Surviving the Coronavirus as a Business Owner or Investor

Broadcasting worldwide on Internet radio. Refreshing takes on legal strategies, Straightforward answers to difficult tax questions, independent ideas on building wealth. It's the Refresh youh Wealth show with Mark Kohler and Matt Sorenson. Get your free copy of Mark and Matt's ebooks and sign up for their weekly free newsletter with important tax deadlines and articles@rejuvenyourwealth.com now here's Mark and Ma. All right, welcome, everybody. We are starting this simulcast. This is half webinar, half podcast. We're also live on Facebook. And we're going to do our best to resolve any tech issues as we try to make this a powerful and impactful presentation. I've got Matt Sorenson here, co hosting, or we were both co hosting. I. I don't want to take anything away. I got Mr. Matt Sorenson here. Matt, I can't hear you laughing. If you're laughing, can you say hello to the crowd here? Let's test your audio again. Can't hear you, bud. Something happened. So anyway, I want to just while Matt's getting his.

That's because you weren't funny, Mark.

Oh, there you are.

You don't. You couldn't hear the laughs because it wasn't funny. All right,

let me just say I wore a tie today because I care about you, the viewer. I respect you enough to dress up. So I don't know.

Well, you didn't wear a good one.

Okay.

Hey, we got to keep it light today. I know. Mark, Idaho is under a shelter in place order. Speaking of all this COVID 19 coronavirus madness, financial triage, which we're going to get to here. It's every day something's new. There's a new tax law. There's a new legal resource. So we're going to be hitting all those and going over this coronavirus and how to survive financially. There's a lot out there and. But just know, Mark, I know you're under some pressure with the shelter in place.

I don't know what you're talking about. I'm on location in Costa Rica in the bunker, coming out to get some fresh air. I can joke around this because I'm the one in Idaho. None of you are in Idaho. So I get to put up a picture like this and just try to envision what the rest of you live like every day. Okay, now it is serious. Matt's absolutely right. I want to welcome everybody here. As you're rolling in, we still have some people that are going to be rolling in. Throughout this first few minutes. I will Repeat this just a couple times. This is being recorded. It'll be available in audio version on itunes, Stitcher and Spotify. It'll also be on YouTube by tonight. And the reason why many of you are here live, because we'd love to hear from you. We'd love you to participate. As usual with our weekly podcast and monthly webinar, we're not able to get to everybody's comments, but we're going to do our best. Quick introduction. My name is Mark Kohler. For those that haven't seen our YouTube videos or listen to our podcast, a quick intro. I appreciate your patience. So, Mark Kohler, I'm a CPA attorney, a senior partner in a law firm, accounting firm, the CFO of a trust company. We just help clients around the country make money, protect it, save it, live affordably. We try to do everything we can to help you better live your American dream. We've been doing a podcast now for over 10 years. We have a million downloads, a couple million views on YouTube for tax attorneys. We're kind of a big deal. We try to keep it real and we try to keep it light. Now, Matt, I'll allow you to introduce yourself. I appreciate you a second.

All right. Well, Mark and I are partners in our law firm. We do a lot of real estate stuff together. And I'll say this, and we also have directed Ira, our trust company, which I run and we have contingency plans for and all this that's, you know, really came to light as we've been going through this crisis. But we're in the trenches, too. I mean, Mark and I have a good perspective, I think, on a lot of this stuff because we're advising clients on what the heck they can do legally and, and how to deal with some of this triage that they're going to go through are already in the midst of. And we're also living it ourselves. I mean, we're business owners. We're having to cut payroll. We're having to look at our budgets and make hard decisions. So we're grateful that we're not the businesses drastically affected right now. But we are in this fight with you, I guess, is the point I'm trying to make there. And so I think that's a really important perspective. We're also stand up to be on the stuff coming out even last night, is that people have been following the news. There's a Senate package, there's a lot of retirement account provisions in there I've been reading up on. And I don't even know, with all the shelter in place stuff this afternoon, I don't know what the Senate did. So. So but we'll be updating that. This is one of the points that we're making is everything you're thinking about and deciding today is good, but you might need to change that next week, tomorrow, two days. And so you've got to stay in tune with this. And we got a lot of advice on how to do that. But so we'll be back. Stay up to date on what we're doing. Make sure you're subscribed to our newsletter, which you can get to@kqslawyers.com or any of our company websites. Refreshyourwealth.com you can register for the newsletter and then you'll be updated. You'll be in the loop on what we're doing.

Anything else? Are you going to just take over the show because you want to just keep going? Are you selling Tupperware? You're going to give out a link for your party?

You know, I built by the hour as a lawyer for so many years. I've gotten pretty good at it. You know, I can go pretty long.

I just like to be a part of the show here today. So. Okay, now for those that have listened to us this, a lot of times the topics we're covering are either boring or very touchy or sensitive. And so we do try to keep it light and some of you are rolling your eyes that we're not even funny at all. And I understand that we are going to give you some amazing content. We're at least going to try to do our best. We have a lot of fellow attorneys, CPAs and financial advisors, advisors that listen into our show and get CE from our courses that we teach around the country. Matt and I both published on Amazon. Okay, so with enough, enough of that. Here's our goal today. We're going to go through 10 survival tips. We we did this for two hours for Entrepreneur magazine and it well, hour and 45 minutes and we could have kept going. There's so much to cover here. But we're going to try to concisely hit 10 important points. We also are going to field questions. I already got two or three comments and questions that came in in advance and I want to read this text. I just got as we started and someone just said I wanted to say thanks for your advice. I wasn't sure where to turn and I knew that you would know better than anyone how to advise me. And they just go on and I just really want to say thank you to all of you and our hearts go out to many of you that. Sorry, I got a ting of emotion. I know some of you are losing your businesses and you don't know if you'll be able to reopen. And it's tough. I hope the cure is not as bad as the disease here. The world is freaking out and I know that many of you have a lot of anxiety about the medical risk and the health risk of you or your family members. But this financial lockdown around the country has been devastating for a lot of people too. So it's just regrettable. It hurts all the way around. So we're going to give you our best top 10, go through a bunch of Q and A and forgive us if we're a little light at times, trying to keep it fun. So, yeah, we're going to do our best. So I was going to come out with not wearing a shirt since I had the the beach behind me, but I thought why detract such an amazing site that would be from the webinar. So you get a sweater.

Yeah, it's a little weird that you're wearing your sweater at the beach there,

but hey, you know, fair enough.

I don't even got anything on my tv. I was trying to get this thing going. You know, I fail there, so. Well, let's get in the top 10 list. And this is an article on entrepreneur website entrepreneur.com, you can go get the actual article. There's some companion pieces on Mark's site and on mine on some of the retirement and every day we're dumping out information right now. So let's jump into the top 10, Mark. And I think you know, number one. Well, let me, Can I, let me make a general point.

Yeah, I want to do a general comment too. And I've got some good questions here that might even be better than the top 10 first. But Matt, go ahead.

Okay. I said this on the Entrepreneur webinar too, and I, and this is the point I've been trying to make is that there's this wave going right now, okay? And remember, you can't control the wave, but you can control the surfboard. You're just on the frickin surfboard right now. Okay? Don't complain about the wave. Don't complain about coronavirus. Don't complain about what the government's doing. You know, I mean, you can do that. It makes you feel better. But that's not going to solve any problems today. So focus on what you can do on the frickin surfboard right now. And that's what you're really going to be successful at. If you're sucked into the media and what's going on and help waiting for the government to do something for you. You're focused on the wave. Okay. You're trying to change the wave and complain about it, focus on what's happening. Ride to the surfboard. And I think that's what a lot of our advice is trying to do is giving information so you know the right moves to make, so to speak, on the surfboard. And Mark J. Kohler, a surfer, you know, you can appreciate.

Yeah, I was going to say Mark Perry gave us an aloha from the islands. And Mark, if you've seen Matt surf, he has no right to use that analogy. But we're going to, we're going to go.

You know what I mean? You know what I mean?

Yeah. And. And by the way, we do. I have some really kind of. I've got. My heart is heavy in this webinar because I've really got some emotional, I think very, very deep and important points to make. So we're just going to dive into it. Matt, would you care if before we get into our top 10, which are kind of nice, I want to hit a few questions to kind of get everybody's juices flowing so they get a flavor of how serious this is going to be today. Is that right?

Yeah, let's do it.

Joined us late too. This is fully recorded. I'll say it maybe just one more time a little later, but this is fully recorded. It'll be on itunes, Stitcher and Spotify audio with by the end of tonight as well as full video version on YouTube, please.

You want to go refresh your wealth podcast? Refresh your wealth podcast where you'll get it.

Yeah. And I want to give a shout out first of all to new wealth advisors. I know that they're doing a virtual party watching this Oscar over there helped put that together. Thank you. We also got Michael Hellekson out there with Club Wealth. He got his followers the message about today's event. We got a number of followers at work, camper in RVs around the country and of course we love Renatus and their groups around the country that are tuning in. I'm going to miss someone, but I want to say thanks to a lot of the groups that we are highly involved in and tell you thanks. Okay, here's one of the questions I got today and we're just going to pound through this Matt, you got a comment or thought okay. For any of you and remember the big picture. In fact, I may even have Sydney. We're going to talk about my daughter Sydney here in a little bit. I may need a whiteboard behind me, but okay. If anybody's watched our videos or webinars before or seen my books and Matt's, we want left side, right side over here we want your operations over here, we want your holdings over on your operations side, some of you may just have a day job. W2, you're a corporate employee and you're investing. Some of you have no investments, but you're a small business owner and you have your S corp going. Some of you have both. So be patient today as we jump between those two and, and somewhere, always in between, helping all of you with a variety of tax and legal questions as you're building and protecting yourself during this crazy time. Here's one of the key questions we got today. For all of you that have an S corp, this is going to save you thousands. Pay attention. If you have an S corporation, that means you're probably taking a salary or you should be and so you're an owner employee of your S corp. Tip number one, don't take a salary for first quarter. Now you can take a draw, take money out, survive, live, conserve cash, whatever you need to do in your business. I've got clients that are expanding like crazy with home delivery. I've got clients that are trying to hold the door, keep the doors open. But the point is if you're a small business owner, s corporation, owner, employee, take your draws but don't claim any payroll for first quarter. That will eliminate any FICA payments in April. You can catch up on your payroll in second, third and fourth quarter. Now normally and under normal circumstances we would never recommend that because the IRS gets ticked off if you don't make that quarterly deposit. But guess what? We're getting an extension. From extension to extension. I can, I feel very, very comfortable in saying if you're tight, don't take a payroll on paper, take a draw, survive. We'll catch up your payroll. If you don't have a payroll service, think of us, our payroll team's amazing. We can do that in second quarter. Matt, you want to comment on any of that?

Yeah. Now keep in mind we're not talking about your employees payroll. For those of you have employee we'll get into that. If some of them on some of the new laws, if they're taking sick leave, but don't for your own Payroll for those of you self employed people. That's what we're talking about. So you're playing with fire if you're taking, not with. If you're withholding money from your employees and not paying on the other side.

Thank you. Yep. Next question. Someone asked if I'm a now we're not going to be on S Corps all day, so everybody chill out. We're going to be hitting if I have a vrbo Airbnb rental property everywhere in between again. But we had another escort comment. That was my beautiful daughter Sydney helping out here. She's a new realtor in Southern California and helping my clients around the country find rental property. Is it? You go smile.

Okay.

All right. She's here at the compound in Idaho protecting herself from California. So she'll be back in biz soon. A number of clients with S corporations asked, can I claim unemployment on myself? Right. You would never do that. Would you ever fire yourself and claim unemployment? Well, in some states you can because you've been paying suta state unemployment and FUTA at the end of the year, you're not exempt from that. Now with the salary dividend split like we like to call it, or salary pass through split, we're going to keep your salary down. But if you drop yourself from payroll, you could very well claim unemployment on yourself and get some benefit. However, you have to look to the state law, for example, that is allowed in California. It is not allowed in Utah. So you've got to go to your state unemployment, give them a call, get on their website and if you're going to claim unemployment on yourself, make sure it's allowed as an S Corp. Owner, employee. Matt, anything?

Yep. Yeah. And I've heard, you know the unemployment wait times right now is like 4 to 5 hours on phone calls. It's a little, it's, it's hairy out there, so. And it's not going to get better anytime soon. Hopefully we're through this in weeks, not months. But if you're already in the feeling the pinch right now and you're already out of work in business, so to speak, those of you self employed and you're in the state that allows it start now, it's only going to get worse. Those lines.

Okay, Matt, why don't you talk about IRA extension. Tell us what we found out from the IRS yesterday and the backdoor Roth.

Okay. IRS yesterday extended the IRA contribution and HSA till April 15th. Sorry. From April 15th to July 15th. So the first break we had was tax payments got extended 90 days. But they kept the filing deadline. Well, now they've reversed that and said no, you can actually file up until July 15th without an extension. But they also extended the IRA and HSA deadlines. We just found out about that just yesterday at like 3:00'. Clock. The IRS clarified that. So if you haven't made 2019 contributions, you're filling the and you were saving some money you're going to throw on by April 15th. It's okay. You've got until July 15th now to make that without filing an extension. So for those of you that were into a backdoor Roth IRA, same rule you're you want to do it for 2019, don't file your return yet. Don't file your tax return yet. But just wait, you'll be able to get that in by July 15th. Then you can still do the backdoor Roth if you wanted to do it for 2019 still.

Okay, couple thoughts. So everybody knows you've got to stay tuned on our newsletter. We appreciate you doing that. We're trying to help you out with a lot, a lot of free content. Now, many of you may need a consult with one of our tax lawyers. We are in business. We are doing calls every day. We have five associate attorneys that are tax attorney qualified. They're amazing. So if you ever feel like you want more of any of these topics, you can of course, schedule an appointment. I'll give you a phone number here in a bit. Also on the IRA topic and retirement plans, Matt and I are holding another webinar next week. It'll be live and free. Entrepreneur.com is sponsoring that. So we'll be the the commentators and we're going to talk about retirement plans in your business and what to do in 2020. So stay tuned for that. Sanan had a question about the backdoor Roth ira. Matt, should I feel that real quick? Is that all right?

Yeah, sure.

Okay. By the way, we got Rick Marshall calling in from Bucky's in Texas. Man, what I'd give barbecue ribs at Buc EE's right now. Oh, now I don't know if that is a real Rick Marshall.

You can't go anywhere, Mark.

Yeah, I'm locked down and you're locked down. I don't know if that's really Rick Marshall or if that is his go to webinar handle because I am a Rick Marshall fan from Land of the Lost. And so I will just let you know, Rick, no show tunes today. Absolutely no show tunes. Okay. A lot of nice comments. John's like his mark at the beach Only if I could, John. I wish. Okay, we got lots of questions. Let me say so non asked. Now this is important, everybody. Here's the concept. Some of you may make too much money and you can't put money into a Roth. Some of you may have a 401k at work and say, oh, I can't have a Roth at home. The answer to both of those questions is wrong. You can have a Roth even if you make a bunch of money. And you can have a Roth and still play in the 401k at work. It's called the back door Roth. You can't get in the party on the front door, but we got a door in the back for the party. Matt's got great articles on this. Get over to sdirahandbook.com for the details. But here's the trick. And Sinan asked about this. If I make a non deductible contribution for 2019, which Matt just said, you have until July 15th, you can turn around and convert it into a Roth. And you'll say, well, Mark, I got to pay tax on it. No, because you didn't get a tax deduction when you made the traditional Roth, the traditional ira, because it was a non deductible traditional. So you can turn around and convert it into the Roth and paid no tax. It's called a backdoor Roth and it doesn't matter how much money you make. Sanon went to his advisor yesterday and said, I want to do this. The advisor totally confused Sanan, confused me and Matt for a moment. Matt's smarter than me. It didn't throw him for a loop. But the advisor was like, we got to look at all your IRAs. You can't do this without paying big taxes. Wrong. The truth of it is you've got to go back and convert other traditional IRAs first. If you already have a traditional IRA with some money in it, you want to chunk at that and bring it all over to Roth, then you can do the backdoor Roth. Now Sanant still do the non deductible traditional IRA. Get it in there. But for any traditional IRAs that you did get a deduction for, you got to pay the tax on that when you convert. It's a little more tricky than that with some little bit of math. But Matt, would you add anything to that?

Yeah, that's the one hiccup that a lot of people get is if you do have traditional IRA money. Now, traditional 401k money is cool. You don't got to convert that. But any traditional IRA money or SEP IRA money even. You got to convert that first before you can get away with the BackDoor Roth IRA. I do have an article on my website, strahanbook.com or Matt Sorenson with1t.com that if you just type in BackDoor Roth IRA, you can get that. Mark also has a YouTube video. Careful typing in BackDoor. Anything on YouTube. But if you want to, Mark's got a YouTube video on it too. So there's a good companion piece, the Matt Sorenson article, the Mark Kohler video. That's how you backdoor the Roth ira.

It's because you want to look at me and read Matt. That's the way it works.

That's true.

Did that hit too close at home for you now? By the way, Mark Castro says you two are my favorite lawyers. You rock. And Patricia says you are a big deal. So thank you. Okay, now let's get into so many comments of here. Just kind words and also some difficult questions. Matt, can I throw a question at you that's a little challenging?

Yep.

Now let's jump over to the rental side. Now my daughter Sydney, she's got a video coming out on this too on is right now a good time to buy real estate. And she interviewed me in a little video. I'm going to post that on YouTube as soon as this is over. But here's the question. This is from Mark with the C. Mark Manley, we know you Mark. We love you. He says, what do you recommend for commercial landlords with retail restaurant and office tenants who cannot pay rent? There is no forbearance for my mortgage, tax and insurance payments. So what what Mark's saying is I still got to pay the bank but my tenants aren't paying me. What do I do? Lots of options. Matt, what comes to mind for you first?

Well, I think the first thing is don't make a long term decision or don't make a short term decision that's going to screw you long term. The hard thing about commercial retail leasing is when you have vacancy in those that you can have a vacancy for a very long time. Commercial tenants, retail tenants are very particular about their space. It's not like a residential tenant that you got a two bedroom or a three bedroom, two bath place someone campaign, you get them out and next month you get someone in. Okay. A restaurant is very particular. That's going to take months, like many months, if not years to get a new tenant in. So I would work with them the best that you can. There may be some relief coming down for commercial landlords passing through some of the, you know, the restaurants and some of those industries that we're seeing bailouts come through for. So you might have some relief coming that way. Also, you might have to be proactive with your lenders. They know they've loaned you money on a commercial space. Tell them the tenants in there that they screen when they gave you the loan are restaurants. They know this. They have this information when they gave you the loan. And I'm sure you'll you if the banks, which are actually getting a lot of pressure from the federal government to be cutting deals and getting forbearances right now, you may be able to work something out. But I would be proactive about it with the tenants too. If you, there's restaurants that have already shut down, I would get talking with them about what their plans are and if they haven't already got in touch with you. So be a good landlord, try to work with them and make a plan that they can survive financially that also can hopefully meet your purposes so you can both come out of it.

I like it. And I've got a couple comments. Well, let's beat this up for a minute because I know there's a lot of people watching, listening right now that have maybe a short term rental, Airbnb, VRBO rental going on, a commercial rental, storage unit, anything. Right. Tenants are hurting right now, so they may not be able to pay. So it's not just restaurants. Right. It's everything. So what I would do is you've got to be careful in lease agreements because there's this concept called waiver that if you don't have some sort of dialogue in writing regarding what the plan is, there's this waiver principle that the tenant may say, well, you didn't, you didn't make me pay so I don't have to pay, or you didn't call me and tell me I was late or whatever. So the worst thing you can do is do nothing, get engaged right away, follow the protocol of your lease if that means sending them a note and saying the late payment fees of being a calculated do those formal things. So you always protect yourself in the end. However, I like what Matt said, tell people, hey, I'll carry you. I can't. I got to pay my mortgage, people. But I know you're suffering. Let's. I'll let you make a small payment and you can catch up over the next four months. Try to re, try to recoup that rent over a period of time. Don't just Give them free rent. I'd go there first and see what they're willing to do. Now I also have another idea and this is the flip side. I'm a land, I'm a landlord. I've got some commercial tenants too and some other residential. Sometimes this is a blessing in disguise because you're like, I've been wanting to get rid of this person. I don't like what they're paying. I, I know I could do better. And so this is a chance for you to say sorry, get out. Because you've been wanting to get rid of them anyway. So this could, you maybe could clean house. Now it may not financially be a great time, but like Matt said, it could be a good long term decision to get rid of them or it could be a bad long term decision to get rid of them. Think long term, don't react. Matt, any final right.

And on the residential side, for those of you with residential rentals, those are, you know, a lot of the eviction proceedings are being halted in states. So you've got to, you know, this is time to negotiate, cut deals, see what your tenants can do, work with them. You know, if you get some of these, you know, default situations coming, it's probably not your normal process, you know, going directly to an eviction if it's tenant you do want to get rid of, particularly on the residential side, we haven't seen any relief from the states and you know, in terms of the courts for commercial tenants, but we know the residential ones that are kind of trying to throw the brakes on it. So just be careful on the residential side with evictions. But I think commercial, like Mark said, if you got the commercial tenant you want to get rid of, I don't know. Again, ride the surfboard, man. That's the waves giving you. Ride it.

Yep. Now, next point on this, let's just before we get off Airbnb and Airbnb and vrbo, we've got some great comments. I'm coming over to Andrew L. In Eastern Washington here in a second. Airbnb, vrbo, here's a couple of tips. My, I was talking to my daughter about this. Sydney, my, my new favorite realtor in America. And how could a dad not say that? So I know some of you are great realtors, but this is the way it is. We were talking about what to do in Airbn. She was coming up with a five point list. A couple of them that I liked was cut your rates. It's okay. Something is better than nothing. You can always raise your rates later. So some people are sick of being in the house. Advertise your place as a quarantine getaway and talk about the safety of your location, that it's been fully sterilized. There's, you know, maybe you could add some features that show that how private it is, how there's not going to be any social interaction with anyone else. And I don't know, just try to think outside of the box to try to continue advertising, lower your rates and talk about the benefits you have for a sanitary and careful place. Just a thought or two, Matt. Anything for Airbnb and VRBOs. I know it's tough. I know people are struggling out there.

Yeah, yeah, it's a tough one. I think those are great comments and ideas on what to do. Yeah, I don't, I don't have any other, other thoughts on that. I think there's risks right now in that market, you know, and so, but

yeah, okay, now Andrew says, Andrew L. I'm going to try to use a little privacy here when it's a. If someone's just giving me a shout out, I'm going to use your whole name. So just know that Rick Marshall. But some of you private questions, I'm going to use your initials here. So Andrew L. In Eastern Washing, good family friend, he says with this new bill now, by the way, the bill was signed this afternoon. Matt and I will be holding probably.

Did it get signed okay?

Yeah. Matt and I will be doing probably a podcast next week on it and breaking it down. So be a little patient with us. We're not diving into that particular topic in depth today. It's like watching sausage made. I don't want to look at it until it's finally done, then I consume it. But this is a good one for Matt. With this new bill, can I take money from my solo 401k and do I have to pay it back? Is it penalty free? I don't think we have all the details there, but there are some things you could do by borrowing from your 401. Maybe some other thoughts to give people out there some ideas with their 401, Matt.

Yeah, so one of the things you can always do with your 401k, where you got a solo K or you got this 401k at your job, Fortune 500 company or Dunder Mifflin, wherever you work, you can take a loan from your 401k, always half the balance, not to exceed 50 grand. And the rate you pay on that is the prime plus 2% prime's like three and a quarter right now. So you're gonna pay five and a quarter interest rate on that, but you're paying back your own 401k. So if you got a $200,000 401k account, you can at least loan yourself 50 grand, you pay it back over five years to your 401k. If you got an $80,000 401k, you can take half the balance not to exceed 50. So if you got 80, you can take half the balance 40,000. And again, you're paying that back to your own 401k. Now, there was some stuff, I don't know what got in the final bill. We had to wait for the Senate and House to get on board with this. So I know it was in the final bill, but there was going to be some relief on interest rates on loans and even amount. There's also going to be waivers and we'll look at this on distributions from IRAs and 401ks, period, and waiving the early withdrawal penalty. So up to 100 grand was the last proposal I saw. So there may be some retirement accounts that you can tap. The distribution is a little rough because you can't get it back in. Like if we're out of this in three or four weeks and it's back to normal in late April, May, who knows? Trump's talking about Easter, that's April 12th, we don't know. So taking a distribution or something really significant I might want to hold off on because you do still got to pay tax and take a distribution. The loan, though, from your 401ks, even a solo K like Andrew has is nice because if you don't need the money, you just dump it right back in. So. But I even had a call with a business owner, actually a property manager client of ours whose revenue is based on rent coming in. And he does a lot of commercial and residential and he knows his, his income is going to be significantly affected. He was wanting to take a 401k loan to cover payroll for his staff, let alone his own personal expenses. So that's a good option if you need to Tap it, the 401k loan.

Okay.

Be careful using my blog article is going up on that tomorrow. I have an older one on my site, but I got a new one

updated, going up tomorrow and I be careful, Matt, with some of those little cliches you use like tap your 401k because I think it's totally inappropriate. This is a PG show and I want you all to know that I'm very careful with what I say. Matt does not care. So just want to point that out.

I don't even know what that means. So I got kids in college, so.

All right, here's another quick question and I don't know the answer. Cynthia asked are the RMD requirements, that's called a required minimum distribution if you're over 70 and a half. Were those extended for 90 days? Matt, do you know? I don't think they were.

Okay. If you're asking about what passed like two hours ago, I do not know. There was RMD relief that was going to be put into the, that was in the bill. But you know, today, I don't know what happened this afternoon. So we will update. I'll do an article. So again, make sure you're signed up@refreshyourwealth.com or any of our sites. You can sign up for the newsletter. There will be an article on all the retirement account provisions. I mean I'm excited to actually write it if you believe me. I really am.

We are. We are.

That was a, that was in there. I don't know what's finally came out. And I have to say this. A lot of news outlets have been reporting stuff over the years on fast moving stuff like this that's been wrong.

Yeah.

And, and so I'm just a little hesitant to say I know what some of those stuff was in the, the bill, but what actually got signed this afternoon. Not 100% sure.

Yeah. And by the way, we'll do the dirty work for you. We're going to be up late reading the bill and you'll be up late watching Netflix, but we'll be paying the price for you.

Yeah.

Break it down into real English when we're done. Andrew again asks about the recovery rebates. 1200 per adult, 500 per child, AGI, blah, blah, blah. Again, Andrew, Hank tied on those. Till we have the details. We will get you more information. Okay. I'm going to do that.

Was going to be for those 75,000 in adjusted income or below is going to be off 2018 numbers because a lot of 19 returns haven't been filed. So it's going to be a mess because it depends on your income levels and such.

But I like it. And I just want to point out

if you're a higher income person, don't be counting on that check. It's not coming.

Yeah. If you, you make too much, you're not getting a check. And I just want to point out Andrew is really the My third most favorite person from Burbank, Washington. So you know who you are. Okay, now let's get into this top 10 real quick because I know some of you don't have a lot of tax and legal questions. You want to get into these top 10 so. And we've got a great turnout today. I want to say thanks for everybody being here and this will be the last time I will say it. This is being recorded audio for itunes, Stitcher, Spotify. The video will be on YouTube hopefully all by midnight tonight. Now, of the top 10, I'm just going to rattle these off. The first one, I'll make a comment. I'll let Matt, let's maybe go to our first three and then we'll get back to some questions.

Let's rattle and then come back.

Oh, you want to just go through all 10 real quick and then come back?

Well, no. Do you want to rattle off so everybody knows where we're going. Let's just say what the 10 are and then go. Okay.

I like it. I love it. Good call. Thornson. Number one, immediate financial triage. What are some things you need to do right now as we're in this weird financial disaster? Number two, tax payments. What tax payments do you need to make? Tax deadlines, A few updates on the tax issues. Third, the SBA disaster assistance loan. Now, again, that could be old news compared to the new bill that came out. But there are some loans and Matt and I have some comments on borrowing which we'll make that number four, basic COVID 19 policies within your organization. So for those of you that do have an employees, we want to talk about what you're doing to make sure it's communicated clearly and you're not. And you're doing not overdoing it but not underdoing it with your employees. Matt and I've been battling through that for a week and a half. Number five, reviewing your employees and your talent pool. Which ones do I need to keep on board? Which ones can I furlough? Which ones maybe need to be terminated anyway? Making some hard decisions with employees and layoffs, whatever. Number six, marketing and sales. Let's look at the glass half full. What are some options to get some new sales coming in in this new virtual environment we're going to be in for at least a month now, it appears, or more. And what are some ideas? We had a few creative options for all of you out there to get more sales coming. Number seven, operations research and development, product or service improvements and training. This is a great time to get some training done. I want to talk about that. I know there's. Okay, we'll come back to that. I had a number eight remote work for your employees. How do you do it? What are some technological challenges as well as making sure your employees are accountable while they're working from home? Number nine, assess your business 2020 strategic plan. It's time to update it. Look at what's on your list. And you got some. Maybe some free time. Let's knock out some training or some other things we need to be doing. And I'm just going to say it now, too. Just because we're trying to save money, it doesn't mean eat beans and rice and spend nothing. It may be the right time to invest in continuing your coaching, your training and not just go into complete frozen mode. That could be money well spent. Matt's got a comment about the next three weeks that I thought is very insightful. I'll let him do that. And then number 10, be charitable. Show some humanity. Get out there and serve someone. Help the locals. There's always someone that's got it worse than you. Find some ways to do some service. It's going to make this time go by a little faster and you'll recognize how bad it could be. And so we want to finish with number 10. Okay, Matt, do you want to talk about number one? And then we'll go back to some Q and A too. Immediate financial triage.

Yeah, so. And I got the list here, too. So immediate financial triage. What we're talking about here is you've really got to focus on what is your fixed budget right now. What are your fixed costs, I should say, and what's your budget in your business, even in your personal life? What do I need to be paying? Some people have gotten a little out of touch of what their budget is because things have been good. So let's dial it back and say, what do I got to cut for business owners, your number one budgetary item that you're probably going to cut last, payroll. The people in your business. We're going to talk about this later. From yourself as a leader in your business, down to your newest employees. These are the people that can really drive your business. So that's a cost that's big. There's some provisions we want to talk about here. That's in Mark's article on some of the sick leave and stuff and maybe some strategies there to deal with this. But take a snapshot. Figure out what's your monthly budget first. What can you cut that you need to. And let's also focus on payroll because that's the number one cost of most businesses is your payroll.

I would say another way of saying it too, and then we'll go to some Q and A is lay down your cash flow budget is sometimes referred to a cash flow report, and think maybe 60 days out, what do I have to have go out in the next 60 days, no matter what, and then say, okay, all right, I've got a. And what is what's coming in. So you're going to say, here's what I expect to have come in and be realistic what has to go out. And then say, okay, now I can spend some of this money on variable costs, training, some other things, technological investments to get working from home more efficiently yourself or with or without employees. So it doesn't mean again, cut off everything, but just do a cash flow report. Don't think two weeks, think two months. Be a little more short term view, not completely long term. So more midterm, kind of a midterm view. And I think it's going to help is you do that immediate triage. What's got to come in, what's going to come in, what's got to go out. And then just. And make sure you've got a little cushion so you can sleep at night. A lot of people having a lot of anxiety right now.

Yeah. With employees. I mean, you might have to lay people off. You might have to have furloughs and basically tell people, I can't. You can't work you right now. Just I want you to come back in a month or so when we can open up or when our customers come back and do more business with this. And so you need to assess these things in your business and make some of those hard decisions. I hate to say it, but it's. And it's already been happening in the restaurant and the gyms and all the other companies that have really been forced to shut down and have zero revenue,

you know, and it is sad to see that even gyms have to close, but it doesn't affect me. I don't have to work out. I just, it's kind of natural. Dwayne Johnson, the Rock, he has that problem too. So it's kind of a blessing in disguise. I don't have to go to the gym at all.

That's like a gym that 100 people could work in.

Yeah, that's why I'm eating this chocolate frosty right now during the quarantine.

Hey, whatever your coping mechanism is, however you get through it, it's okay.

It takes. I've lost my week. I'm off the wagon. Okay, Thomas says real quick. Any advice for self employed independent contractors? 1099 Ms. Employees who recently had to stop working due to the coronavirus shutting down businesses. We're going to talk about some marketing ideas maybe trying to create any source of income you can. So we'll come back to that. Casey says, I had a client asked this afternoon how would the stimulus checks be issued for families and kids and all this stuff. When will the checks come again? We will get back to you and keep you posted. Please stay on our website@kkoslawyers.com kkos is in sorensonlawyers.com l a w y e r s.com Sign up for our newsletter make sure those newsletters once a week are not going to your spam or junk.

On the kids. I'll just say there was going to be a per kid thing, but again you got to look at your income in AGI. So there wasn't a per kid thing. It was getting around 500. We'll get the final numbers though.

Yeah. Here's a question from Philip and I think this brings us to one of our top 10 when it comes to loans. This is another hard topic. Philip says, like most small businesses, I have had my billable hours cut in half. It is unclear how long this will last. What good does deferring payroll Social Security payments do? I won't be making up lost billings even after this is over. It seems like I would just be pushing the liability further down the road. Now let me throw this out. When I say don't take a payroll on paper and don't make a FICA payment for April, I'm saying that's an immediate cash relief. As you're doing your triage, you're going to say, hey, I can save that money now and use it to stay afloat. And I'm not saying, Philip, you're going to take the same amount of payroll the next three quarters that you did in 2019. We're all going to be down in 2020. We are too. And so with that thought, I'm not saying you're going to have to pay that FICA later. Let's get you through the first quarter and then reestablish your payroll amount for the rest of the year. So you just may have lower FICA period for the year, which is okay. But this brings up the lending issue, guys. If your business was maybe on life support or barely Getting by. This may be the time to really reevaluate. Do I want to borrow money to keep something afloat that really wasn't as successful as I was hoping anyway, and we might be too emotionally attached to our business. Matt, what are your thoughts on borrowing right now? I know you've been talking a lot about this.

Yeah. And this is number three on the list, by the way, because we'll get to the Disaster assistance loan as part of this is. Just because you can take a loan doesn't mean you should. You might want to cut costs first. And I think it's a reaction that, hey, there's loans available. Banks are lending. Yeah, they're lending. You're paying this back. So be cautious about whether you're going to tap into these loans or not. I will say this, though, be proactive about it. I've seen some good advice out there on going and getting in line on these loans. Now, you don't know if you're going to need it and you're not going to get the loan tomorrow. You're going to get the loan in three weeks maybe. And so be proactive about it. If you're, you know, your savings and your budget is looking bad. That's why number one is important. What is your budget for the next 60 days? If it's. If it's like, I got enough to survive for two or three weeks, cool. But you might want to get in line on the loan now. Maybe you don't take the loan in three weeks when you get approved for it. And whether it's a Disaster assistance loan or some of these new loans that are gonna be up to 35 grand at 0% again, we'll get the details, but that's a little teaser, you know, on one of the persons in the bill. We'll get to that. But don't just take the loans. I would want to cut costs first. Look at what I have to pay first. Maybe defer payments. Work with your vendors that are key in your business, landlords, if you have them, if you're on the tenant side in your business, and see if you can make payment arrangements. That's going to be better than getting debt with a bank.

Yeah. And I want to just recognize this again and I'll probably do at least one more time before this webinar is over. If you feel like the world's crashing down on you, there's a lot of people that have that feeling. And maybe you're grateful that you don't have this terrible virus, but your financial Livelihood is causing some serious wear and tear on your emotions. Hang in there. There's a lot of people that feel the same way. Just keep breathing and these are tough, tough topics. Our heart goes out to you, Matt and I have gotten very little sleep this last two weeks too. Just trying to make right good decisions ourselves. Okay, and this goes to Chris K. Chris K Says now this is right on the loan issue. I may need to raise cash to save an apartment investment due to tenants job loss. I plan on using cash from a Roth LLC even though the 10% penalty. Do I need to transfer to custodian first or just notify after the fact any chance IRS lifts the penalty? Let me say this first before Matt goes on down. The Roth penalty penalty tax issue. Excuse me, is people, I. If you think taking a loan may not be a good idea, pulling money out of your retirement account in my opinion is worse.

That's money distribution in particular because you can't put it back in.

Yeah, you can't put it back. Now if you guys want to, if you want to do a loan from your 401k or set up a solo 401k and roll an IRA into it and borrow from it. Okay, maybe in fact you might even be able to do that, Chris, by taking a. Well, you couldn't roll the roth into the 401k to do the loan. But see there's a lot of ideas here. But anybody out there, if you're draining your 401k or Roth to buy groceries.

Okay, I got an idea.

But. Okay so. But just be careful. Matt, wouldn't you agree that that's your last resort even after.

Yes, I agree. Let's say you're there though. The first part of the question is you cannot take it from the llc.

Okay.

You have to send the money from the LLC back to your IRA custodian. Then you take a distribution from the IRA custodian. Now there is what's called a 60 day rollover. You might be able to get away with that where you can pull the money out of your IRA. This is a Roth or traditional for 60 days as a distribution. And if you only need the money for 60, you can get it back in. But if you don't get it back on day 60 or I should say 61, it's a distribution. So and I've had some lot of people use that successfully. Some people crash and burn. So that might be an option, Chris, is send the money back to your Roth IRA custodian. Hopefully it's directed IRA and And then take the distribution. Now the clock's ticking for 60. We might be through this in 60 and you can make it up or get an investor to come in and bridge the gap.

I've died to make a comment. I've got a good idea. This is even better.

I thought that was a good idea.

Mine's better. Okay, so let's say Chris says I got to take my glasses off for this. Let's say Chris says I can't wait three or four weeks for an SBA disaster loan. The lines are going to be crazy. Who knows until they approve it. So Chris needs money right now. Chris, do two things. Get in line for the loan and apply for it. Pull money out of your ira. Now that's, again, assuming that's a good decision, period, that you really need that money. And let's just assume it's a good idea that you've got to do this. Pull the money from your IRA within 60 days, you should have your loan proceeds, take the loan proceeds and put it back in your IRA. Now you're doing maybe a 0% loan back, but you've retained your Roth IRA in the process. Because some of you out there are like, I don't need to drain my IRA and get a loan, but I need money right now. Pull the IRA money, get the loan, let the loan repay your ira. Boom. Yeah.

Yeah, that was basically my, my tip with alone. But.

Oh, no, no, you didn't say that you're gonna try to piggyback my, my idea. Unbelievable.

That was, that was good. That was good. I mean, it was really a one, two punch, actually. It was, but I thought, I thought I, you know, I set him up with the jab and then, you know, you came around because Mark's a boxer now and then. I know that. Yeah, Mark does boxing. We're gonna need to get some video on that though. But yes, I love that idea. Let's. And that's a good way because it's solving your short term problem and it's giving you a long term solution with the loan if needed. Now you can only do the 60 day rollover once every 12 months. So make sure you take enough. You're not gonna be able to get another bite at the apple. And if you did one three or four months ago because you were lazy and didn't roll your IRA from one trustee to another, you're stuck. So you only get one 60 day rollover per 12 month cycle. So just, just keep that in mind. You're not getting another bite at the app. On another, on another distribution and rollover.

Okay, a quick question from Bassam. He says please talk about the compensation of our employees. Five employees, Bassam. I'm just going to rattle off a few ideas. And we've been through all these with our employees deciding what to do. And I could almost put it on a whiteboard here. Maybe I will. But one, you could do some layoffs, which means two or three or a number of those employees. You're going to say, I can't pay you. I want you back. And hopefully you're around when this gets over. But that's called a layoff. Now, they'll probably still go claim unemployment on you, but you're setting up the stage for them returning. That's called a layoff. A furlough may be some sort. You're asking them to not work and you might be giving them some money or a part of the money that you would owe them to have them just wait on the sidelines and that would be a furlough. Or you might just do a termination. Now, the one thing here is you cannot ask them to come work for free. State, state labor laws are not going to allow you to say, come work for me and I'll book it and then I'll pay you later. You're going to get in some hard some problems there. The other thing is to keep in mind that some of your employees. Now this is important already. This is an article I wrote yesterday that's on my blog. It's about the paid medical leave and the medical paid sick leave and then the Family Medical Leave act amendment. Here's what it generally says. If your employee needs to go home because they're sick or quarantined or they've got to take care of a family member, you can pay them for up to two weeks and the government reimburses you. Now, there's details to that. Read my article.

You have to pay them for up to two weeks.

Yeah.

You don't get to like if they qualify because they're in a shelter in place state like Idaho now or California or they got a kid's school who is closed and they're working from home. There's always qualifications on who qualifies. But any business with less than 500 employees is required to do this. Now, those with 50 or less, there's some hardship exceptions. You can get out of it. Do you have hardship? But this is a new requirement on essentially on small business.

Yeah, yeah.

Like Mark said, there's actually some tax credits on this that comes off of your payroll. So when you're doing your all of your employees payroll, you can recoup this very quickly. It's not like a tax credit you got to get on next year's tax return. You're going to get it right out of your payroll withholding.

Yeah, and they could be sick or they could be caregiving someone home. It's sick. So Basam, the point here is you're able to get your employee two weeks of compensation that doesn't cost you anything. There's a float until the government gives you the money for it. But at least your employee is taken care of and you haven't had to terminate them. The other option is the Family Medical Leave act where if they go home to care for a family member, there can be even. It's kind of a percentage, a daily limit, a total limit. But there still is some compensation for them to go up to home, go home for up to 12 weeks to take care of a family member. And so that may be ways to get reimbursed yourself, get your employees some compensation and not lose them if they're part of your long term talent pool. So just some ideas. I'm sure someone else there's got some better ideas than us, but we're just trying. Matt, can I give you a cryptocurrency question?

Okay. Okay.

There's still people out there that believe that cryptocurrency is going to go big again. Probably will.

It's just never still. I got some still.

And we're still rolling the dice ourselves and we love to see cryptocurrency in a retirement account. So Thomas with a Z says I'm about to invest in cryptocurrency, but I'm not sure as to which entity I should use. I was thinking about a self directed Roth IRA or I was also advised on a Roth 401k but not sure what is the proper one to use to invest with cryptos to offset tax issues and maximize the gains. I've got some thoughts, but I've been talking Matt first.

Yeah, I would first look at how much are you wanting to put in? If you're wanting to throw five grand at it, just do the Roth IRA. If you're high income, do the backdoor Roth IRA. But in either way, the Roth IRA is so much easier. A Roth 401K can work, but it's way more complicated, way more expensive.

You don't want to say it because the Solo 401k is not too bad. I'm just saying you're going to have to do a little.

I'm just saying, over a Roth ira, if you're like, oh, I just want to throw five grand at it, why are you going to go set up a solo 401k to throw in 5,000 bucks? And so. But also the solo K only works if you're self employed with no employees. If you are though, if you are self employed with no other employees and you've got a real business, I don't care if you drive Uber or you got, you know, the multimillion dollar business that you're the only employee of or you and a partner and spouses. Those, those are okay as well. The, the solo K is awesome, but a lot of people oversell the solo K. That's the problem. And for crypto, depends on how much you're throwing in. But those are the two options and you can. In either one, you'll need a wallet. So if you do the IRA LLC or the solo K, you have to link a bank account to it. So we do an. I have an article on a YouTube video called Buying Cryptocurrency with your IRA, which you can use a Roth IRA for. I'd watch that goes over how to do it. You'll get a kick out of the price of bitcoin when I shot that video and wish you could have bought some at that price. But yes, you can do it. I think if you're like, I just want to throw five grand at it. Just do a Roth IRA with an llc. If you're like, hey, I want to use this as a bigger strategy. I want to dump more money into it. 50 grand plus, which you can do in a solo kick. And you're self employed with no employees. Do the solo.

Yeah. Hey, and on that short term rental deal, I just got a text from Buddy. We love him and the White feather investment crowd. I know that a number of his students are watching today too. He's really concerned about the short term rentals and the bath that the vacancies are having or, you know, just the bath that owners are taking because of vacancies. It's just bad. And he's wondering what's going to be in the stimulus. But we're going to hit the stimulus plan next week. Stay, hang tight, stay safe. Okay, next, as a rental property owner, which should. Okay, let's go this way. It says, as a rental property owner, what advice can you give for those of us getting the calls from tenants who say they can't make rent but the bank insurance Companies, insurance companies don't seem to be making offers. We can catch up with them when tenants start paying again. We've covered this a little bit, but I do have one other thought. When the tenant calls you and says they can't pay, you got to again evaluate the long term relationship with that tenant number two. The next thing you do is call your mortgage company, see if they're offering any possible payment holidays for at least a month. If they're willing to put you into any sort of program without dinging your credit, you might have to have your credit get dinged 30, 60 days. And by then, hopefully there's some money coming in, some of our credit people listening. Your credit might get hammered in this process, but it doesn't mean you fire, sell or the sky's falling. Your credit can always be repaired. So be patient.

I'm. I got a what I would do if someone's calling me a tenant and I've got some and I've been thinking about some of my tenants. You should know your tenants, you have a file on them, you know where they work?

Sure.

If one of your tenants worked at a restaurant and you get that call, you know, you need to find a way to work, work with them. They should be getting unemployment, you know that they're in that and that's going to provide them income to pay their bills, like their rent. So you might want to reduce their rent or something temporarily if you know that. Now, let's say they work for the government, a government agency or a large Fortune 500. They're still getting paid.

Okay.

And you would have that in your file when you screen that tenant to lease to them. So rather than stress out about it right now, I would be a little more proactive in looking through your tenant files. Where do they work and when they call and say they can't pay rent, I'm just being honest. I've had tenants over the years, they take advantage of situations and they may call and make that excuse when they freaking are still working and their checks coming in. So just be a little cautious on that. Don't take their word for it. Do a little due diligence, look through the tenant file, see where they were working. When you lease to them, you know, ask them, make them fill out an application if they want some type of waiver or forbearance from you or they want a reduced rent. That's what I'd probably do. I'd probably try to reduce rent schedule if I had to for a short, short term period of time. But get some information from them first.

Yeah. And just it'll help stop the bleeding. Christine R says, I love that you guys keep it light. Especially Mark's jokes. They're much better than Matt's. Love you guys. So Christine. Thank you. Maybe I bit to that.

It's true. Christine.

Okay, Mixtel Mitt. Now Mitzcol T. I'm sorry, I can't pronounce the first name that well due to spelling. I apologize. Okay, now this is important everybody. This is the Airbnb VRBO crowd. I don't know why we had a few more comments on that than usual, but hang tight. He's got this complicated question, but I'm going to distill it down to this first. He says, where should I set up my S corp? I've got short term rentals in four states. Well, the first thing I would look at here and tell you Mistel is you don't need an S corp with short term rentals, people. Airbnb VRBO income is not subject to self employment tax. The IRS has come out specifically and say it's passive income. Yeah, even so you see it as

short term providing services during the stay. That was about a year or two ago. They as long as you weren't providing services during the stay like a hotel

or motel would like turn down like

you're providing food or a midweek cleaning, things like that.

Yeah, Matt may come over and put a little chocolate on your pillow, but I wouldn't go there because it's going to be ordinary income. Now here's the thing. You don't even need an S corp unless you had other 1099 ordinary income. Mitchell. And then where does he says where do I set it up? And I say choose the state where you're going to have that ordinary income and do an llc. Convert it to an S corp when the time's right and you can always move your S corp. A lot of people don't know that. If you live in California now and you're going to be moving to Arizona, set up your S corp, save some taxes. Now when you leave California, we can do what's called domestication and move your S corp to Arizona. It's not that expensive. We've got services cheaper than legalzoom people. You don't have to go online. Go. Oh, I'm sure Mark and Matt are too expensive. No, we're very, very affordable. We are Main street lawyers. We're not Wall street lawyers. Give our team a call and ask about those prices. Now I've got A question. I've got a comment here from Connie and then Matt. I'll take this. And this is what Sidney and I my for those that showed up late, I've got my realtor daughter Sydney here in the room with me. We did a little video and posted on YouTube and the question was is it a good time to buy real estate right now in an uncertain market? And I was talking to Michael Helixon at Club wealth today. He said a lot of his realtors are still very busy and that's that may that surprised me a little bit.

But because rates, rates are incredible, rates

are crazy good and there's people that have to sell anyway and if they see the market starting to dip, they may even drop the price to hurry and sell. There can be bargains out there. You've got great rates like Matt said. And this is what Warren Buffett did in 2007 and 8. He was sitting around ready to buy. So if you've been thinking about picking up a rental, this could be a great time to find something that you need to put a little elbow grease into, get a great price. And so the real estate market is still very strong. And if you're a realtor, keep your training, keep your coaching, keep studying and keep knocking on doors because there's sales going on out there. Matt, thoughts on that?

Yeah, I think the rate, to me it's all driven by rate because at the end of the day the cost someone's paying for housing, whether they're renting or buying, you know, is that that's, it's a budgetary thing for most people. So even if prices are still relatively high, when rates went from 4% to three and a quarter on mortgages, which is insane that it's that low, we've never seen it like I think we hit all time lows in mortgage lending over the last few days. And so that has sparked a lot of people who know they need to buy and they're finally ready to buy to I think go. And even if you're so, even if your price drops on it, if it's a home, I think it's still a good buy. If it's a rental, if it's still cash flows, it's a great buy and it's going to cash flow great because you've got a low, you locked in on a low mortgage. And so, so there's a, it's a positive really in my mind, I actually like it right now from a buying standpoint because take advantage of this short term drop in rates and they've came up a little bit since they bottomed out. But do we really think we're going to be doing this in six months and the long term cycle of your rental property, is it going to rebound and if values are lower, is it going to go up? Yeah. Are rates going to stabilize and you're not going to be in this little short term chaos of tenants defaulting? Yes. And so you get the little perk of the lower rate. Sure, we have a little short term uncertainty, but in the long haul you'll make it out stronger, I think.

Yeah, I'm going to make a comment about tenants again too. Now hear me out, people. Let's say you've got some tenants, commercial storage unit, single family home, mobile homes. What if, let's say you're cash flowing 400amonth right now, maybe you go to your tenants and say, hey, I know it's tough right now. I just want you making your rent, I'll cut your rent in half and you can pay me that other half later before within the next 12 months. And I'll only do it for three months, but I'll help you out. And you cut the rent in half, would you earn some respect with that tenant? And if they don't pay you, you could pull it out of the deposit. You still, you may even have to evict them anyway. So at least getting half the rent out of them may not be a bad thing. And maybe your cash flow goes neutral. It's better than getting no rent at all. And I think we just sometimes hyper focus on I've got to get my rent, my tenant didn't pay rent, I go talk to him, get a dollar is better than nothing. Go get what you can, cut a deal, get it in writing and then play it out. You never know. BARBARA asks Number one question for my clients is should their employees sign up for unemployment? BARBARA I'm going to just say this. I don't think you have a choice. If your employee is laid off or terminated or even an unpaid furlough, they can go claim unemployment. And you really shouldn't probably tell them what to do either. That could be a little legal issue.

MATT Right, right. And I think the, the, if you challenge that as an employer, you know, you're challenging unemployment claims, which sometimes you can do. But if you try to challenge it right now, that's that. That dog don't hunt, as they say in Idaho.

In Idaho, yeah. I can swear a little bit more. And my Burbank friends that are watching, I grew up on a farm, pseudo farm, because I was a dumb kid and those guys know it. But you get to swear when you're on the farm or if you're a farmer. Can you swear wherever you go? I don't know. I think that's a deep question many of you will be asking yourself tonight.

That's a whole nother webinar. We can't cover that.

Farmer swear words. And what, what does it constitute as a farmer swear word?

Okay, Margaret, let's hit a couple other things though. Do you mind on this list.

Yeah. Should we go to the top 10? I've got some more questions that are so darn.

I want to hit a couple things on what people do with their time right now and some of your kind of operations, research, development, product service improvements. So this is number seven on the list. We've bounced around on a couple of these points already in here. So forgive us if you don't hear 10 exactly. Because some of these questions have been hitting them.

We'll put the article link on every one of the broadcast recordings. Okay, go ahead.

So right now I think one thing I've noticed is it's funny, social media usage has gone like through the roof over the last 10 days and people are really, they have extra time. Let's just be honest, people have extra time. And if you're a business owner, whether you've got hundreds of employees or you're a solopreneur, it's just you there. You've got, you might have little less customers to service and some time on your hands. Now you can waste it away on Netflix. Okay, you can waste it away following the never ending news cycle. That's the same crap over and over. Or you can make this time as an investment because I've said this and you know this time's gonna get spent. You're going to spend this time over the next weeks, months, whatever this is. Make that that spending an investment. Invest this time. Look at the things in your business again, whether it's just solopreneur or hundreds of employees. What are the things that you are weak at? What are the things that you said I need to do that and you haven't. Because every day you go on running your business and you're servicing your customer, you're providing the product, you're doing all the things that run the business day to day. Well, now you've got that time. Take this opportunity to get those things done. That'll make you stronger. Once all these customers and these services and products that you can Provide come back. So that's what we're doing. I'm taking some time right now. I'm trying to manage all this stuff and we're actually still busy but I'm trying to take advantage of this time and some of our team, the departments who may be a little slower. Let's focus on this stuff. Let's be excited, get these things done and let's make sure that this time is an investment. Get training, get educated. What are your weaknesses? Do you have a strategic plan? That's another thing. If you have a strategic plan, what are the things on there you haven't got to yet? If you don't have a strategic plan, freaking do your strategic plan. Do one then. Mark's got a chapter in his book. His last two books both have the chapters on him. We've got a whole podcast prior podcast on building a strategic plan. So I don't know, I just want people to not waste away this time, man.

You guys normally don't see Matt get this upset. You gotta. What did you have for lunch, man?

Nothing. That's the problem.

All right. Hey, I was okay on that. Two, two side notes. Real quick. First I've got after this webinar I'll be sending out an email late tonight or tomorrow. I'm doing a. I'm gonna bring back my Cyber Monday special while we're in quarantine and it's an ability to get all my digital content. You won't get the actual books, but there's a lot of information on videos and stuff that you can be studying at home. That is so affordable. It's like 99 bucks. It's a tax write off and keep your eyes open for that and it'll be on my website and our law firm website tomorrow. Also, as you're part of this study, keep in mind that in two weeks we're doing a virtual two day summit on self directing IRAs and 401ks. We're going to be broadcasting for two days solid with a workbook that's 99 bucks. Normally two or three hundred. And we're just bringing it all down to a virtual broadcast. And it's going to be an awesome event. That's Matt's fifth annual.

There's our fourth annual fifth annual. Okay, I can fly into Idaho. I will be. Yeah.

And here's another marketing point. Okay everybody hang tight. We've got some more killer content here. Good questions here down below. We'll probably cut this off at 6:30. It's Matt's daughter's Birthday tonight. So I got to get him out of here. But a lot of people have been over the years a little stuck in the ruts, right? You've got your business, you got the way you get sales, you're trying to make ends meet. You work hard at the end. This is shaken up almost every business, right? Are my employees going to work from home? Am I working from home? How do I get customers in the door? I can't do my events, I can't do all sorts of things. Well, instead of complaining like Matt said and just the sky's, you know, falling, this is a chance to practice some of that virtual technology. Maybe you're going to find some new marketing avenues and strategic relationships you never had before. And then when the everything bounces back, which it will, you're going to have this other area or line of income that could be coming in the door because you've expanded your marketing reach in a different way. So take note of what you're learning right now because we want to be better prepared next time. How are you doing financially? How are you doing physically in being prepared for the next disaster? We all realized how bad our food storage was. Did we have enough toilet paper and paper towels in the house and all those. And then spiritually, people are like, man, maybe it's time to get reconnect with God. I got to get back on track here, you know, so have that overall inventory in your life. And I know there's everywhere in between on the spectrum. So everybody can be patient. You know, some are Republican, Democrats, some are atheists, some are Christian, whatever, don't worry about that. Just reevaluate your whole life at this point. And this is a good wake up call for all of us to say, I'm going to be a little better organized and have a little deeper root system for next time this happens. Okay. Mark Perry has a question. He says in accessing my HELOC now this is important. Mark says he's going to go to his home equity line and grab some cash. If I can deposit some of that into my business as equity, what about commingling the funds? Is that okay? Freaking. It's awesome, Mark. I have no problem with that. Now let's just assume that a home equity line and borrowing for your business makes sense. So we're not even going to go there. Well, when you take that heloc and pull 50 grand out in the future, the interest or 100, whatever.

Yeah, limited to 50 like the 401k when just saying. Yeah, that's right.

Could be 10 grand, could be 500 grand, I don't know. But take out on your heat loss, the interest payments on that portion of the HELOC is now a write off in your business. So you're going to get a tax write off for that portion of your mortgage payment that goes towards the capital you injected in your business. This requires you to keep good records on what you're using your HELOC or your first or second mortgage for schedule A itemized deductions. They're a lot more strict on how much you can actually write off in mortgage interest on your primary residence. If you pull that HELOC out for business, you can't write it off on schedule A, but you can write it off in your business. So I, I book it as equity contribution. Good to go. I have no problem with that, Mark.

Yeah, absolutely. Hey, one other question that I had and this came in on the last webinar and which came up a little bit more was this clause called force majeure. Force majeure. Majeure. Majeure. Okay. This is one of those clauses that you'll see in the end of your contracts a lot of people don't understand. It's one of these buried things like severability, choice of forum governing law, force majeure. And a lot of people just don't pay attention to it. But it's really important right now. So here's what force majeure means. It allows you to default in a contract if there is a natural disaster, pandemic or something outside of your control that intervenes in the contract. A force majeure, a force you can't control. I think that's what it means. Something like someone's got to help me on that. I don't know what it means, but basically something you can't control. So let me give you an example. My self directed Irish Summit Mark was just talking about, which we're going to Virtual on April 17th and 18th was going to be in Scottsdale at a hotel, at a conference center. I booked, we were going to play topgolf. After I went to go cancel those contracts, I had thousands of dollars, almost 10 grand down in deposits for all this stuff. We cited force majeure because we couldn't hold our event that we wanted to got the money back at the hotel. Topgolf refused to send us our money back and, and we had to literally in the contract it literally has a clause in there that says your deposit is refundable, is non refundable unless there's a force majeure event. We literally had to recite the contract back to them and say, are you telling me that we can't have 10 people or more together? I had a group event planned that you're gonna still be doing topgolf. And so we cited that term and that clause got our money back. I had another client buying a frickin hotel client, you know, love this client, but like buying a hotel actually with their ira and they had to use force majeure to back out because they wanted to buy more time. They're uncertain about how things are gonna go, they might renegotiate, but they want their deposit back. And so we were citing force majeure in theirs to get out of the contract, get the deposit back. So that's a clause. It could be used against you, unfortunately, right now. But now you know about it, you could use it in your favor, so look out for that. It's a good legal tip in the current environment.

I like it. Hey, everybody. I want to say thank you. We, even though we've gone over an hour, we still have a huge turnout and I want to say thank you. Hey, what else are you doing? You're quarantined tonight. Amazon prime will hold tight. All right? You can watch Jumanji 2 for the fifth time later. So hang tight. Okay? And I. I am, I'm having a great time. It makes. And I want to say this, it makes me feel better that I'm not the only one with anxiety, with a lot of these questions and a lot of these concerns. And for what it's worth, I know many of you are probably much brighter and smarter than I am and wise and. And I'm grateful that you're allowing me as a business consultant of 20 years, to share my thoughts and feelings. I love you guys and gals. I appreciate you. Okay. Daniel says I'm a kitchen and bath remodeling contractor in Wisconsin. A two member pass through LLC. We have no employees, but we have four subcontractors that are all 1099s, but they work primarily for us. Is there a way to use the SBA loans to keep them busy or are they each on their own? Daniel, I'll be blunt. I think it's a little confusing the way you ask that. You're a small business owner. If you feel an SBA loan and any of these stimulus loans that are going to come down the pipe are a good move for you and it's going to help you make money, do it. If you're for subcontractors. Keep in mind they're small business owners too. They can go get the same frickin loan. Because they're a 1099 sub for you. Doesn't make you even better or worse. You're all in the same boat. We're all subcontractors, Matt.

Yeah. And there's the 0% 35,000 loan. It's meant for kind of the small, small business owners out there. That's one that was talked about in the bill. We'll see if it was signed into law this afternoon. That's one that you guys might want to look out for. But I wouldn't be. Now if you can make money off of it, let's say you need the money, the loan to put them to work so they can do jobs that you're going to make money on then I like the loan for you. But if it's about really just taking care of them, they're 1099. They're their own business, they're doing their own schedule C or running it through their own S Corp. Sometimes you got to be tough like that. I know you want them to continue working for you. Try to find ways to do what you can but careful getting it into debt and really trying to save them while taking yourself down.

Yeah. And sometimes you got to save yourself first before you get on the boat.

Yeah. It's like they say on the, you know, the airplane, you know, put your mask on first then help the person next to you. Right.

Would you really do that for your kids, man? Unbelievable. I can't.

That's. I follow rules. There's good, there's good advice to that how you know and that, let's talk about that seriously from a financial dependent strategy and you know is take care of yourself first. Have your own house in order before you go trying to bail other people out. Some people really. And this is with parents, this is a problem with parents who you know, take care of their kids too much to their own financial detriment and they, you know, blow their own retirement. Taking care of their kids, getting them through college, helping them buy houses and surprise, they're 80 years old and still working. And so it's a similar concept right now. Make sure you're taking care of yourself. If you have the wherewithal and ability then that this gets to the final point that was in Mark's thing. And I'm not saying it's our sign off but like be charitable. Sometimes you're going to make the decision that's a charitable decision. But know what you're doing. Don't think about it as a business decision. Know that it's a charitable decision. And if it's about helping the people in your business, those contractors you work for, chalk it up as that maybe you have the wherewithal to get the loans and they don't. Hopefully it's a good business decision in the end too. But to maybe put a little in context on the charity. But I just want to try and compartmentalize. Don't save everybody to take down yourself. Maybe have a little bit of charity too and find ways you can help.

Okay, Matt, awesome comment. Love it. Now this is from Chuck. Now we've been talking about many of you being the landlord and your tenant can't pay the bill. Chuck asks a great a good question. He says, how do we as business owners that are leasing a location from some big office complex people group, I think of Irvine Co. How do you get sympathy and some aid through this process? Whereas the small business owners may not have a boatload of cash for emergency lease payments with no income as the shutdown is mandated. A couple thoughts. The first thing Chuck is now this is very interesting, a perception. I. Sorry, a very perceptive thought. I think, I hope is immediately. Yeah, we'll see. Immediately go talk to your landlord. Go in person. Don't get on a phone call or an email. Go down in person. Now I know there's some social but yeah. Now if you're in a scenario where you can go in person right now with social distancing there in certain states, you're unable to do that. But try to even get on a webcam with them, explain to them that you're going to salvage the business, you're going to keep your doors open. But you can't make lease payment this month or in March or April. And you know April's rent payment is going to be very, very difficult. Say, what can you do to help me now? Don't offer anything. First see what they offer. The first one to offer sometimes loses. Not always, but sometimes a lot of times. So you want to be careful saying, hey, I'll make half rent payment. And they're like, oh, okay, sounds good. And they were going to let you be off for the whole month. I don't know. So say to them, what can you do to help me? Because I want to stay here. I want to be a good tenant for a long time. If they go nothing, pay your rent or get out. Say, okay, can I make you an offer? I'll pay a third of my rent, but then I'll make up for the other 2/3 over the next four months or three months. Or do some math for them and say I can pay that. Could we sign something, an addendum just for the next three or four months. See what they say, go back and forth now. See if they'll offer you something first. Then you come with an offer that helps you keep your doors open. Mm, okay.

Yeah. And that's, you know, if you're the landlord on the flip side, like Mark said there, and a tenant calls you and says, and asks for some, you know, do you have any assistance, Ask them what they can do, what can you pay? And so that's a, that's a good negotiation tactic in any scenario, which right now there's a lot of negotiate negotiating to be done. And you know, there's a lot of cliches about that. You don't get what you deserve, you get what you negotiate. And so that's a. That was a very perceptive point, Mark. It was good call.

I appreciate that call. Okay. Now Philip says. Now this is a 401k question, Matt, for you. Philip says, I've already taken steps I can think of to preserve cash, stopping my 401k contributions and company match. Does it make sense to take steps like that early or wait, Matt, what do you say?

Would you.

Are you. Your 401k contribution.

How affected are you? I mean some people are not affected, some people are. That's why we go back to point number one. Do financial triage. Take an immediate financial triage. What's your situation right now? Some people are not affected. You know, some people's paychecks are coming the same. If you are affected though, yes. Dial back your contributions. That makes sense. You can always catch up later in the year.

That's cool.

You can still max out by doing it later in the year. And then also on the distribution part too, it looks like there is distribution waivers that you know the hardship distribution rules where you're going to get out of the 10% penalty like period right now up to 100 grand that'll be. Will confirm in the article. So if you are contributing and it ends up a month later, you do need to pull money out. You're going to get out of the, you're going to get this waiver anyways also. So I don't know if you're already feeling the pain, stop contributing that. That makes sense to me. If you can wait and see still right now, then I would maybe continue to contribute. If it's all good for you. And worst case scenario, later in the year you can use this non hardship penalty distribution option.

Okay. Few comments Annmarie, she asked, are SEP contributions extended as well? Yes, they are until July 15th if you're a sole proprietor. If you've extended your S corp and you're doing a SEP, you're able to take until September 15th. Also everybody you if you have an LLC taxed as an S corp, that's the same thing.

Yep.

Okay, I'm going to keep answering questions here and send to all and hope that helps a lot of you as we try to move through this. We're doing my best to get to all these questions.

I had one thing, I wanted to make one last comment and I gotta sign off here, but remote work from home. This is if you have employees, you need to have a policy in effect for this. Talk through your employees on what they can do from home. As we went through it in our offices and between our different companies, I think there's like 80 employees or so. And it was surprising to me as I went through some of the different companies and the employees. As a business owner, I work remote every day, I work remote at night, I work remote on the weekends. I'm in, I'm in all of our stuff already. But you'll be surprised at how many of your employees, those that have them, they don't have that capability. They don't have a computer at home, they don't know how to access your stuff from home. You might not even be on the cloud. You might have a server based thing in which case you need VPNs and all this tricky stuff. Their spouse might be working from home already and taking the one computer they have at home. They might have kids at home that are going to bug them nonstop and they're not going to be able to do any work actually, even if you let them. So we've ran into all these issues, so you've really got to talk, have dialogue on what they can and can't do from home. The one thing that was really important is a productivity report. So we had our employees do a productivity report. And I have some employees already work from home and some in one of our companies. And this employee that she's amazing just created while on her own. That was a way for us to show us because she was worried. She used to work in the office, went out, here's what I'm doing and we implemented that company wide. Anyone working from home, you're going to do the productivity Report because we need to know, are they busy? Are they not? Do I need to give you more projects? Are you not? It's a weird time right now in everybody's business. And so that was really important. For those of you who are solopreneurs, you should be doing a productivity report yourself. Have some accountability to yourself or your partners even on what you guys are doing and what you're doing while working from home. If you're not used to it and it's a brand new thing for you, it can be a little tricky. So maybe having a little list of what did I get accomplished today? Which is essentially what the productivity report is. What did I do and what I get accomplished? What were my objectives at the end of the day? What did I get through? That could be a good way to make you a little more productive working from home if you're used to being in an office. I got. Mark.

Yeah, I'm just answering question as quick as I can. Was the deadline extended for LLC as well? No. LLC and S Corps. If you did an extension on March 15th are still. Are now due on September 15th. Are 2020 estimated taxes still due on April 15th? No. You have 90 days.

July 15th now.

Yep. Let me see if I can. People are asking quite a bit about. I established an S corp that had passed through, had a pass through LLC before that, but now I'm an S corp. Can I claim unemployment? Look at your state laws, people. If you want to claim unemployment on your own company for yourself. Some states is allowed, some states it's not. And there will be rules for that. Don't get your hopes up on that issue.

Yeah, and there was, that was another one of these again provisions that was bouncing around in the bills was some for kind of these self employed persons to get some unemployment help or assistance. So that might be in the bill that got signed this afternoon. So we'll be looking for that provision.

Yep. And let me just say it all so you can plan on your calendar. Now we'll be doing a live broadcast next Wednesday at noon, Mountain time. That will be our stimulus package breakdown and we'll do more Q and A then and we'll have probably an article to go with it. So if you can wait one week. Now, I'm sure many of you will consume quite a bit of data over the weekend, but you still may have questions. We're going to try to become the experts on it for you. We'll be available next Wednesday at noon and we'll break it down. And I'm going to type that in here. Wednesday. What day of the. Of the month is that? Is that April 1st? Next Wednesday at noon?

Next Wednesday is April 1st.

April 1st. No food. I'll be there. No food. Def Leppard. That's right. I saw him in concert. They were so good.

Okay, okay.

Someone said, I'm getting rid of my SEP and no longer contributing into it, so I can put 7K into my Roth by July 15, right? You can do both, Matt, can't you? You can do a SEP and a backdoor Roth.

Well, you're gonna have to convert the SEP to Roth to do it. Yeah, maybe. Maybe do the backdoor Roth first. If you don't have any traditional dollars, do the backdoor Roth first and then do the SEP. It might look a little weird on your 19 tax return, though. But you're probably going to have to convert the SEP before you can do the backdoor Roth.

And I'm going to. That's Naomi.

Okay, here's the thing. If you can do a sep, you can usually do a solo K, so long as you have employees. And if you do a solo K and want to throw big traditional dollars in, you don't have to convert 401k dollars to do the backdoor Roth. So that's a good solution.

Now, one thing I'm going to say, too, and let's see, how many people do we have here? Oh, we still have such a great turnout, everybody. I hope this is okay. I'm going to scroll to the bottom. If someone's like saying, mark, just shut the heck up. Get out of here. Brand is saying, make sure you email all of us when the stimulus webinar is okay. Lola says, matt, can you repeat the 401k comment? If we borrow from our 401k, will there be a penalty? Well, the answer is no. If you borrow from the 401k, the question is taken out.

No tax. It's just there's no distribution, there's no penalty. It's just a way to access the money in your 401. And for up to five years, you could have the money loaned out and you have to make quarterly payments. So that's the 401k loan. You pay it five and a quarter percent right now is what you'll pay back interest to your own 401k. So it's better than loaning money from the bank because you're paying back yourself.

Hey, Matt, Brian says a great question. You could do your newsletter on the article on this. Brian says, can we get a copy of that productivity report for remote workers. Maybe you want to do just a short article and say how to hold your employees, keep them productive while working from home and attach a copy of that.

Yeah, good idea.

I'm going to say Brian, put it in the hopper. You send Matt a box of chocolates.

Milk. I don't like dark.

No jar.

I'm really not a white chocolate fan either anymore. I'm kind of. I had a bad white chocolate. So I'm just a milk person.

All right. Okay, now I'm just. Okay, Matt, hang on.

Lights went off here. Sorry about the light. It's been all dark.

Okay, Holly says this is a great question. Holly says can I use my HSA to pay medical insurance premiums? Because I'm going to put words in Holly's mouth. She's tight. Not enough money to pay premiums this month. Can I go to my HSA and pay for a medical insurance premium? Yes. Normally you wouldn't do that because you get a tax deduction to pay your premium. So if you're pulling it out of your hsa, that's pre tax money that you really don't get a write off for. But if you need to go there to do it, the answer is yes. Matt, one other question.

Okay, final question for Matt.

Okay, final question for Matt. Do you know a lot about the SBA loan, Matt? Do you want to talk about that or not?

Well, the only thing I knew was what was in the first round was the 2 million max at basically 3 and a quarter percent on the disaster assistance loan. What was in the bill though was a 0% loan for small, small business owners. I don't know if it was 100 or what was the cap but up to 35 grand. But it's a zero percent loan. So that's the only detail I know. I don't know what ended up in the bill. At the end of the day the disaster assistance went up to 2 million. Is still there. That's a, that's always in effect. It's there for hurricanes, national natural disasters. It's been, they've said it works for coronavirus right now. But there was another kind of smaller 1:0 interest that was part of the bill. But we'll, that'll be one. We'll definitely have an article on, on its standalone or a pretty significant section in the new one that we'll do on the bill.

Okay, Matt. Joe, a Navy helicopter pilot says the proper way to say it is ma jur. That's M A H dash and he says we Apply this in cases where we need to enter a country's territory, territorial waters in cases of emergencies. So you got it straight from Joe there. Good, thanks. Bob says Facebook is going to be releasing $100 million to assist small business owners with ad marketing or whatever. So you might be able to get some free ad revenue from Facebook. And Matt, you're going to finish on the tip. What cryptocurrency do you recommend investing in by Abdul? Are you going to touch that one?

Yeah, I, I recommend the one you do the research on and that you like the most. That's the one I recommend. I also recommend betting your money on the team that has the best offense and defense. That's the team that's going to win. That's what I would do. But seriously, we're not advisors. I don't know. That's. I have no idea if you even buy cryptocurrency. But that, and that's. I don't know, that's all I can say.

Okay.

I can only joke about it.

Okay. Robert said at six o' clock he was like, what point? Ten points to cover. Still on number one. What the freak? Okay, I'm going to let Matt go. I'm going to summarize these 10 and also send you the article. I think that's appropriate. I've got a little time here. Sydney's bored. We're going to go get a pizza after. Okay, let me say this. Drew said, love you.

Make sure it's to go. Okay. Love you, man.

To go. You sign out. Okay, now there's some important questions I can answer here. Drew says on the heloc, wouldn't you have to claim the interest the business pays you personally back on your personal return? So it wipes out the deduction you got on the business side. No, Drew, you're going to take the interest paid by your business for the HELOC and just give it. You're going to pay the bank. Now, you may not be paying the bank directly, but you may give the money to yourself to pay it. But that's still a deduction. It's not income to you. You're just, you're just paying off that loan. Think of it like this. You got a loan to buy your house. That's a personal loan. Then you used your home equity to get a business loan. That portion of the business loan you pay, whether it goes through you or directly to the bank, that interest is still a write off. Do it all the time, you're good. Okay, let me go through these 10 I'm going to make a couple of comments on them. We already talked about, number one, your immediate triage tax payments. We all know we've got 90 days until July 15th. Also, a lot of people are asking if a 0 payroll works for you in first quarter and it's defensible and it makes sense, do it. Hold off FICA payments on April. Catch up your payroll the next three quarters. Matt already talked about the SBA disaster loan, the COVID 19 policies within your organization. Here's what I do. I'm sure just many of you are just saying here's our policies about who's home, who's not. If you're sick, stay home. If you need to go home, fine. Just be clear. We've had a lot of complaints, people. That said, my employers aren't telling me what the freak's going on. Open up a dialogue. It's better you say something than nothing at all. We already talked about your employees, marketing, sales. We talked about that. Trying to expand your horizon. Number seven being spending time on research, development and education. We talked about that. Remote work for your employees and being productive. Matt shared some thoughts that. Your 2020 strategic plan. We talked about reassess, reassessing that. If you go to YouTube and type strategic plan, I got a great little video there. Watch it and you'll see it. Be charitable. Show humanity. Guys, I, I guess I could keep talking all night. I'm just enjoying this, but I, I just want to tell all of you, I'm just kind of scanning here. Thank you. If keep out on a lookout for my little quarantine special to get a bunch of little education online. Very, very affordable 60 plus videos that you can watch at home. I got to make some money on it, but I normally charge 3, $400. It's going to be very, very useful. It's lifetime membership. If you want the print books and things like that, you can pay additional for that. We'll be here next week on Wednesday to talk about the stimulus package. We also have a couple webinars that will be sponsored by Entrepreneur next week. Make sure you're signed up for the newsletter. We're not going anywhere. Oh, and here's what he's going to say for the final point. For those of you that pay for this webinar every month, it's 1995, it was free this month. But remember, you've got access to the last 12 webinars that are almost. It's well, it's well over 15 hours of content on different topics. So you didn't get ripped off this month. It's cool. And if any of you want to tackle those last 12 webinars, they're amazing. Just sign up. 19 bucks a month, you immediately get access to the last 12 and it's rolling forward. So I want to tell everybody thank you and thank you for your kind words here at the end and your love and kindness. Wish you guys all the best. Be safe and we're in there with you. We're not going anywhere and we'll talk to you next week. Thanks so much for your support. We support you and love being a part of your lives. Thanks so much. Thanks so much for watching that video. And I want to be your source for tax and legal strategy. It's hard enough to live the American dream without being out on the web on Google, trying to find answers to complex questions and just clicking a mouse. Hoping you got it right. My team and I want to be a huge resource to you, the law firm, accounting firm, my education resources on my site. Please continue to follow these strategies. I know they'll save you thousands. Now click here if you want to be a part of my newsletter. It's awesome. Weekly updates and deadlines and strategies and tips. Also subscribe to my YouTube channel. You'll love it. And make sure to click the bell icon so you get a little ping whenever there's a new video. And finally, check out my site marjoriecoehler.com with all sorts of videos, probably 70 plus videos, 30 plus hours of content that'll save you thousands.