Greg Mohr discusses the ups and downs of investing in a franchise while Bill Dendy talks about people being forced out of retirement and back into the workplace.

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. Steve, you’re looking well, my friend.

Steve Moskowitz:

As you. Thank you, Chip.

Chip Franklin:

Joining us right now is our first guest today, Greg Mohr. He is known as the Franchise Maven. Anybody that’s ever tried to start their own business, on their own or with a franchise, knows the challenges. And he’s nice enough to join us here. Greg, hi. Chip Franklin and tax attorney Steve Moskowitz. You had in your past, you did the corporate ladder thing, right? Like a lot of people do, and a lot of our viewers today.

Greg Mohr:

Correct.

Chip Franklin:

And at some point along the way, you said… And I think Taco Bell was one of your first, right? You got into the world of franchise growth. First of all, tell us how that came to be. And what was the real attraction of going with a franchise instead of starting out on your own?

Greg Mohr:

Well, the first time I got into franchising itself was actually right out of high school, when I got one of my first jobs, was working for Taco Bell. I didn’t actually realize that at the time, but I learned later that it was actually a master franchise that ran a whole bunch of Taco Bells all over the Sacramento, California area. So I started managing their restaurants for them. And I said, “This is just great, easy thing to do.” No matter which one I stepped into, policies and procedures were the same for each one. Nice and smooth. I loved doing that. It was just great, for that one. After I’d been working for a while in various industries, both in the restaurant industry and in the microelectronic circuit field for Motorola Semiconductor, then I started reading some books like Robert Kiyosaki’s books, Rich Dad, Poor Dad, realizing that there’s something different out there.

There’s something better than just doing the corporate thing for myself. So I didn’t have the latest, greatest idea on how to start a business or get a business going. But I remember back from my days working with Taco Bell, that I really enjoyed how the simplicity of walking into any franchise model, any unit was. And that really made me happy. It was just a really good feeling. So I thought I’ve got to get back somehow into that franchising space and do that, so I went out there and I started looking at different franchises, got some help from a couple different franchise consultants. And lo and behold, just got into my first franchise and they just took off from there.

Chip Franklin:

Steve, have you had clients that wanted to start their own businesses and looked at a franchise model?

Steve Moskowitz:

Oh, absolutely. And everybody’s, so many people, their dream is to have their own business. I remember when I was climbing the corporate ladder and I always wanted to have my own firm. And lots and lots of people want to do that, and there’s all kinds of different avenues. Like you were saying, starting on your own, going to your franchisees. I’ve had a number of clients that went the franchise route.

Chip Franklin:

Yeah. I mean, one of the things that always, I remember in the early on days, like with McDonald’s, is they had this ubiquitous look, they all were the same. And obviously, it seemed to me that was McDonald’s’ corporate idea. And we can get into this because there’s some that are owned and there’s some that are owned and operated by the franchise themselves. We’re talking specifically about, Greg, the ones that you buy yourself that are part of the franchise. So what are some of the early, not disadvantages, but I guess it’s ropes you have to jump early on?

Greg Mohr:

When you’re first starting out with the franchise system?

Chip Franklin:

Yeah. Right.

Greg Mohr:

Yeah. Yeah, if we take a look at McDonald’s, for instance, if you’re a franchiser themselves, you kind of got to start thinking about who do you want to be a franchisee? What are you looking for in a franchisee? And if you watched that show The Founder, you saw that at first they were going to take anybody, so they would take investors.

But then some of the investors and some of the people they were taking on weren’t really following exactly what the founder really wanted the whole system to be like. He had to determine later on that he liked the husband and wife teams, the owner-operators that would do it, because they would follow his systems and procedures to the letter on that. So that’s something as a new franchisee you have to consider, is who do you want as your franchisees, especially when you’re just first starting out and when you’re starting to grow that system, because you really want people that are going to be behind you all the way, realizing your dreams with you.

Chip Franklin:

Steve, is part of the downside, obviously, that you have a partner and having to deal with other things that other people that are out on their own don’t?

Steve Moskowitz:

First of all, like everything else in life, this is right for some people and not right for others. And that’s true of being a dentist or being a franchise or starting your own business or working for somebody. It’s not for everybody. So the first thing you need to do is determine what do you want to do and explore all the options. And if franchising is for you, then what you need to do is decide what’s going to be best for you, how do you do it. And you want to learn first. For example, if you’re going to have surgery, you want the doctor to take an x-ray first and say, “Well, here’s the problem.” And that’s what you want to do with going into a business. What’s involved in the form of investment? What’s involved in the form of time, in complying with rules? What happens if you don’t? And what kind of profit can you make? And like everything else, there’s the record keeping you have to do.

And the government always has their tentacles in everything. So one of the things that I would do is do your due diligence. I would talk to people that have franchises. And I do the same thing when somebody says, “You know what? I want to be a lawyer or my kid wants to be a lawyer.” I’d say, “All right, well, the first thing I recommend you do,” it’s not for everybody, “Talk to a bunch of lawyers.” And what you want to do is you want to talk to the individual lawyers, not when the boss is present because you don’t want somebody… And he say, “Tell me the truth. How do you like it?” And somebody says, “I love being a lawyer and this is what I’ve always wanted to do.” Or somebody says, “I hate it. I’m looking for a job, doing something, anything other than that.”

And then you want to talk to a bunch of people. Then what I recommend is cut off the tails of the bell curve. There’s always going to be somebody extreme. Somebody that super loves it. Somebody that super hates it. What do most people feel? And then you want to take a look at the finances. How much money can you make in this investment, because that’s what it is, is an investment, as opposed to anything else? Opening up your own sandwich shop or going and starting a movie theater or anything else, what do you want to do, how much you can make, what’s required? And then you make your decision. And also, you want to get as much advice as you can before you sign on that dotted line.

Chip Franklin:

Greg, are your books as a franchisee open to the company at any time?

Greg Mohr:

Yes, absolutely. As Steve indicated, when you’re going through your due diligence process, part of that is you’re going to be investigating that franchise itself. So whatever franchise it is, then yes, those books have to be opened. They have got their franchise disclosure documents where they give a breakdown of all of their finances, corporate background, total investment. They have a breakdown of what the franchisees, each franchisee, for the most part, what they’re making in the franchise system.

So learning how much money you’ll make along the way is going to be in there as well. All those things are opened up, all part of the due diligence process for anybody to go through, as well as a list of the franchisees that are currently in that franchise system as well. So as Steve indicated, talking to other people, talk to as many of those other franchisees as you can, before you make any decision about whether or not you want to get involved in that franchise. All of that information is open. All of it is there.

Chip Franklin:

Do they help you understand the things you’re going to encounter and the difficulties ahead of you? And is it that kind of relationship or is it like, “Here’s your building? We’ll expect our check at the…” I mean, I always think of that when I think of franchise. I think of the mob shows we’ve seen where they said, “Yeah, have a piece of the restaurant,” and then they just… I mean, you have really established rights and protocols, but are they helpful too?

Greg Mohr:

They better be. So when you’re looking into getting a franchise-

Steve Moskowitz:

I like that answer.

Greg Mohr:

[Inaudible 00:08:54] really open to all that. Yeah. Because they may not be. If they’re not, you just turn around and go the other way. But you want somebody, because what you’re looking for there is you’re looking for that franchise to be investigating you, and interviewing you as much as you’re interviewing them, because you want it to be a two-way street. That franchise cannot have too many failures in their system. If they do, you’ll see that in the franchise disclosure documents.

And that’s a big red flag, if they’re starting to get failures, because they did not pick out the right person to run that franchise. So as far as, direct answer to your question, yes, they should be open as walking you through, what can you expect from them, what can you expect for your investment level, what can you expect in the kind of money to make? How’s that franchise going to support you? How are they going to continue to train you, because that’s what you’re paying for in a franchise system, as opposed to doing it yourself. You need all that back to help you grow.

Chip Franklin:

Steve, are there tax advantages to a franchise as opposed to going out on your own? And would some of those advantages be what I was just talking about, some of the acumen that they can give you about things to avoid, things to embrace, that kind of stuff?

Steve Moskowitz:

Even though I’m a tax attorney, the first thing I always recommend is what do you want to do? And then we’ll figure out the taxes. Business has tremendous tax advantages. There’s a real difference between being a business owner and being a wage earner. That’s just the way the law is. And since the last change in law, even more so. So the bottom line is, you don’t want to have the tail, wagon, the dog. First, you want to find out what your client wants to do.

Then we’ll tell you all the tax advantages. Because if I say, look, there’s tremendous advantages going into this business. And somebody says, “Okay, I’m going to do that,” and he doesn’t have the entrepreneurial spirit, he’s going to be miserable. Doesn’t matter what the tax advantages are. Maybe he’d be happier if he was a wage earner and had less tax advantages. That’s the first thing you do. What does the person want to do? Then we’ll figure out all the taxes that go along with it.

Chip Franklin:

Last question for you, Greg. And thank you so much for spending this time with us. If you had to recommend one company, and would you recommend food, would you recommend services, would you recommend other goods? What’s the best area to go, to have the most success, do you think?

Greg Mohr:

In my experience it’s been, the first, services industry, especially if you do restoration type services, where if it’s broke, it’s got to be fixed, it’s got to be fixed now. And your client’s not necessarily going to be the one to pay for it. So restoration services have gone strong throughout the pandemic, because no matter what, if you got fire, water, smoke damage, that sort of thing. You always got to have that done. So that’s what I look for if I was going to start a business, is pandemic resistance. I mean, it doesn’t matter what the economy’s doing something, it’s got to be done. It’s got to be fixed. That’s the sort of thing that you really want to look for in that.

Chip Franklin:

Yeah. I’ve seen some of these hardware stores and some of these other stores that don’t have… I mean, the fashion industry’s hard, obviously. Food is hard, because if you don’t sell it, you got to throw it away. I mean, it’s some different… But some of the… I mean, I always like hardware stores, because that stuff’s going to be good forever. And there are probably different ways. So if people want to contact you, I can put their email address and they can do that, right?

Greg Mohr:

Yes, sir. Anytime.

Chip Franklin:

All right.

Greg Mohr:

I’m here to educate them, not sell them.

Chip Franklin:

Thank you so much, my friend. You be well, okay?

Steve Moskowitz:

Thanks so much. Bye-bye.

Chip Franklin:

Bye-bye.

Greg Mohr:

[Inaudible 00:12:33].

Chip Franklin:

All right. Well, that’s great. I don’t think I could ever do that. I don’t have… to open my own business and have to be there… It’s 24/7 seven, right? I mean, it’s [inaudible 00:12:44]-

Steve Moskowitz:

Tell me about it.

Chip Franklin:

Yeah. It was about three years ago, I went into my attic and realized I had 27 years of tax returns. How many years should I keep, and how many am I legal… for the average person, how many are they legally obligated to keep on hand?

Steve Moskowitz:

Don’t confuse what you’re legally obligated to keep with what my recommendation is. If you’re talking about what you’re legally obligated to keep, we’re talking about the statute limitations. My advice to clients has always been, keep everything forever. And Chip, I have seen people that look at the instruction booklet and say, “Oh, this is way past the time when I can throw it out,” and they have a nice cleaning out session one day. And that’s almost like putting something into the universe. Then the government comes calling and says, “Hey,” they want this or that. The bottom line is, keep it forever. And if you don’t, you’ll be sorry.

Chip Franklin:

What about statutes of limitations and things like that?

Steve Moskowitz:

Here’s the problem. For example, I represented a very nice woman in her eighties. And one day the government called her up and accused her of not filing her tax returns in the eighties, almost 40 years before. And she didn’t have them. They said, “Okay, if you don’t have proof, you didn’t file them. Here’s the tax. And then you had almost 40 years of penalties and interest to that.” These were old returns. If you look in the instruction booklet, the instruction booklet will tell you that you only have to keep them for the statute limitations period, which is generally three years. And I say, you know what? Tell it to that woman that was chased by the government for something nearly 40 years old. Come on.

Chip Franklin:

So even with a statute of limitations, so they can still go for the money.

Steve Moskowitz:

Well, see, here’s the problem. There’s statutes, but there’s exception to statutes.

Chip Franklin:

Of course.

Steve Moskowitz:

For example, a tax return. The general statute of limitations is three years from the time you file the return. In the case I’ve just described to you, and I’ve had plenty of cases like that, the government says you never filed, therefore the statute never began to run. And they’ve come after people for a long, long time before.

Chip Franklin:

Does it impress the IRS, do you think, a little bit, when you come in and say that, in fact, this is… excuse me. Does it impress the IRS when you have all these records, like 25 years of records, do you think [inaudible 00:15:25]-

Steve Moskowitz:

It’s not a question of impressing them or not. It’s a question of, they accuse you of something. So often the IRS starts off accusatory, “You failed to file. “You owe this money. You must pay.”

Chip Franklin:

You’re scaring me, just the way you say it now, Steve.

Steve Moskowitz:

And I’m on your side. It’s your job to say, “Well, wait a minute. I did file.” For example, I recommend to clients, not just putting it in the mail, but the absolutely best way to prove it is hand delivery to the IRS.

Chip Franklin:

Wow.

Steve Moskowitz:

With a copy, you hand them the original, and then you say, “Stamp my copy.” And the clerk actually has a big rubber stamp and he’ll stamp it, “Received, IRS, and the date.” And if you’re have a check, have them stamp a copy of that too, because other than that, you say, “Oh, well I put it in the mail.” IRS says, “No, you didn’t.”

Chip Franklin:

That’s good for people to know. All right, Steve, our next guest is going to touch on something that affects a lot of people listening to us, even if you’re in your forties. Everybody’s at some point, I don’t know, for me, it was 45. 65 looked really close. And the idea that being able to retire and not have to constantly work or be worried about that, well, we’ve just found this inflation now. And this is not 1970s inflation. Nonetheless, it’s really affecting people. Bill Dendy is with us right now, financial consultant-

Steve Moskowitz:

Hi, Bill.

Chip Franklin:

… to kind of dive into this. Hi, Bill.

Bill Dendy:

Hey, it’s good to be with you. And you’re right. This concept of being able to retire, never go back to work, live off the hard work that we’ve already put in, I mean, it’s become something that a lot of people expect, and it may be a new concept, a hundred years old maybe, but we expect it. And some people are finding they can’t quite achieve it.

Steve Moskowitz:

Well, also, it’s not for everybody. Let’s take a look at Warren Buffet. I don’t think he’s working because he needs the money. And he’s around 90, but he shows up for work every day.

Chip Franklin:

Yeah.

Bill Dendy:

Amen. And I used to think a lot of folks that kept working after normal retirement age might have done some things wrong and they had to, but I see a lot of people on the other end of that spectrum. Those that are super successful, often never, ever retire. They’ll go into their eighties, nineties and beyond. And in fact, today, I was at a birthday party of a gentleman who turned 100 years of age and he still shows up for an hour or two a day at his office. I love that, if you love what you’re doing.

Chip Franklin:

Bill, you sound like you dig what you’re doing. That’s for sure.

Steve Moskowitz:

Well, there’s a couple of thoughts on that. What I have seen, is a lot of people retire when their driver’s license had a certain age on it. And they were vital people running big, successful companies, and six months later, they’re sick or dead or drooling or they don’t remember if they had their pudding or not. Who needs that? And the other thing too is, I mean, in my local supermarket, there was a gentleman who came in and said his company forced retirement 65. He said didn’t need the money, but he did want to keep working. He says he’ll take any job in the supermarket. And they said, “Well, the only thing we have open is stock boy.” He said, “I’ll take it.”

Chip Franklin:

Wow.

Steve Moskowitz:

On his hundredth birthday, the supermarket gave him a big party, because he knew everybody in the store and it was like a big social thing for him. And he worked there till he was 108.

Chip Franklin:

Those of us who remember Willard Scott, when he would have those 100-year birthdays.

Steve Moskowitz:

Oh, yes. Well I was in kindergarten at the time.

Chip Franklin:

Yeah. Yeah. Yeah. Hey, here’s a question for both of you. So, some people would get to a certain age and they decide that they’re going to sell their home and downsize, but that profit that you get from when you sell and when you downsize, Steve, how much of the money you get from when you sell your home do you have to reinvest to protect yourself? And I guess, for you, Bill, when people do this, should they take that profit? And where can they take that money and put it safely these days that they make something, at least… We were closed last year. We were closed, the bank’s charging us for just having the money in the bank. So the first question, Steve, is should they sell their home and there’s a profit, how is that money viewed by the IRS and states?

Steve Moskowitz:

So first of all, if you go over the exemption amount and you’ve made a profit, it’s going to be taxable. But there’s all kinds of things you can do. For example, you might say, “Well, you know what? I want to convert.” And I was quoted in the Wall Street Journal on this. You say, “Well, okay, I’m going to convert my principal residence into a rental property.” And the rules to do that are amazingly favorable for the taxpayers. Not very much you have to do to qualify. Then you say, “Okay, I’ve converted it into a business property. Now I’m going to do a 1031 exchange, but I don’t want to be a landlord.” So instead, what I’m going to do is I’m going to buy into a DST, Delaware Statutory Trust. It’s not what it sounds like. You go to the financial institution of your choice, and essentially, you buy into a portfolio of, basically, a real estate fund. It’s like a real estate mutual fund. So now, instead of paying a big tax on your house, and that’s why a lot of people…

Chip, there are people that bought a house 40 years ago, and the big house didn’t cost very much money and they had six kids. Now, the kids are all gone. They say, “You know, the house is very valuable now, and I really want to live someplace smaller. We’re rattling around here, but we don’t pay these capital gains taxes.” So with the DST, you don’t pay any taxes. So now you’re out of the house, you have a stock portfolio, and then when you need cash, you only sell the shares you need. And instead of getting hit with that big tax up front in the first year, you can spread that out over a lifetime. So money that you would’ve given to the IRS, you now have kept that, you’ve earned money on your investment, and if you do it just right and you say, “You know what? Not only did I have enough for my lifetime, I had way more than that.” You can give it to your kids with a step up in basis, so they don’t pay any tax on it.

Chip Franklin:

Bill, how many retirees are living on capital gains as opposed to income?

Bill Dendy:

Well, a lot of folks purposely redesigned their portfolio years ago to take advantage of the fact that capital gains tax rates are about half of what they pay in ordinary income tax rates. And then when we had the special lower tax for qualified dividends, they went from interest bearing to qualified dividends. So when people have enough money, they would prefer to try to live off of the capital gains. But because of what you said earlier, people looking for safety, many of them end up with the bonds or the CDs that throw off the interest income that is taxed every year as ordinary income.

And in addition, when you do a real estate portfolio, you’re going to have distributions that may be taxed in multiple ways. Some may be a return to principle, which is not taxed at all, and some may be long term capital gains. And then you’ve got the short term and the ordinary income taxed income from it. So it does make sense to coordinate that. And when you talk about the cost of selling the house, the exclusion amount, it’s $500,000. And that seems like a lot for a couple. But I’ve worked with a lot of people who paid 200,000 for a house years ago that they can sell for one and a half million today. And that’s where you get into that tax issue that we were just talking about.

Steve Moskowitz:

There’s a lot of people like that, especially here in California.

Chip Franklin:

I would imagine, Steve, that obviously, and you obviously, Bill, I mean, these are issues that as our country gets older, that more and more people are facing and they’re worried about. And I know that, Steve, that your expertise deals with, again, from soup to nuts here, from people just starting out, young people, maybe they want their kids to start some sort of tax planning with a 401k, everything moving forward to protect some of that money. And you’ve lessoned me on pensions and the tremendous opportunity that offers for taxpayers too, to put money aside and also protect it.

But there’s so many people right now that are on the cusp of this. And they’re like, “I thought I’d be able to retire at 60. Now I’m working to 67, 68.” And some people, like we talked before, Warren Buffet, they love it. But I know some people wanted to do maybe philanthropic stuff or travel. And I guess the question I have here is as they move forward, if you’re 62 or 63 and you’re facing this now, have you missed out? Steve, I’ll ask you that first, and then Bill. I mean, is this something that decision has to be made years earlier?

Steve Moskowitz:

Here’s the way I’d answer that. I would say if you’re 97, you’ve not missed out. However, the course you take might be different then. And that’s the big difference between tax planning and tax defense, where if somebody comes to me and they’re 23 years old, I say, “Look, we can set things up so that when you’re not all that old, you will have more than you can spend in a lifetime. And then you have the option to do what you want.” You might be like Warren buffet and say, “Hey,” you’re going to work till your dying day. Or you might say, “You know what?” You want to retire early and do other things, like a lot of the athletes retire in their thirties. So what’s right for that person? On the other hand, I would never say to anybody, even if he’s 97 years old, “Too bad, you missed the train. Just jump off the bridge. Life’s over for you.”

No. You say, “Well, okay, you’re 97. How’s your health? What assets do you do have? What’s your work?” And it depends what you do. Did you have a job that’s physically demanding? And that can be a real challenge. Or is this something where you can sit in a chair and tell others what to do? And you can have all those years and years of experience, say, “Look, here’s your choices, young person. You can either learn by making all the mistakes I did, or I can just tell you.” You can learn to not put your hand on the stove by putting your hand on the stove and say, “Oh, I’ll never burn my hand.” Or just listen to me, believe me. Don’t put your hand on the stove or the skin will get burned off. It’s your call.

Chip Franklin:

Yeah. I mean, to me, you guys obviously have a lot in common here because there are strategies for income and taxes in retirement that people don’t think about. Because you got that money coming in, you’re not working. If you were self-employed and had all these deductions, you don’t have them anymore, opportunities, places to put that money. But I guess, one of the… I wanted to mention cap gains again, is it seems like that would be such a prime target for Congress, since most Americans don’t have cap gains income. I’m surprised it’s lasted this long. Bill, are you surprised as well?

Bill Dendy:

I think we may see some changes in this area. But keep in mind, a lot of people making these laws, they are paying capital gains as well. And they’ve arranged their portfolio in such a way to where they are properly aligned, so they’re paying as low as tax as possible. But it is usually those who have taken the time, who’ve had the wealth to arrange their portfolios, that are able to arrange it in this way. So yes, I am kind of surprised it has not been a target. But then when I think a little deeper, it’s like, “Well, I don’t know.” Maybe there’s enough self-incentive for it not to become that target.

Steve Moskowitz:

And let’s not forget about those people that benefit from capital gains that are politically savvy and make contributions. When you go after any group, especially a wealthy, influential group, they don’t just sit there and say, “Oh well, whatever you say, okay.”

Bill Dendy:

That’s right. And so, I think there’s too much at the top to prevent that maybe from being the target.

Steve Moskowitz:

Think of it like this. Would you really want to try to take away bananas from an 800 pound gorilla?

Chip Franklin:

No.

Steve Moskowitz:

Try.

Chip Franklin:

I don’t even like bananas, but if I did, I wouldn’t either. Bill, will you-

Bill Dendy:

[Inaudible 00:27:30] change a tax code every couple years. And every so often they say, “Well, this is going to fix it.” It’s not going to get fixed. And it does show that those who are a little bit more nimble in the way they manage their financial affairs and tax affairs tend to pay a little less in tax than those who aren’t as nimble.

Steve Moskowitz:

But that’s true.

Bill Dendy:

I guess [inaudible 00:27:48] it’s job security in a way.

Steve Moskowitz:

Although in theory we all have equal rights, people are not equal. My basketball ability is not equal to LeBron James. We’re different. And some people are more nimble than others. And if you stripped everybody naked and put them in the village, you would see some of those people all of a sudden gain wealth and power in the village, and other people are just starving, looking for somebody else to feed them. That’s just the way we are. There are differences. Some people are physically stronger than others. Some people are smarter. Some people are better at this, better than that. And there’s a place for everybody, but you’re going to see, and you talk about a tax system, well, why is it different for some people than others? Well, what is a tax system? It’s something that’s put together by human beings that are affected by other human beings with all of their flaws and all of the things that are [inaudible 00:28:44]-

Chip Franklin:

Oh, it’s more than numbers. You’re right, Steve. It goes to the heart and soul of our-

Steve Moskowitz:

It’s not like when I used to be a professor. It’s not like gravity. Gravity is because it is. That’s it. That’s a law, gravity. It’s not gravity.

Chip Franklin:

Bill, thank you so much. Will you come back again with us please?

Bill Dendy:

You guys are the best.

Chip Franklin:

And you.

Bill Dendy:

Any way I can be of service, I’m happy to be here with you.

Steve Moskowitz:

Thanks so much.

Bill Dendy:

I really appreciate your insight, Steve. God bless you, guys.

Steve Moskowitz:

Take care, pal. Thank you so much. Again, that’s Bill Dendy. We’ll have all this information right here at the end of the show. And we’re at another end of another Practical Tax episode with tax attorney Steve Moskowitz. Steve, it was great. Look forward to next time, my friend.

Chip Franklin:

My pleasure. Take care. Be well.

Steve Moskowitz:

Outro:

Thanks for joining us on the Practical Tax podcast with tax attorney Steve Moskowitz. To hear more and view more podcasts, go to moskowitzllp.com/practicaltax.