Practical Tax with Steve Moskowitz

• #57 | Green Tax Initiatives and Side Hustles for Businesses feat. Congressman Jared Huffman & Chris Westfall

  On this episode of Practical Tax, Congressman Jared Huffman joins us to discuss green tax initiatives and Chris Westfall joins us to discuss side husltles for businesses. Episode Transcript Intro: Welcome to the Practical Tax podcast, with tax attorney Steve Moskowitz. The Practical Tax podcast is brought to you by Moskowitz, LLP, a tax law firm. Disclaimer: The information contained in this podcast is based upon information available as of date of recording and will not be updated for changes in law regulation. Any information is not to be considered tax advice or legal advice and does not form an attorney/client relationship. Further, this podcast may be construed as attorney advertising. You should see professional consultation for your individual tax and legal situation. Chip Franklin: Hello and welcome again to another edition of Practical Tax with tax attorney, Steve Moskowitz. Steve, hope all is well. Steve Moskowitz: All is well and there is so much going on in the tax world. It just keeps us happy because we're getting back so much money for our clients. For example, this ERC program, employee retention credits where the federal government is giving away their grants, they're not loans, up to $26,000 for every employee that you have that qualified is tremendous and is helping out so many small businesses. Chip Franklin: We have been talking about this for four years, right? That's been going on for a while. Steve Moskowitz: It hasn't been that long. It may seem that long, but it hasn't. And the bottom line is that... The important part is you have to know, and there are some real differences of opinion, who qualifies and who doesn't. There are two tests. One test is a certain drop in gross revenue. That's easy. It's math, either above or below a certain number. But there's a second test called full or partial closure. And that's really a facts and circumstances test. For example, even an essential business like Safeway could only use 25% of the inside of their business, as was mandated by the state of California for all businesses from the beginning of the pandemic until 6/15/21. That may qualify them supply chain disruptions and so on. But it takes some work to figure that out and a lot of firms are ignoring that. If you don't meet the math, they say no ERC for you, that's wrong because the test is either/or. On the other hand, the IRS is warning that there are a bunch of fraudulent firms just making stuff up and like anything else in your tax, obviously, you want to take everything to which you're legally entitled, no more and no less. You'd never want to put anything on any tax return or anything you give to the government is fraudulent, yet some companies are doing that. And there are these popup companies, they just came into existence to file ERC and then they're going to be gone when the IRS is asking questions whereas we're a law firm and we've been around for over 30 years. Chip Franklin: Well, all of these trails lead to Washington DC eventually, right? I mean- Steve Moskowitz: Yes, they do. Chip Franklin: ... [inaudible 00:02:28]. And we're nice enough to be joined today by US representative from California, Second Congressional district since back in 2013, Congressman Jared Huffman. Congressman, good to have you here. Jared Huffman: Good to be with you. Chip Franklin: I understand- Steve Moskowitz: Congressman, thanks so much for joining us. Jared Huffman: Thank you, Steve. Chip Franklin: And you're in the neighborhood just a little north of us and enjoying again, California. Whenever I hear about people saying, "Oh, we're moving to Texas." I'm like, "Don't let the door hit you on the way out." I love it here, right? Jared Huffman: Yeah. Yeah. California is still going strong despite the detractors out there who don't wish us well. Steve Moskowitz: You know there are always detractors for everything.

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• #56 | The Cost Of Poor Health and Tax Advantages of Philanthropy feat. Dr. Gregg Larivee & Les Winston

  Dr Gregg Larivee gives their insight on the cost of poor health, while Les Winston discusses the business philanthropy. Episode Transcript Intro: Welcome to the Practical Tax podcast, with tax attorney Steve Moskowitz. The Practical Tax podcast is brought to you by Moskowitz, LLP, a tax law firm. Disclaimer: The information contained in this podcast is based upon information available as of date of recording and will not be updated for changes in law regulation. Any information is not to be considered tax advice or legal advice and does not form an attorney/client relationship. Further, this podcast may be construed as attorney advertising. You should see professional consultation for your individual tax and legal situation. Chip Franklin: All right, welcome to Practical Tax with tax attorney Steve Moskowitz. I'm Chip Franklin and Steve, boy, I tell you, I'm excited about today's show because we cover a wide variety of areas, all which have at some heart of it, like most things, to do with the taxes we pay and what that means about our quality of life. And I mean, obviously with the extensions and the tax, even this has been a really busy time for you, this time of year. When you see people that are filing these extensions, I mean, I'm one of them. Well, what happens to people that they would file this late in the year? Steve Moskowitz: Oh, that's very common. And for example, we oftentimes tell clients, we advise them to file extensions because you know how I've talked about retirement accounts and how that's such a benefit? Cash flow. So what happens is you have with a lot of the accounts, you have up to the time of filing the return plus extension to set them up and fund them. So I suppose you have this situation: you're a business person, and this is a tiny little bit technical because it gets into the accounting and the tax. You've made a big profit on your taxes, but you don't have any cash because you spent your money on inventory, which is an asset on the balance sheet. So they say, "Well, wait a minute, I've made all this money on my tax return but I don't have any cash because I reinvest it in the business," and that's sitting there in inventory. So you say, "Well all right, that gives me an extra half a year to earn," and then the money that I earn, I can put into the pension plan on or before the due date, including extension. Again, that date varies depending on the form of entity and the plan you have. But that's a good reason to do it. Chip Franklin: Yeah. Steve Moskowitz: And then you legally greatly lower your taxes with money you've earned three quarters of the way into year two, that you're deducting from year one where most things you have to write the check in year one. This is an exception, that's one of many. Chip Franklin: Yeah. I think I've filed an extension for 20 straight years now. And it's not for any of the reasons you said, it's most- Steve Moskowitz: A lot of times you're waiting for documents from others. Chip Franklin: Right, and that happens too. All right. One of the biggest issues facing not just Americans but almost everybody in North America and in Europe, is healthcare and how it affects not only obviously businesses and individuals, but our society as a whole. Our first guest today is Dr. Gregg Larivee, I almost messed his name up, Dr. Gregg Larivee, and he's created the Integrated Medical Center in Florida and he's been treating NFL, MLB, PGA, and NBA athletes, plus people from all sorts of life for more than 20 years. And he is nice enough to take the time to join us here on Practical Tax. Doc, good to have you here. Thank you so much. Dr. Gregg Larivee: Thanks for having me. Chip Franklin: We had a great conversation before we came on about sports and I think sports is for many Americans, is an escape, but for many of these athletes, obviously it's something they can't escape as when they leave the sport later on and the injur...

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• #55 | Learning To Manage Growth and Productivity feat. Meghan Watkins

  Meghan Watkins of CEO Coaching International joins us this week to discuss the intricacies of managing your businesses growth and productivity. Episode Transcript Intro: Welcome to the Practical Tax podcast, with tax attorney Steve Moskowitz. The Practical Tax podcast is brought to you by Moskowitz, LLP, a tax law firm. Disclaimer: The information contained in this podcast is based upon information available as of date of recording and will not be updated for changes in law regulation. Any information is not to be considered tax advice or legal advice and does not form an attorney/client relationship. Further, this podcast may be construed as attorney advertising. You should see professional consultation for your individual tax and legal situation. Chip Franklin: Welcome to another edition of Practical Tax with tax attorney Steve Moskowitz. I'm your co-host Chip Franklin. That would be the host to my left or right there. You get it. I love talking about productivity because I know that there's a lot of different ways to measure that, right, Steve? I mean- Steve Moskowitz: Absolutely. Chip Franklin: Yeah. And as a business grows, obviously they want their people to be more productive. One of the things though about coaching and training employees is, are you ready for success? I mean, a lot of people, they're worried about what's coming around the corner, of the bad thing, but sometimes successes then comes, and you find out that you're just not ready for it. Well, joining us to start this show is somebody that does this for a living. She's a CEO of Coaching International with more than two decades in building cohesive teams, and she's very passionate about this. Meghan Watkins, it's nice enough to join us. Hello, Meghan. Meghan Watkins: Hey, good afternoon- Steve Moskowitz: Hi, Meghan. Meghan Watkins: ... [inaudible 00:01:14] Steve, nice to see you. Steve Moskowitz: Pleasure. Chip Franklin: Good. Thank you for being with us. Let's just jump right into that. I mean, because you both have a lot of experience in this. Steve has had many employees over the years. Your job has been to try to get employees to be top producers. But there's another caveat that too, you want to be happy. How is that, how do you achieve that balance, Meghan? Meghan Watkins: Yeah, I mean think it's really, I think that a lot over the last couple of years has really encouraged leaders to understand that really knowing their team, and taking the time to really understand what motivates their team, is really vital to the overall happiness. And for some that are looking for maybe the opportunity to work from home, that could be really something that's really important to them. And others really actually want to have the ability to work together in an office. And so what we found is typically that hybrid model is usually the most optimal, and sort of allows the ability to have a level of accountability with their team, but also give them that level of flexibility that a lot of people are really demanding at this point. Steve Moskowitz: That's what we have in our office. Prior to the pandemic, as a traditional law firm, everybody was under one roof. With the pandemic, we all had to go home initially for three weeks, we were told. And then when the pandemic dragged on, a lot of people got used to working from home. And a lot of clients said, "Wow, you mean I can just talk to you on the phone or your computer?" Just like we're doing now. Physically, where are you? Meghan Watkins: Physically, I am in Dallas, Texas right now, and I'm in my home office, but I also do have a shared workspace that I go to as well. And that really speaks, I think to, at the root of it, what we're all craving. We're all ability to have flexibility in our day to day. But we're also still humans that crave the ability to connect directly with others, and be able to interact with others face to face on occasion as well.

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• #54 | Thinking Outside The Box and When Personal Injury Business Meets Tax Law feat. George Nagle & Gregg Goldfarb

  George Nagle is a former Global Executive Director of Marketing with responsibility for a portfolio of over $352 million. He’s joined by Personal Injury Attorney Gregg Goldfarb who discusses where injury and taxes intersect. Episode Transcript Intro: Welcome to the Practical Tax podcast, with tax attorney Steve Moskowitz. The Practical Tax podcast is brought to you by Moskowitz, LLP, a tax law firm. Disclaimer: The information contained in this podcast is based upon information available as of date of recording and will not be updated for changes in law regulation. Any information is not to be considered tax advice or legal advice and does not form an attorney/client relationship. Further, this podcast may be construed as attorney advertising. You should see professional consultation for your individual tax and legal situation. Chip Franklin: Well, welcome to another edition of Practical Tax with tax attorney Steve Moskowitz. Steve, it seems that every week we have a couple guests on, and we're always trying to find a way to help viewers and listeners understand taxes. And as you've said so many times, and so well, taxes are a part of our life. As Ben Franklin once said, that and death are unavoidable. But it is unique the way that we find that they do come into our lives. Steve Moskowitz: It really affects every aspect of our lives, because money is so important. It affects, literally, the food you eat, the place you live, how you- Chip Franklin: Stress? Yeah, try not having any of it. Steve Moskowitz: That's when it's a real problem. Chip Franklin: Yeah. Steve Moskowitz: And taxes wants to take a big chunk of that away from you. So the amount you pay is directly going to affect not only your life, but how your family lives as well. Chip Franklin: Well, let's just jump into our first guest. Again, that's Steve Moskowitz. I'm Chip Franklin. This is George Nagle. He's a former global executive director of marketing. His portfolio had a responsibility of over 352 million, and he used a lot of creative innovative ways in a business to drive profit and loss. And we're always interested in profit loss, right? Steve Moskowitz: Absolutely. Chip Franklin: Yeah. Joining us right now is Mr. Nagle. Hi, George. Where are you right now? What part of the world? George Nagle: Hi. So I'm out of Lansing, Michigan, so the state capital here in the wonderful state of Michigan. Chip Franklin: Great state, yeah. Let's talk about this right out of the get-go, and talk a little bit about the idea of profit and loss, and how- Steve Moskowitz: I prefer profit. Chip Franklin: Right, right. Although it's nice to have losses on paper at the end of the year as well. Steve Moskowitz: The sweetest thing in life is a positive cash flow with a tax loss. Now you're talking my language, Chip. Chip Franklin: Let's talk a little bit about ... this goes back decades ... but the idea of positive thinking, and the other one too, thinking outside of the box. When you hear that phrase, I'm kind of curious from both of you ... Let me start with you, George. What does that make you think of when you think of thinking outside the box? What does that mean to you? George Nagle: So to me, that really means that people recognize that they may be a little stagnant and they feel a need for change. And Chip, the funny part about that is when you say that to people, they're like, "Yeah, yeah, we need to change." And then as soon as I say to them, "Great, who's going to change first?" Dead silence. And a lot of that comes down to ... When organizations are usually saying that, what they are lacking isn't necessarily a need for change; it's a need for better execution within the field that they already play in, and then they can bring in some different thinking, some breakthrough thinking, not necessarily thinking outside of their box. Because, Chip and Steve,

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• #53 | Understanding Profits and Guiding Your Business Through a Recession feat. Rocky Lalvani & Stephen Patterson

  Rocky Lalvani joins us to discuss the ironic twist that businesses need to focus more on profits and Stephen Patterson tells us how to guide your business through a recession. Episode Transcript Intro: Welcome to the Practical Tax podcast, with tax attorney Steve Moskowitz. The Practical Tax podcast is brought to you by Moskowitz, LLP, a tax law firm. Disclaimer: The information contained in this podcast is based upon information available as of date of recording and will not be updated for changes in law regulation. Any information is not to be considered tax advice or legal advice and does not form an attorney/client relationship. Further, this podcast may be construed as attorney advertising. You should see professional consultation for your individual tax and legal situation. Chip Franklin: Well, welcome to another edition of Practical Tax with Tax Attorney Steve Moskowitz. I'm Chip Franklin, and this is where we talk about issues surrounding taxes, and obviously that's a wide area, and it covers everything from individuals to multinational corporations and everything in between. And also, of course, you'll find this on our Ask a Tax Attorney segments, there are spaces in between that we try to fill in the cracks on the show, and Steve does a great job, and we love having great guests. Our next guest today is someone who can talk a little bit about what we love to talk about, which is profitability. And he's taught this to business owners for years. He teaches them how to ensure how they get paid and make a profit a priority. As a certified profit first professional, he implements these profit first systems and we'll talk about that coming up in just a second. Rocky Lalvani joins us here on Practical Tax. I'm laughing because I hope I got your name right. I didn't ask you in advance. Did I get it? Rocky Lalvani: You did wonderful, Chip. Thank you. Chip Franklin: Well, that's good because I took me a while for Moskowitz, but I don't mess that up anymore. Steve Moskowitz: You did perfect, Chip. Chip Franklin: All right, so let's talk about, you said the profit answer, man. Let's kind of jump in with a question, and obviously profit comes first in business. You can't stay in business long without a profit, but there's also growing pains, hard times and salaries. How do you balance that? How do you balance the need for profit with the people and everything else that goes alongside that? Rocky Lalvani: We have a simple saying, profit is a habit, it's not an event. And I think too often for business owners in the back of their mind, it's always I'll be profitable when, right? I'll be profitable when I hit maybe a certain dollar amount in revenue or I'll be profitable in three years. But if they don't have a plan to get there, then I think that's a major, major problem. Yes, we have to pay our bills, we have to pay our employees, but we also have to pay ourselves. And I think this is much more of an emotional issue than it is sometimes a numbers issue because the business owner wants to pay everyone else first and they kind of leave themselves to last. And that's one of the things we're trying to say, "Hey, you as the business owner also need to get paid and you need to get paid well for your efforts. You took the risk to start the business. You put probably in more time than anyone else into your business. And yet, why are you leaving yourself to last?" Chip Franklin: Huh. Steve, when you get small businesses approaching you for help and consultation and tax, obviously advice, are they usually starting out or are they switching from another firm? Or did they just decide to you bring in money and grow? Steve Moskowitz: All over the map. People that are just in every phase that you've mentioned and then some. Chip Franklin: And obviously that's a great point you made because some people just love the business so much. And I think of restaurants,

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