Gassman, Crotty & Denicolo, P.A.



Alan Gassman, Brandon Ketron and John Beck present:Virus Loans Update - What's Hot and What's NotMay 5, 20200:04Hi, this is Alan.?Gassman.?I'm in my secret quarantine bunker.?I'm here with Brandon Katrin and John Beck and we're going to talk about virus loans update and more.?What's hot and what's not thanks to my wife Marsha for giving me a haircut yesterday.?She did a great job.?I think it's a I think we all kind of people.?All right, we've got a lot of attendees here.?We thank a lot of new attendees who have not seen one.0:33These before we have other ones on video.?If you let us know just send me an ER I mean email that says re videos and I'll give you a list of what else you can watch from the past if you're in Pinellas County just announced courtesy of Marcia covid-19 testing open to anyone in Pinellas.?And here's how to do it.0:55I'm sure they're going to run out of test kits, but you can probably go get a test today finally and for I believe a hundred and $19 through Test Labs you can see if you have the antibody.?So that's news to me because I'm always reading tax law instead.1:11Now page for if you're a medical practice or you care about medical practices, here's how the next twenty billion dollars is rolling out.?Remember, they took the first Thirty or thirty seven depending upon where you read and they just gave it to all the medical practices and businesses pro-rata to their 2019 Medicare revenues.1:33They each got six point one nine percent of their 2019 revenues now, they are taking another 20 billion and what they want to do is they wanted makes this upon everyone getting an equal Pro rata share of 2018 revenues from all sources.?So not only Medicare so in 2018 providers received 2.5 trillion dollars for medical services and products.2:05Their percentage of that 2.5 trillion x 50 billion - what you got in the last tranche is what you're going to get now, so we spoke yesterday to a practice who got more than their share of the first 30 billion.?They will get Negative money on the 20 billion.?The question is do they have to give any money back and Brandon and I are researching that but we have found nothing to indicate that you would.2:35To give money back.?So what they want you to do is they want you to go to the web portal and you have to do this by Wednesday at noon to be in this week's traj.2:46It's once a week and everyone goes equally you give them your total revenues for 2018 from the tax return not just Medicare but total and then you give them how much your revenues are down because of the virus and how much your expenses are up because of the virus then they're going to decide what your cut should be of the whole 50 billion and they're going to limit what they give you to your reduction in revenue and as discussing with my friend Rose.?They mention the word Revenue based upon receipts in March and April.3:25Well, a lot of Medical Practice has had plenty Your receipts in March and a lot of receipts in April, even though they weren't doing anything.?So the question is can you report this based upon Billings not receipts and the answer of course is who knows we can't be sure but there is language here that talks about using budgeted versus unbudgeted.?So you might be able to stretch that language and go ahead and base it upon.3:57Base your application by Wednesday at noon on the bills that you sent not the revenues that you received.?We're going to do another webinar just for medical practices tomorrow at 9:00 a.m.?Don't tell anyone except for medical practices and will dig deeper into this.4:19We also find that CMS is now going to pay providers pretty much the same amount they pay for a It for a telephone call so you can go ahead do your doctor a favor send them an email or a fax and say you'd like to have a checkup by phone call.?It doesn't have to be by video anymore.?So they can now talk to your grandmother who doesn't know how to do FaceTime and take care of her and get paid as if it was a physical visit.?There won't be as much eye contact obviously, but that's of Interest next very quickly.4:57A nasty gram that came from The Joint Committee in interpreting the new $300 per person charitable deduction.?Remember if you don't itemize expenses, you can deduct up to $300 and charitable deductions.?Well, what if I give 300 and Marsha gives 300 do we get a 600 dollar deduction??Well, John and I read the statute.?We wrote an article on it.5:22We said, of course you get a six hundred dollar deduction, but the tax Burch who work for the house and the Senate interpreted otherwise and they say there's only a total of 300 and for those of you who are tax professionals, you will appreciate the fact that they buried this in a footnote with no explanation as to why it would only be three hundred dollars per couple.5:45This may be a reason to get divorced this year before the end of the year so that you can each get a 300 dollar deduction instead of a 600 dollar deduction page 17 I mean we have Brandon's amazing chart on the ideal program and a lot of people have now received a lot of money under the ideal program and it turned out a rumor was true.?A lot of people received $1000 per employee or ten thousand dollars if they had 10 or more employees.?And in order to get the Eid I'll loan you had to attest that your business has suffered substantial economic injury.6:27Whereas to get the PPP program which is the two and a half months of payroll based Advance or Grant you had to attest that the uncertainty of the current economic conditions made the loan necessary to support the ongoing operations of the business.6:49We posted an article to my website blog yesterday at four o'clock on this topic of necessity and we've had a This point about 55,000 hits.?So I think it is important to a lot of people a lot of people realize that at first the administration and the SBA said this is a loan to keep people working.?Please apply as soon as possible.?Please get this alone.?We're going to help solve the uncertainty of the current economic conditions by making sure people stay on the payroll.?Well, then everybody got money.7:27Fact if you look at an article on NPR this morning, it appears that well over half of the second tranche of the PPP money was gone the day that you could apply for the second raunch over half was gone on that day.?So there's probably nothing left.?Now.?The average loan is gone down to 79 thousand dollars per borrower, which is nice, but the treasury Department, I mean the SBA has issued.7:57Good questions and answers and Brandon.?Do you want to lead us through this now this whole question of what is it??That is an uncertainty of the present economic situation that makes this loan necessary.?Yeah.?So the statute statutory language is here, you know, Malin touched on it that the current economic uncertainty makes this loan request necessary to support the ongoing operations of the applicant.?That is the certification that's required on the application now for the Eid oh qualification.8:27A slightly different standard that is the substantial economic injury standard, which we think is a harsher and more strict standard than the PPP loan standard and the SBA has guidance on what that actually means and so you have to claim economic injury that is substantial as a redirect result of the declared disaster.?So that's the direct result of the coronavirus in this circumstance and then it's essentially economic injury is a decrease in income from operations or working capital with the result that the business is.8:57Unable to meet its obligations and pay ordinary and necessary operating expenses in the normal course of business.?So that is a pretty strict standard there that you have to not have Revenue to meet your expenses in order to qualify for the Eid L.?We don't think that's necessarily the standard for PPP.9:17But if you meet this test then I think you would qualify for the PPP low now the SBA also issued additional guidance on what Is necessary and they asked the question and this is the forms of questions and answers that the sba's updating almost daily with as additional items come out that lenders and borrowers have questions on but here they said that all borrowers should carefully review the required certification that the current economic conditions make the loan request necessary to support ongoing operations.9:50They have to take into account their current business activity their ability to access other sources of liquidity, so Sufficient to support the ongoing Adder operations in a manner that's not significantly detrimental to the business.?So they're not going requiring you to go out and get a 10% interest loan from A bank.?But if you have maybe a line of credit, they're requiring you to take that into account.?I guess another question is a lot of things now are really just focused on these PPP loans.?So even if you have access to the credit, can you actually get a loan from A bank right now??It's going to be really difficult and it's going to take significant time to do that.10:28So all those can be taken into account when you're looking at the standard and then they gave us this example here that it's unlikely that a public company with substantial market value and access to Capital markets will be able to make the required certification in good faith and they gave us to a safe harbor on May 7th coming up here in two days that if you return the money by May 7th, even if you previously applied that they are not going to massage you with civil and criminal penalties as long as you repay it.10:57By this May 7th day.?So if you have a loan outstanding, you have to reconsider this now as to whether it's necessary to support your ongoing operations, and if it's not if you have if you meet one of these standards and you have substantial market value and access to Capital markets, you should probably repay that loan by May 7th.11:16Now the other question was does seem to really only apply to large companies and hedge funds and you know the businesses that were kind of thrown out to the Wolves and the news they mentioned the lake Where's Ruth Chris Shake Shack all those so we're like, okay, this is really apply to small businesses and private companies.?And then the SBA issued this question 37, which says do businesses owned by private companies with adequate sources of liquidity support the ongoing operations qualify for loan, and they just refer to SPAC to question 31.11:49So they are basically applying this now to all borrowers you have to take into account those factors in determining whether or not this is Terry now, we also got some guidance from Marco Rubio who is chairing the committee that says implementing the PPP Loan program emoted.?He let us know that they're going to use subpoena power to identify anyone who gave a false certification.?They're going to be auditing these returns that they must certify.?They've been harmed by the crisis and need the loan to operate and then that any company with Revenue to cover operations is ineligible.12:25Now, these are tweets these were not any formal guidance from SDA there are not included in any of the regulations and so we don't think that these necessarily would apply but it is, you know insight into what Congress was thinking when they issued this loan now, we don't think the standards are going to be the strict based upon what the SBA has issued.?Now another thing that was part of the questions and answer was this question 17 where if you've already five your loan application and these frequently asked questions are changing they're issuing new regulations.12:57If I previously filed do I have to go correct my application when something comes out to change the rules that were in effect at the time I apply and the answer is no you don't have to you can rely upon the laws and rules that were available at the time you submitted the application but the certification was always on the application.?So I think that you have to review this application the certification even if you've already applied and that's one of the reasons why they gave us that May 7th out to repay the loan if it wasn't necessary.13:28And just to note here that the lenders are not looking into whether the lumps necessary for you or not.?They don't care if you submit your application and you make the certification they're going to go ahead and give you this loan and they're incentivized to do so because they are getting a portion of that loan as a fee from the SBA to issue these loans and that is the bailout for the banks.?So they're not going to look into whether or not your you know, they're not going to look at your income and expenses and tell you all you're not eligible.?They're going to go ahead.13:56An issue that loan to you and here we have a note from truest gbmt and SunTrust where they merge together sending it out to their customers that receive the loan and basically telling them that they're expressly authorized to rely upon your certification.14:13I are issuance of the loan is not applying or confirming that you are eligible for the loan based upon this standard that they're going to rely upon your certification and if that later turns out that it A necessary that's on you and not on them.?So don't get a life as you got want your eligible.?So without a doubt there's going to be a tremendous amount of litigation both civil and criminal relating to PPP loans.?And when the government decides that a PPP loan situation was not properly handled by a borrower they will quite likely if they can make the argument that the money's worth.14:56Not needed in the first place and then there's going to be litigation where the borrowers will sue the banks saying.?Hey, you told me that this was a loan.?I should take you got 5% of the first three hundred and fifty thousand dollars that I borrowed and then percentages above that.15:16Now you send me a letter innocuously at the last minute after I've already promised all my employees that they're going to be able to stay employed after I always I already promised all my suppliers that they would be able to continue to work with me.?Now.?You pull the carpet you show me a tweet from Senator Rubio.?What in the heck is going on??So there's going to be a lot of anger towards Banks.?There's going to be a lot of anger towards the government and there's going to be whistleblowers filing complaints and saying that money's were misused.?So you're going to have to use the money.15:56Properly now it's easy for us to say open a separate bank account and only spend your PPP money on the proper things from that bank account like who has time to run to the bank and share germs and open a bank account right now, but at least keep a spreadsheet and if you are a medical business consult with your CPA or lawyer and make sure that you're following advice on how you're using the Medicare HHS money how you're using?16:26The PPP money how you're using the ideal money because you want to use it in the right combination.?And if it's from one account, you're going to want to keep an appropriate spreadsheet.?So Brandon sorry to interrupt you that's only on page 30.16:43We have a fairly lengthy article that Brandon and John and I wrote for the line Berg system, by the way, if you're in a financial professional you can go ahead and get a free 60 day trial on the line Berg system and it will give you More of these things that we've written about but in particular what we go through in this article is the question of what the heck does necessary mean and the 1933 Supreme Court case Welch be have Urlacher.?He'll Verlaine which says that pretty much what a business reasonably thinks they need they should be able to pay for and get a tax deduction.17:26So It's a pretty broad standard that Financial lawyers and tax lawyers like us have been raised with we're not clear on the word necessity meaning that the whole place has to shut down.17:40If you don't get this money in particular John has been reviewing the question of necessity in the accumulated earnings tax because this is a tax imposed on certain corporations that are Deemed by the IRS to have more Capital than is necessary.?So John, do you want to give us just a minute and a half??Because I know you have fantastic slides here that we're going to be covering on a line bird webinar on the 7th, but just give us a taste for what you found and specific cases by analogy of the accumulated earnings tax.18:22So we found that it's a facts and circumstances based test.?So you have to look at the company's specific situation their expected future expenditures and they can retain enough money to cover those future expenditures.?And of course, it's a fluid situation certain companies need more Capital at certain times, but one case that we found that was quite important was a case.?I referred to as dielectric, which is referenced.18:51Ernst in our slides, it was a manufacturing company that used a lot of copper and in production and there is a copper embargo at one point or strike copper mines, which severely limited the amount of copper that was available and increased costs tremendously.19:10So this company expected that to happen again, you could see on the slide they had additional reserves of $20,500 but keep in mind this was back in the 60 so substantial amount of money for this company and that was deemed to be reasonable because the court did not want to step into the shoes of the business and make a decision from them.?They deferred to the business and you can see the last bullet point here.?The court would not substitute their business judgment over that of the corporation which should know better how to conduct their own business.19:52there's a so there's a lot of things going on in the mind of a manager of a board of directors of a corporate officer on how much capital I need to reasonably support my business and my business operations going forward and that doesn't mean how much money do I need in the eight weeks following when I get the PPP money it doesn't mean do Do I have enough cash flow today to pay for my expenses??What it has to mean is is this money reasonably necessary to be added to my balance sheet, especially to the extent that it will be forgiven so that I know that my company has enough fuel enough fat on the bones to survive a very Stark winter.20:50I spoke at length with the client yesterday.?He has a payroll of $300,000 a month.?And right now cash flow is fine.?Everybody's been paying him its government contracts.?But what his company does has to do with things that happen with patients when they come in for testing and guess what patients have not been coming in for testing.?So the government doesn't need his kits anymore.21:17So in about six to eight months, If things aren't back where they should be he's going to have a $300,000 a month payroll and people who he is going to have to lay off on the other hand with the PPP money.?He's going to have an extra six or seven hundred thousand dollars in his account which would allow his business to survive extra months.?So by the Rubio test he can't get the loan by the section 531 test.21:50He certainly can get the loan.?So what is it that's going to turn out to be necessary.21:58The other issue we have which is in the article is the whole concept that this is both a simple and a criminal situation and that if you knowingly check the box saying that this was necessary and you knew it wasn't necessary such as because you read the questions and answers before you applied then this could be a Ten year imprisonment.?No, I'm sorry, 30 years imprisonment and a million dollar fine.?So that certainly can influence the thinking of those involved one thing you should consider for sure is to have dialogue with your CPA.?But watch out what you email back and forth with the CPA.?Don't be flippant.22:42Don't be humorous because there's no privilege between a tack and Oil and what they send their CPA the SBA will be able to subpoena those files and see those flip and emails on the other hand.?There is an attorney-client privilege under the federal law thank heaven.?So that doesn't mean you should be flippant with your lawyer either but a lot of clients have reached out to us and asked us to help work with their CPAs and look at spreadsheets and look at their cash flow.23:16Look at their risks to decide whether this is Necessary or not one client.?I spoke to yesterday spoke with his bag.?He still within that ten days between approval and having to receive the payment.?The bank is willing to give him less.?So he was approved for two million.?We looked at all his numbers carefully.?We think about 700,000 would be what a reasonable CEO would want to have added to his balance sheet so he certainly going to look better than somebody who received a two million dollar.23:50Alone, he certainly going to look better at the even somebody who qualified for 600 and they would have taken the 600 but he qualified for 2 million.?He's only taking 700.24:01So he's actually, you know, quite a bit safer than if he had qualified for 800 and take in the whole 800 because he demonstrates traits his intent to be conscientious and his Reliance upon advisors now, I think it was John Dean who said he could in Date I had a ham sandwich when the government wants to go after someone criminally a grand jury has to First indict issue an indictment and then the government can go forward.24:33So while it's easy to indict a ham sandwich and a law that is Criminal and vague is hard to enforce so we will probably see in five or six years possibly even the US Supreme Court deciding Whether this whole concept of what is necessary to support the operations of a business is overly vague and therefore completely unenforceable under the criminal law.?Now this may not happen.?It may be a very small chance of happening, but it is something out there and you can read these slides to try to get a feel for the situation and I'm tickled by Justice Scalia saying that I don't know what this means.?Maybe I should Google it.25:19He actually says The he should Google it Google it gut instinct survey State reporter.?What the heck??Thanks, Justice Scalia.25:31Who needs the PPP loan Brandon??What do we go to next year??Yeah.?So we had more information here about the accumulated earnings tax.?Do you want to touch a little bit on these fairness opinions and how those might be relevant or absolutely that's a good point.?So when a publicly traded company raises money and wants to use the money in an offering they get what's called a fairness opinion.?Is this an appropriate value for the company.?Is this an appropriate?26:01It'll raise and by the same token, the professionals the CPA firms and lawyers.?Who issue these fairness opinions may be called upon to issue PPP loan opinions.?Now, if you needed to go get an opinion that kind of calls the question whether it was a tight problem sometimes clients ask us for opinion letters and we say no we don't want to give you an opinion letter that would make it look like there was an issue in the first place.?It seems so obvious, but you shouldn't need an opinion.26:31In letter, but some people some businesses will be best served by getting a letter.?And again, if you're going to do that, if you want to have a CPA involved you might hire a lawyer then have the lawyer higher the CPA to run the analysis under the attorney-client privilege so that if you disagree with the result, it can be kept confidential because everybody's going to have their own opinion one of my opinions.?Is that the song You Can't Always Get What You Want written by Mick Jagger?27:01A graduate of the London School of economics and political science can provide you with guidance in this area and was recorded from for social distance locations.?Excellent video.?I highly recommend that maybe it's the best thing you've seen on this webinar.?Well Marcia and I met Ruth Bader Ginsburg and what she said to us.?She said it was a very short conversation because there were a lot of people there but she said you're a tax lawyer I said, yeah.?I am she said well our little daughters would bring their pillows.27:31Owes to dinner and as soon as Marty started talking about tax law, they would jump on the floor and say we're going to sleep if you talk about tax law.?So for those of you remaining we're going to talk about something almost exciting as exciting as tax law.?We're going to talk about the latest SBA fa Q's Brandon.?Go ahead so they issued some new fa Q's.?These are current as of May 3rd.?If you go to the SBA website, you can find a link to these and as I mentioned earlier, these are updated almost daily.28:01Now with new guidance from the SBA.?So these are some of the more recent ones here they clarify that if you pay a housing stipend that's going to be included as a payroll cost but it is going to be subject to that hundred thousand dollar cap on the compensation that you can pay to employees.?They gave us some guidance on how to determine if a principal principal place of residence is in the United States because only wages paid to employees that have a principal place of residence in the u.s.?Count as they payroll cost.28:31T4 and 35 clarified that agricultural producers Farmers ranchers cooperatives are eligible for the PPP loan money.?There was a little uncertainty as to that question 36 here gave us guidance on calculating the 500 employee limit if you're over 500 employees, you don't qualify unless you meet other SBA size standard some based upon your particular industry, but for that 500 count for counting all employees part-time full-time you work.29:01One hour during the relevant period your counted as an employee for purposes of that 500 limit now for the loan forgiveness where we were measuring our full-time employees over the eight weeks compared to Prior periods.?And if the number is less than what we have in a prior periods.?We lose the amount that can be forgiven that's based upon full time equivalent employees.?Now, they don't Define what a full-time it covid employee is the Affordable Care Act and some other Provisions in the cares Axew.29:31Is a 30-hour standard as a full-time equivalent employees.?So we think that's likely going to apply they clarify here that if you purchased a business didn't necessarily own it as of February 15th, but it was an operation you can use prior data the prior business taking into account that change of ownership and applying for your PPP loan.?So that was a nice clarification.?They are going to audit files and actually anyone that has a loan over 2 million dollars is subject to an automatic.30:01Audit so keep that in mind when you're looking into necessity.?There was a nice provision that was added on the made the third a lot of employers were concerned about the fact that yeah.?I've laid off people.?I now have my loan.?I want to bring these people back but they're not willing to come back to work because they're getting more on unemployment.?Well the SBA clarified that if you do offer them a job, and then they decline that job that they're not taken into account as far as measuring your loan forgiveness.30:30So you basically We get to go ahead and count them as if they were brought back instead of subjecting yourself to a reduction in your loan forgiveness.?Now, there are certifications here that you have to make has to be documented by the borrower.?I'm so you need to make a written offer and preferably get something written from them that they are rejecting your offer to use this they gave some guidance on seasonal employees.?They said that even if you use the 12-week alternative calculations that you can make for seasonal employees.31:01There's no issue with the neira certifications on the application form, even though the application form kind of walks you through using the 12 months that if you use this 12 weeks as an alternative, that's okay.?They clarified here that nonprofit hospitals under Section 115 count as nonprofit organizations, even though they're not necessarily 501 c 3 organizations.?So there's guidance there.?I'll hear you want to touch on this bankruptcy issue and the PCS.31:31This is an example of government in action Congress and the president pass a law, which says that the SBA will administer the cares act the cares act provides or the loans the PPP loans.?The SBA says you cannot make this loan to a person or entity that is in bankruptcy at the time of the application or at the time that the money's come in.?Well a bankruptcy court judge has said wait.32:01A minute the law doesn't allow you to do that.?And of course, they filed it a County emergency service Foundation was in bankruptcy.?That's kind of sad this was he before the cares act or caused by the cares Act and the court said we are in time in joining the entire US Government from enforcing this provision.?Anyone who's in bankruptcy.?They're the ones who need this money.?You should give it to them before the people in bankruptcy.32:26So that was the possible judicial activism or possibly Based upon real law eventually.?We will find out.?I also wanted to mention I meant to provide a slide showing that the FDIC and Federal Banking Reserve are telling Banks right now to go light on borrowers.?They're saying if the borrower was current with the loan when the virus head and now they need time you don't have to clap characterize that or classify that as a questionable loan.33:01And you don't have to report them to the credit reporting agencies just because they're missing their payments between when the virus hit and whenever the virus is over.?So this is at least a good message into the US economy that the banks should not be overly concerned where for example in 2007 a lot of Bankers lost their jobs because their loans went bad and they actually the FDIC made them be very very rough on.33:31Hours borrowers who had never missed a payment on a mortgage were called in to pay the whole mortgage off because of the value of the property went down we expect to see that when this virus lifts at least on a lot of retail space and a lot of commercial space where people just aren't going to be going there anymore.?So we're not going to work.33:51That's another reason that people need these PPP loans to bolster their capital and to take into account that they may May not be able to borrow.?So these things are all all happening and then Brandon do you want to just spend one minute on the aicpa comments??Yes, we will do another one of these next Wednesday.?We'll call it.?What still hot and what's still not hot or something like that??Yeah, they s EPA has issued a lot of nice comments on some of the remaining outstanding questions.34:26They made these recommendations that one of the things that they mentioned that would be very nice that they Do is aligning this eight-week covered period with the beginning of a pay period and also beginning when restrictions are lifted on the operating companies because a lot of these businesses are still shut down.?Yeah, we are reopening some businesses now, but your shut down and then paying your employees for eight weeks to stay at home and do nothing.?That's not necessarily helping you get back in business.?It would be nice if the eight weeks can start when we actually open you have a weeks to rank things back up and get going.?They made a suggestion here.35:01That we Define full-time equivalent employees, which I'm sure the SBA is going to issue guidance on as well.?They pointed out here that the salary reduction Provisions were if you decrease salary by more than 25% for making for anyone making less than $100,000 the statute is a little inconsistent and that they're taking an 8-week measurement period compared to a prior quarter which is 12 to 13 weeks and comparing those two so they don't match up.?So they're suggesting that we analyze that or do it.35:31Some type of monthly basis or weekly basis for these calculations Alan you want to touch a little bit on the federal rates that are outstanding for those of you who still have taxable Estates.?There was a really good article in Bloomberg about how a state tax planners like us are using lower values and unprecedented low interest rates to enable our wealthy clients to pass.36:01It's to their descendants right now in January before the virus.?You could do a nine year loan or longer to your children or a trust for your children at 2.0 7% It's now one point one five percent very low a three year loan point two five percent, but I think that's the lowest it has ever been.36:23So there are a lot of things that a wealthy person can do with a trost including loans that are Lawn deaf at much lower interest rates than we've been able to use in the past finally at 106.36:40The IRS is saying yes, the PPP loan forgiveness is tax-free, but no you can't deduct the money you pay with that tax free money and Internal Revenue code section 265 may say that and there's a US Supreme Court case by Justice Douglas that will need to be looked at.37:02There's a good possibility that when people file their 2020 tax returns next year, they will not know whether they are going to have tax deductions for what they use the PPP funds on there may be people who will file the return and pay the tax so they don't get in trouble but then file what's called a protective claim for refund and wait three years to see how that litigation boils out.?Hopefully Congress will act so that we don't have to be at odds with the internal revenue.37:32The new service on this issue, but their indication is right there.37:38Finally for those of you who are charitable and I know a lot of you are you could give up to a hundred percent of your adjusted gross income this year to charity and write off the whole thing.?So those of you who are advisors I know most people on this call are advisors you have clients that are very charitable when they die.?They're going to leave a lot to charity.?Well guess what the charity needs it now and Uncle Sam will subsidize that charitable deduction right up to a hundred percent of that clients.38:07Stood gross income if the gift is in cash and the gift is made this year.?John has written a really good article on this that we published with Bloomberg coming out in a week or two.?We'll be glad to send you a copy of that article after it comes out.?If you have any questions whatsoever.?You have our email addresses here.?Please send them.?We do appreciate the question because they let us know what else to cover.?I'm sorry that we forgot to put John's picture up here.38:37He's did most of the work.?So he deserves at least a third of the recognition.38:44In addition if you want a copy of this PowerPoint just put in the re line of the email PowerPoint.?And if you want articles we've written on these topics just put in your re line the word articles.?We will come back and do this tomorrow for medical practices at 9 a.m.?And then we'll come back and do this next Tuesday.?That will be May 12 for what still hot and what's not hot anymore.39:11Thank you very much and made the rest of A be enjoyable and keep you engaged in helping others Brandon, John.?Thanks again.RE-GENERATE TRANSCRIPTSAVE EDITS ................
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