only accept applicants that have “credit” with them such as credit card or a line. This did not go over too well with the public. So by the tail end of the day they changed their tune and accepted their other customers too.

As of last night, SBA was continuously changing their demands from the bankers and with the information on the applications they wanted. this caused the bankers to also not be sure about the specific laws surrounding how the data were to be reported.

If you were one of the first ones to send in your request, good for you. If not, there is still time. Some banks have not gone live with the program.
Each bank is given a certain allotment of money for this project.

Stay healthy. Love your bankers, specially now, and send hugs (from more than six feet away) to people helping you with the applications.

With love,
Ashton

[04/01/20]   On March 27, 2020, President Trump signed the Coronavirus Aid, Relief, and Economic Security Act (the CARES Act). The CARES Act contains many provisions for businesses and individuals, but the most impactful provision for small businesses in the immediate term is the Paycheck Protection loan program.
The Paycheck Protection Loan program will provide up to $349 billion of federally guaranteed loans for small businesses. The loans will be issued by qualified SBA lenders (banks) and will be available until June 30, 2020.
Businesses with 500 or fewer employees, which were operational on February 15, 2020, are generally eligible for 2½ times the business’s average monthly payroll over the prior 12 months (up to a maximum loan of $10 million). The interest rate will be capped at 4%.
The Paycheck Protection loans can be used for the following expenses:
• Payroll costs (up to $100,000 per employee);
• Group health coverage;
• Business occupancy costs (mortgage interest, rent, and utilities); and
• Interest on other loan obligations.
The loans may be forgiven for amounts used for these expenses for up to eight weeks from the loan origination date. However, loan forgiveness will be reduced by reductions in employee compensation, or layoffs of employees during the period of February 15, 2020, through June 30, 2020.
Any loan amount that isn’t forgiven has a maximum term of 10 years and a maximum interest rate of 4%. At this point, it is expected that loan repayments will not be required right away, and that interest will be forgiven for up to 12 months, but the SBA is expected to issue additional guidance on the payment deferrals sometime in April 2020.
We suggest that you reach out to your existing banking institution to determine whether they are a participating lender. We can help you locate a qualifying lender if your existing bank does not participate in the Paycheck Protection Loan program.
We also suggest that you begin gathering the following documentation that we expect will be required for the application process:
• Payroll records, including copies of payroll tax returns and W-2s going back to the first quarter of 2019 — including documentation of full-time versus part-time employees;
• Documentation of qualifying expenses (rent/lease contracts, mortgage statements, utility bills, loan documents for other loan obligations, and group health insurance information);
• Three years of business tax returns; and
• 2019 year-end income statement and balance sheet.
As a final note, businesses receiving Paycheck Protection loans are ineligible for the Employee Retention Credit, which is a new credit available to small businesses under the CARES Act. We would be happy to consult with you to compare Paycheck Protection loans and the Employee Retention Credit. Please contact us for an appointment to discuss these programs.

[03/29/20]   Good morning these new SBA loans will launch next week.

My suggestion is to open a drop box file and start uploading your :

1. Last 3 years financials (Tax Returns Personal and Business with all schedules)
2. All liquidity stmts including retirement and brokerage
3. A personal financial stmt (SBA FORM 413)
4. YTD 19 Financials if your 19’s are on extensions
4. Payroll information inclusive of the avg amount of employees you have (prior and after COVID-19 crisis)
5. Any letters of explanation you deem relevant.
6. Tax form IRS 4506T for personal and all entities you own.
7. Schedule of liabilities SBA FORM 2202
This is just a basis start list more information will most likely be required.

[03/28/20]   Hello Friends. As you all know, President Trump signed an 880 page document yesterday to assist in disaster relief.

It is imperative that you check this document and see to what extent there are benefits available to you, Your family, your business, and your employees.

There are many sections in this document. There are favorable treatments in the Tax area, in providing loans to assist in your business, and mainly to potentially forgive part of such loans.

The one benefit that initially strikes me as beneficial so far is Loan 7(a). In order to take advantage of it, you need to contact your banker right away and apply for it. This is a loan through SBA but you have to get it through your banker. If you do not have a banker or like referrals, let me know.

In summary this loan will be given to you based on looking at your average salaries paid during the last year. They multiply one months salary by 2 1/2 and then give you that amount as a loan. So for instance, if your business gave $100,000 in salary on a monthly basis, then you probably would qualify for $250,000 loan that may either partially or wholly be forgiven.

This loan can be utilized to pay during the next eight weeks for items such as salaries, rent, utilities, mortgage for the business.

To the extent that your workforce has not diminished during a certain period of time, the $250,000 loan needs to be repaid after reducing it by payments for the above expenses. The amount of forgiveness is reduced to the extent that your workforce is diminished.

Each bank will have an application that you would need to fill out as soon as possible. you also need to gather the necessary information to send their way in order for them to get the ball rolling in qualifying you for the loan.

The banks are going to get overwhelmed and in speaking with several of the top banks in the country, it is my opinion that they are not ready for this. But they will do their best to process these ASAP. You can help by being one of the first ones to apply before the pipelines are jammed. Let us know if you need assistance.

There are other benefits available in this package as well, availability of net operating loss to carry back, credits against payroll tax, etc.

As for 1031 exchange, we are looking at it closely but so far I have not heard it’s being pushed back.

Stay safe and talk to you all soon. Happy Saturday to you all.

apple.news

What you need to know about the $2 trillion coronavirus relief bill — Apple News Spotlight

House has signed it. Now president will hopefully sign it today.

https://apple.news/AvVbV0TaeTniW-JJN0gI96Q

apple.news From the biggest businesses to your own checkbook, here’s who benefits from the $2 trillion coronavirus relief package.

cnn.com

Stimulus bill offers $600 a week to the unemployed for 4 months

We would like to reach out and offer some ideas that could help you during this difficult times. Here are the following options that our government had presented for your business and employees as of today, March 25, 2020:

SBA Economic Injury Disaster Loan Program.https://www.sba.gov/page/coronavirus-covid-19-small-business-guidance-loan-resources
Families First Coronavirus Response Act: Employer Paid Leavehttps://www.dol.gov/agencies/whd/pandemic/ffcra-employer-paid-leave
EDD-Benefitshttps://www.edd.ca.gov/about_edd/coronavirus-2019.htm
Stimulus bill currently the congress is working on. See link for information.https://www.cnn.com/2020/03/25/politics/senate-stimulus-unemployment-benefits-coronavirus/index.html

Should you need any additional advice, feel free to reach out to us. Your Golbar and Associates team.

cnn.com In a historic expansion of unemployment insurance, the federal government would give jobless workers an extra $600 a week on top of their state benefits for four months as part of the $2 trillion stimulus bill the Senate passed unanimously late Wednesday night.

[03/22/20]   From a smart fund manager friend of mine in NY regarding stocks:

Good to hear from you Ash, the short term market Dynamics (2-3 weeks) is dictated by forced sellers, guys who need to sell no matter what to meet cash requirements, that is not over yet . The passive investors ( retail and pension funds) have not even started to sell yet. They have always been bailed out by the central banks, this time around the global central banks wasted their ammunition early, they have nothing left, so if we go into a recession it will be a very bad one , and we won't see much of a bounce in stocks eventhough that is the last remaining asset with any potential for appreciation. So don't be early , this one will likely be a doozy

Summary of SBA benefits... with much love. Ashton

finance.yahoo.com

U.S. moves tax day to July 15 -Mnuchin

But don’t let this deter you from sending your info early to the CPAs. All GAA team members continue to be virtually open...

finance.yahoo.com WASHINGTON, March 20 (Reuters) - The U.S. government is moving its tax filing day from April 15 to July 15, Treasury Secretary Steve Mnuchin said on Friday amid the coronavirus crisis afflicting the country."All taxpayers and businesses will have this additional time to file and make payments withou...

faegredrinker.com

Congress Passes Expansive Coronavirus Package, Including Paid Leave | Faegre Drinker Biddle & Reath LLP

faegredrinker.com The bill includes paid leave, nutrition assistance, and free testing and other policies intended to help American families in the coming weeks. Read more for the latest takeaways from the act and what it means for employers.

rebusinessonline.com

Millennials Move the Multifamily Market — But is Their Reign Almost Over? – REBusinessOnline

rebusinessonline.com Gregg Gerken, head of U.S. Commercial Real Estate at TD Bank, appreciates what millennials have done for the nation’s multifamily market. Factors contributing to multifamily’s success in recent years include millennials’ desire to live close to where they work and play, their tendency to delay...

Wishing everyone a great New Year 2020! 🍾
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#accounting #cpa #losangeles #losangelescpa #golbarandassociates #finance #taxes #taxseason #wealth #accountingservices #business #firm #success #goals #money #life #dreams #workhard #enjoylife #cashflow #taxation #payroll #bookkeeping #advisory #benefits

finance.yahoo.com

YIELD CURVE INVERTS: Recession indicator flashes red for first time since 2005

finance.yahoo.com The yield on the U.S. 10-year Treasury dipped below the yield on the U.S. 2-year Treasury for the first time since 2005. An inversion has preceded the last seven recessions in the U.S.

finance.yahoo.com

Stock market news: August 14, 2019

Short term yield is higher than long term yield. Not a good sign for signs of recession...

finance.yahoo.com Stocks posted their worst session of 2019 Wednesday after the bond market flashed its brightest warning signal yet presaging a potential recession.

Enjoying the day with some of our favorite staff!
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#accounting #cpa #losangeles #losangelescpa #golbarandassociates #finance #taxes #taxseason #wealth #accountingservices #business #firm #success #goals #money #life #dreams #workhard #enjoylife #cashflow #taxation #payroll #bookkeeping #advisory #benefits

globest.com

The 20% Pass-Through Deduction Has Big Benefits for Real Estate | GlobeSt

More on Real Estate benefits in the new tax law. Read on... Ashton

globest.com Under the new deduction, rental real estate is treated as a trade or business entitled to the deduction.

globest.com

Like-Kind Exchanges Versus Opportunity Zone Investments | GlobeSt

Keep studying Opportunity Zone. It will be an opportunity of a lifetime.

globest.com The similarities and differences between OZ benefits and LKE benefits can be significant and deserve more attention.

forbes.com

What You Need To Know If You Are Investing In California Real Estate

forbes.com California currently has two types of markets for investors: those that are in or near bubble territory and those that are performing much like the rest of the U.S. economy. Here are some investment strategies for specific California markets.

[01/25/19]   Beware and triple check before funding your transaction — Wire transfers and electronic funds transfer’s in real estate purchase transactions have become the targets of criminals who interject themselves into a real estate transaction by posing as a party in the transaction. In these cases, the criminal often takes on the identity of a title or escrow company or real estate agent in the transaction and provides legitimate-looking instructions directing the buyer where to wire or transfer funds. These instructions result in the wiring or transfer of funds to the criminal’s bank account, often overseas, and the immediate loss of thousands, or hundreds of thousands, of dollars to the victim.

I heard from a real estate broker friend that her client lost $200,000 simply by wiring the fund without double checking the recipient’s escrow account or calling the escrow company.

Buyer beware...

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