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.
Operating as usual
Triple threat to Real Estate. Time will tell what would happen and if it happens, it could be overturned in the future... my guess is that if it happens, selling one to buy another will happen a lot less, more refinance would take place, intermediaries would be without customers and cash flow becomes more important than capital gain in investments.
Biden Tax Proposals Could Mean Pain for Real Estate | GlobeSt The triple threat would be a simultaneous end to the 1031, basis step-up on death, and doubling of capital gains.
Apply for this, if you qualify.
Small Business Administration We support America's small businesses. The SBA connects entrepreneurs with lenders and funding to help them plan, start and grow their business.
There seems to be a delay in starting the tax filing season. Chuck Rettig, who now heads the IRS, is an old acquaintance and mentions that apparently there are a lot of old tax returns from 2019 that are not yet processed!
This is going to be an unusual tax season.
Stay safe my friends and don’t forget to send love to your CPAs regularly!
Perspective | Don’t file a paper 2020 federal tax return if you don’t have to, IRS watchdog warns Tax Season 2021 starts Feb. 12. The backlog for paper returns is large and likely to grow, so anyone. The IRS received roughly 16 million paper individual returns last year and as of Dec. 25 had a backlog of 6.9 million unprocessed individual returns.
Absolutely brilliant video on how we are going through a transfer of power. And I am not talking about presidency.
Clear discussion on how riots allow for land grab through purposely diminishing prices in “opportunity zone” areas. Allowing gains to avoid taxation.
Robotics Vs Humans.
Back to human slavery?
A different civilization being created?
And many more topics worth questioning.
Absolutely brilliant. A must watch!
youtube.com This sit down interview with Catherine covers the spectrum of the current situation we find ourselves in.It was conducted as apart of the full length documen...
[12/29/20] PPP loans will not be included as taxable income. Expenses paid with the proceeds of a PPP loan that is forgiven are now tax-deductible. This covers not only new loans but also existing and prior PPP loans, reversing previous guidance from the Treasury and IRS, which did not allow deductions on expenses paid for with PPP proceeds. In addition, any income tax basis increase that results from the borrower's PPP loan will remain even if the PPP loan is forgiven.
apple.news The $741 billion legislation passed both chambers of Congress with veto-proof majorities.
apple.news Lawmakers and aides on Capitol Hill were racing Sunday to finalize an agreement after a breakthrough late Saturday night.
apple.news Lawmakers are trying to find a compromise on the issue, which is blocking a $900 billion coronavirus stimulus package.
globest.com As fundamentals deteriorate further, one owner expects assets to hit the market.
globest.com In 2020, COVID-19 pushed the peak leasing back to May.
cpapracticeadvisor.com In the wake of the 2020 election, many expect that the Biden administration will seek to engage Congress to enact new tax legislation in order to raise revenue to pay the costs associated with the pandemic and other government programs.
time.com The president-elect will confront a resurgent pandemic and shaky economy when he takes office in January. Here's what you should know about his plans.
There are two ballot propositions on the November 3rd ballot that are of critical importance to all real estate investors – Proposition 15 and Proposition 21. We are asking that you vote No on these two propositions.
Proposition 15, also referred to as the “split roll” initiative, would raise taxes on each commercial and industrial property individually worth more than $3 million. It would do this by removing the property tax protection for businesses granted in 1978 under the state’s landmark Proposition 13. Under Proposition 15, businesses would have to pay property tax based on an assessed (no more than two years prior) market value. Almost anyone who has held California real estate for a while is likely to appreciate the impact of being taxed on the basis of current value rather than acquisition value.
Proposition 21, also referred to as the Rental Affordability Act, would seek to repeal portions of California's existing rental housing laws (known as Costa-Hawkins or "CH") and institute several strict rent control measures. A repeal of Costa-Hawkins was attempted via a ballot initiative in 2018. However, under CH, local governments may only apply rent controls to multi-unit apartment buildings constructed prior to February 1, 1995. In addition, under CH, landlords of these older buildings are permitted to reset rents to current market rates when a new tenant moves in.
Both propositions will cause unknown damage to the real estate market and the State’s economy. In addition to voting No on both propositions, please reach out to your friends and family and urge them to vote No. Given the current state of the world, the real estate market cannot handle these double body blows.
zerohedge.com "I think what we have is a monetary moment that is unprecedented and therefore calls for extreme caution and great humility on the parts of all of us.”
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 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 The Federal Reserve will backstop the Small Business Administration’s emergency loan program, as lenders continue to work through the Payment Protection Program.
￼￼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.
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.
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.
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 dur￼ing 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.￼￼
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