In this episode of the Fresh Money Monday podcast, we are joined by Steve from Accounting, a.k.a. Money Monday. Steve is a CPA and has been in the business for over 25 years. In this episode, we talk about taxes, what it's like working with entrepreneurs, business owners, and real estate investors, and much more!
00:26:21.000And I think a big part of what you're doing is for your son, because he's the one I got you on the internet, right?
00:26:26.000Yeah, so I started this group because you guys help young men try to level up, and that was kind of like the whole purpose of what I was doing, just trying to get a bunch of young guys to come in, and they want to learn how to...
00:27:26.000So, you know, just basically putting my head down, you know, after almost two years of trying to deal with my son's case and trying to keep my, you know, everything with the business going, I was dealing with the guys, you know, Charlie and Miguel was dealing with them for like a few quarters.
00:27:40.000They had those courses that they're doing.
00:28:07.000A proponent's going to do the Bitcoin reserve and, you know, Ethereum and Ripple and everything.
00:28:11.000So I think, you know, this year is going to be- Can you explain to the audience what that means for the future of, like, taxes and- So now, so, you know, on the way over, I was kind of updating myself on the- The IRS and what they're doing is the Operation Hidden Treasure.
00:28:26.000So Operation Hidden Treasure basically started in 2022.
00:28:29.000And what the IRS is doing, because a lot of these guys, they're kind of like, they go against the grain.
00:28:33.000They're not like, they're trying to develop a monetary way of exchanging goods and services.
00:29:13.000They're training people on trying to track down where the...
00:29:18.000Basically, people who are not complying with crypto and reporting it every year.
00:29:23.000It's going to get basically more sophisticated, and they're going to have better tools to track these people.
00:29:30.000So they're going after the big fish now.
00:29:32.000They're kind of just data collecting right now, so I think a lot of these people right now, they're thinking, you know, I didn't report my crypto for the past two or three years, and essentially...
00:29:41.000And this is obviously only when they took it out, right?
00:30:03.000Anytime you're floating coins, it's a taxable event, yeah.
00:30:07.000So you're telling me all the guys went to Puerto Rico to kind of like just avoid all this stuff?
00:30:11.000Well, those guys are good because, you know, if they did it, if they started their crypto portfolios, you know, after they got to the island and then they became a resident of the Puerto Rico, then all their gains basically are, you know, tax-free.
00:30:28.000And that's one of the things in Puerto Rico that's very attractive that the economy, the government there did to attract a lot of investment and stuff like that.
00:30:35.000But the problem with that is now you have these people coming in with a lot of money and they're buying up the real estate there and they're driving up the prices, similar to what they did in Florida with COVID.
00:30:48.000But yeah, so that's becoming now a problem where a lot of people now on the island that are native there, that were born there and maybe their family's been there for generations, are now leaving there and come to the States because there's not a lot of economic opportunity.
00:31:02.000The real estate there is too high for them now.
00:31:08.000So it's kind of like a touchy issue there.
00:31:11.000What about guys that made the money or crypto wallets here in America?
00:31:14.000And they want to move to Puerto Rico after the fact.
00:31:16.000So what happens is now the date that you move and you become a resident of Puerto Rico, then now you have to basically, that crypt that you had in the States prior to that is going to be subject to the U.S. jurisdiction for taxes.
00:31:41.000Is that a good thing for us moving forward with taxes?
00:31:44.000Yeah, so I was going to tell you, we're going to talk about, so the IRS, Trump is talking about abolishing the IRS, right?
00:31:51.000So now we're talking about, now we have things as the government has to, you know, fund every year, right?
00:31:57.000We have to fund Medicare, we have to fund Social Security, Medicaid, defense spending.
00:32:03.000All of that stuff had to be funded by revenue from the Internal Revenue Service.
00:32:08.000So taxes, 50% of the income that the government makes to fund this comes from individual people like you and I, that when we report our taxes, basically $1.5 trillion of that is collected through individuals.
00:32:23.000And there's like our 1.2, I think, is from like...
00:33:52.000Because a lot of Democrats criticize the tariffs and like, hey, this actually is going to lead to more inflation, but the purpose is for it to stave off people importing stuff, which, yes, they're going to pass that price.
00:34:09.000And then, you know, also, we got, what, Apple coming in.
00:34:15.000We got the chip maker, the biggest company that makes the chips.
00:34:28.000To invest in the United States for manufacturing.
00:34:31.000Apple, we said it was $500 billion, and then there's a couple, you know, so I think they said total is like $3 trillion right now of investment of companies coming in so they can avoid the tariffs.
00:34:40.000And, you know, it's basically, and then they're going to get...
00:34:51.000Right. You know, we got to run the country like a business.
00:34:53.000That's why, you know, I appreciate the way it's being handled.
00:34:56.000And you got, you know, you got like Elon Musk and, you know, you can say what you want about him, but, you know, they're running it like a business.
00:35:02.000And that's the way the government should be.
00:35:04.000Yeah. Getting rid of bloat and everything else.
00:35:05.000Yeah. That's chronic of the government.
00:35:08.000Yeah, because we got a $2 trillion, you know, dollar deficit every year.
00:35:12.000Just the interest payments that the government pays every year is...
00:35:17.000900 billion dollars, basically a trillion dollars every year, just in interest-only payments.
00:36:12.0000394. Is there anything else that you wanted to talk about as far as, like, things coming up?
00:36:16.000Well, the big thing to mention right now is, so not many people know this, so I'm just going to say it's the 2017 tax, the Jobs Tax Act cut.
00:36:28.000Basically... Lowered taxes across the board on a lot of areas, in the standard deduction, in the tax rates, basically like 2% across the board.
00:36:35.000Even the amount of income, because we have a graduated tax system, so even the highest level of tax right now, the 37% tax rate doesn't kick in until you make over $600,000, right?
00:36:56.000So right now, you know, I think Trump, the administration, is trying to get those renewed because basically it's going to raise everybody's taxes about 2.5% across the board.
00:37:06.000Basically, the level of income is going to go down to like, you know, once you make over $400,000, you're going to get killed.
00:37:13.000You know, that's what we had prior to 2017.
00:37:16.000So anything over $400,000, which puts you typically in the top 1% or top...
00:37:19.000I think $500,000 is the top 1%, but either way, you'll be in the top 2% with $400,000 a year.
00:37:23.000So you're going to pretty much get killed at that point.
00:37:25.000Would it be fair to say, Steve, once you start making $400,000 a year or more, you need to start really seriously looking at real estate to kind of cut back on that tax liability?
00:38:15.000Like, let's say, Colombia, I don't know, Brazil.
00:38:19.000Would that factor in taxes you've got to pay to as well as a U.S. citizen?
00:38:22.000So basically, that property would be in the jurisdiction of wherever it's at.
00:38:25.000And every country has slightly different tax nuances to it.
00:38:30.000But, you know, the U.S. is one of only two countries that taxes you on your worldwide income.
00:38:36.000So it's a potential possibility that you would have to report that here, but then you would get what's called a tax credit.
00:38:41.000So let's say you had a property in Colombia and you paid, you know, you reported it in Colombia, you had rental income, and, you know, you reported everything on that property in Colombia, right?
00:38:53.000Whatever that amount is that you paid in Colombia, you get credit for here.
00:38:58.000So you would let the IRS know when you report here that, yeah, you have this maybe foreign bank account, foreign asset, but you paid the Colombian jurisdiction their fair share, whatever it was, and then you get a credit here.
00:39:14.000You'll do the exchange rate, basically, and then you'll get a credit on your 1040 here and your tax return for paying that foreign taxes.
00:45:54.000And I said, I'm just going to focus my attention on doing that and putting in the work now so it pays off later versus me struggling the rest of my life until I'm 30 and 40. So just grind, man.
00:46:13.000Write your goals down on either a dry erase board or a notebook in your room.
00:46:18.000Every morning before you go to work, read your goals out.
00:46:21.000Put it in your mind and then focus on that.
00:46:23.000You go to work every day, not to stay there, but to become better and try to find a way out.
00:46:28.000And thirdly, of course, with a car, get a cheap car you can afford, put like maybe $500 to $1,000 down on the car, pay it off within that year, boost your score up, and a Toyota, Camry, a Honda Civic, something simple you can afford that's not too expensive.
00:49:43.000Yeah, it's a felony, but I mean, yeah, it's cool.
00:49:47.000I got a re-entry code 3. Then once I get off, I can go back in.
00:49:51.000So wait, so the military let you back in with a felony conviction?
00:49:54.000Yeah, no, my discharge from the army was a general under honorable conditions.
00:49:58.000But when I came out, I got indicted for some old shit.
00:50:01.000Yeah, but bro, what I'm trying to explain to you is that, like, that's cool, you got an honorable discharge, but I think if you get convicted of a felony, bro, you can't serve the armed forces because you can't have a gun.
00:52:03.000So while I'm on probation out here, I'm going to community college for accounting so I can go into the military as a lieutenant.
00:52:10.000or I could go in as the lieutenant or the specialist.
00:52:13.000So I'll be like, already have the certification.
00:52:15.000I'm just using the National Guard because I'm thinking about going to sales, but I need a cushion.
00:52:20.000Sales is, you know what I'm saying, you eat the pill, so...
00:52:23.000I mean, so, yeah, but sales is a mixed bag, right?
00:52:30.000So you could make a lot of money if you're doing high-ticket sales and you're getting big commissions and, you know, there's so many different variations of sales and then you've got to be good at it.
00:53:32.000I really want to do sales, but since I have this.
00:53:35.000Like, for the Army side, like, do you think, you know what I'm saying?
00:53:39.000Well, you know, sales, you could be a real estate agent, you could sell cars, you could sell, you know, high-ticket items.
00:53:45.000What industry do you think y'all should just focus on this?
00:53:48.000I just want to focus on one and just excel in that.
00:53:51.000I mean, you know, sales, you could make a shit ton of money, but it's a grind, and you just got to be really good at it, and you got to pick an industry that has a good commission structure, and, you know, because there's so many different...
00:57:56.000So what you have to do, and what I would recommend doing, is just get your local ADP or Paychex payroll representative and say, listen, are you the only employee of the business?
00:58:09.000Yeah, I'm going to add somebody else and a few.
00:58:13.000I just got to find, because when I add somebody else, the total worth of the business is going to double.
00:58:18.000I'm basically taking in all the work by myself, like down here in South Florida.
00:58:22.000I'm basically taking all the work by myself and I'm like working every single day.
00:58:26.000Like I literally just go home to sleep, you know?
00:58:29.000So I'm about to add somebody else and it's probably going to go up to like 500 to 600,000 a year.
00:59:03.000And she's going to take care of it or he's going to take care of everything.
00:59:05.000Just have them handle everything for you.
00:59:08.000Don't mess around or try to do it yourself.
00:59:09.000And just pay the $100, $150 a month just to have them do everything, do the payments, do the payroll tax returns, and do the paychecks and all the IRS stuff that needs to be done.
00:59:21.000But you need to do that because you're an S Corp and you're making money, you're being profitable, and you don't want to be in a situation where you're not paying yourself a salary.
00:59:29.000And, you know, I just wrote a book, actually, which I was going to talk about.
00:59:58.000I put it together to look almost like a pamphlet or a brochure that you're getting from like a flyer basically.
01:00:06.000So it doesn't look like a regular book for taxes.
01:00:10.000So it's easy and it's got all the information as though if you sat with me and we were having a one-hour consultation and I'm telling you everything that you need to know.
01:00:21.000Again, I'm talking about the stuff in the book that we're going through, and it goes in there.
01:00:30.000You could get it done in 45, 60 minutes.
01:00:33.000And Steve's Instagram is seeing beyond the numbers.
01:00:35.000By the way, Demetrius, I've seen you a lot of times doing business, bro.
01:00:39.000You seem like you've got a very level head on your shoulders.
01:00:42.000Bro, you're going to need Steve on your side, bro, because the problem is with you, bro, is that you're making money, and you're not going to be doing it the correct way as the business should.
01:00:49.000And as a result, you're going to have to pay IRS a lot of money.
01:01:02.000Like, right after this call, I'm 100%.
01:01:04.000Because I need help with that side of the stuff because, like, I do everything by myself and I'm literally, like, I literally work every day because I have so many customers down here in South Florida.
01:01:23.000They were too busy working, making money.
01:01:26.000They didn't have the time to do everything, so they need somebody to come in and guide them and say, hey, listen, I'll take care of this stuff that you need done in the right way.
01:01:34.000Keep you straight, make sure you're saving money and doing things right.
01:01:38.000I love dealing with guys like you because you're a business owner, you're making money, you're doing what you need to do.
01:01:53.000Bryce, you've probably seen me a bunch of, or, no, Myron will be outside, but you've probably seen me a bunch of times in Brickle because I drive a pink BMW and I have a lot of customers there that I have to consult with.
01:03:50.000She's got maybe $80 or $90 in equity in it.
01:03:54.000I have to move her back here to San Diego.
01:03:58.000I can't move away because that would mean moving outside my company's Region 2 to a Region 3, which I'll lose a sizable chunk of money.
01:04:11.000Believe me, I'd be out of San Diego if I could.
01:04:13.000But the places down here are going for $5,000 to $7,000 a month, and I'm wondering how much of that I can, A, should I sell her house?
01:04:28.000And help pay for the assisted living, or B, rent it out.
01:04:35.000And then the other question is, can I deduct any of that money in my taxes each year because I'm paying for her to live?
01:04:43.000She's on like $1,400 a month Social Security.
01:04:47.000So, yeah, so if you're covering her expenses, unfortunately, no.
01:04:51.000So you can claim her on your return, though.
01:04:53.000You could take her as a dependent, right?
01:04:55.000Yeah, you could take her as a dependent, absolutely.
01:04:57.000Now, the fact of you having the condo, or her having the condo, and selling it, and you're saying, like, is there, like, what can you sell it for, if you don't mind me asking?
01:05:21.000I mean, I could probably pay it off completely and rent it out, but I really don't want to go through all that, and the rents out there are super cheap, so I don't even know if I'd be making my money off it.
01:05:54.000So I guess you mentioned the price because in your jurisdiction where you live, the prices of the ALF service is assisted living you're talking about?
01:06:02.000Yeah, it's limited assistance is what she needs or like just a retirement village type thing.
01:06:09.000She's just getting too old to be by herself.
01:06:11.000Yeah, so they're just a little bit more pricey, I guess, there than they are in Vegas.
01:06:17.000Yeah, everything out here is super expensive.
01:06:22.000And then you get the loss of income if you go to her jurisdiction.
01:06:29.000Right, it's not going to work either way for me to make out on it.
01:06:34.000I think I'm just going to cut some of my ESPPs and bite the bullet on it.
01:06:40.000Yeah, yeah, I mean, you're going to bring her to San Diego, then yeah, definitely sell the property, because I don't think that's going to be worth it for you to manage that from there, and then, you know, if you're just getting so little for the, it doesn't, you know, I don't know, it doesn't make sense to, well, I don't know, so you said you could pay it off?
01:06:59.000Yeah, I mean, I got cash out of pocket that I...
01:07:02.000If I wanted to dip into some of my RSUs or something like that, I can definitely pay it off.
01:07:09.000But, I mean, is it going to be worth it, you know?
01:07:11.000Yeah. Because my RSUs, I mean, I sold them at the top of the market, but our company is going through the roof right now.
01:07:20.000I mean, we got like a 12% return in the last three days.
01:09:23.000Because, I mean, you're going to have to run an inspection anyway, but if you want to bring your general contractor there to see what might be problematic or not, that's a good idea.
01:09:34.000Do you know what questions I should be asking when looking for general contractors to go ahead and vet them?
01:10:14.000Yeah, so you just basically, you know, I guess just go in there and if you talk to a real estate agent, she may have some connections with some of the contractors in there that she knows.
01:10:23.000She can maybe ask around to find a couple of, you know, maybe you can find out a couple of two or three reputable contractors that you can just bring through the property and just say, hey, you know, I'm thinking, you know, if it needs work, they bring them through and just give you an estimate and see what they do.
01:10:36.000And then you could test them out that way.
01:10:38.000Yeah, in your current scenario, bro, you don't know anyone in Ohio, so you've got to rely on your realtor that knows people probably in that area.
01:11:21.000Once you get your feet on the ground in Columbus, then what you want to do is you want to ask around to those construction guys and say, hey, we're in the same line of work.
01:11:37.000And, you know, you could try to get a referral from one of those guys, you know, because typically they'll be dealing with a CPA that kind of knows them and knows that industry that's related to what you're doing.
01:12:06.000Or what are red flags that you want to look for when it comes to them?
01:12:09.000Well, I mean, you obviously don't pay them up front.
01:12:12.000You've got to pay them, you know, you give them a portion up front and then you don't pay them in full until the job is done because a lot of these contractors are scumbags.
01:12:20.000This is why it's so important to have word of mouth and then hopefully a real estate agent will be able to, you know, know some people out there.
01:14:38.000If you have a chain of detailing and you've got 100 plus employees or something like that, then that's the time to sit down and have the discussion.
01:16:06.000Yo! But I just wanted to clarify a couple things regarding the individual that called in talking about the VR&E program, the veteran, or not VR&E program, the VTC.
01:16:21.000To verify that information, it is contingent upon the participants.
01:16:25.000So as long as the individual is participating and behaving properly, you have to go through whatever, how long that program is, the 12 or 18 months.
01:16:33.000You have to go into your monthly meetings, and then they're basically monitoring everything that you're doing.
01:16:40.000It's kind of like having a, how do I say this, a probation officer.
01:18:07.000So, alright, basically, so you're saying that they can, for certain felonies, I don't know if it's all felonies, you're saying they can still serve in the military, but they have to go through this VTC program?
01:18:18.000They can, however, you also, with recruiting methods, recruiters can get waivers.
01:18:24.000You can get waivers for, I mean, it seems like you can get waivers for just about anything, the way that recruiting has been explained to me, and from my experience serving on active duty, I served on active duty for six years.
01:18:35.000In the U.S. Air Force, but that's a separate discussion.
01:18:39.000That's just to give perspective on my experience with it.
01:18:47.000However, basically what I'm calling it is to clarify and to let people know, like, hey, don't think that, you know, if somebody is telling you, like, oh, you just have to do this program and you'll be fine.
01:18:58.000Like, don't be sold on a dream, on a, how do you say, don't be sold on wishful thinking.
01:19:05.000When going through this program, you have to cooperate.
01:19:09.000People can still see your record, especially if they're federal agencies, and you have to cooperate with that, and basically you're praying for the best.
01:19:19.000And regarding that individual trying to commission as an officer, very, I hate to say this, very, very little chance, very little, that you're going to commission as an officer with a felony conviction, even if you go through that program.
01:23:35.000They can get income from you if you buy it from them and structure it as a mortgage, sit down with an attorney, and do an amortization table, and then you're paying them, principal and interest, back for the loan.
01:25:52.000Yeah, I'm a single father of four kids, and I make around about a little bit over 60 per year without overtime.
01:26:02.000If I had overtime, it'd be around 75. So I'm just trying to see if there's any resources out there for me to make some more money, because I'm kind of limited on what I can do with being a single father.
01:28:25.000You just gotta, just basically, you know, YouTube university, just try to, try to find a lot of ways to do that.
01:28:31.000So this way you don't have to leave the house and you have the kids there and, you know, but you got to kind of really commit to doing it.
01:28:37.000Yeah, the babysitter, I can understand that.
01:28:43.000he's just talking a lot of plays I know I mean four kids I feel for you yeah I've scratched and crawled I mean, I went a whole year without having a job because of my ex-wife and all that.
01:29:02.000I mean, we have some in extra just because I don't have any debt.
01:29:07.000So, I mean, that plays a huge role in our life.
01:29:12.000But, yeah, I'll look into the online thing.
01:29:16.000Something I was thinking about was, like, maybe, like, because I have kids and whatnot, like, just looking for, like, Kids' clothes, just reselling them or something like that.
01:29:24.000There's so many different opportunities out there, yeah.
01:29:27.000So, I mean, who do you, like, you know a lot of people in that space, don't you?
01:34:14.000But now you're telling the public this, I'm going to fight even harder to get you.
01:34:18.000But I'm like, bro, if you were trying to get to your daughter and you need her to talk about this on the internet for you to act harder, it's kind of like, eh.
01:34:25.000Anyhow, long story short, he's been talking about this for a while with his daughter back and forth, and this lady came out on TikTok and exposed him, saying that, like, oh, I met him back in the day, da-da-da.
01:34:35.000He's been getting funding for his school, and the school's never been fully finished, and he said, in short, someone from his team, his accountant, stole the money.
01:34:47.000Cooked. So, I know what's happening there, with his backstory with his kids, but what I do see is that, like, for whatever reason, he can't see his kids, and he's been trying to get, I guess, to some level, see his kids, but the baby mamas are giving him like hell, I guess.
01:39:45.000So really just working on the grind, man, and really just looking forward to really investing a little bit.
01:39:52.000I'm always tuning in to your guys' show, and really when it comes to investing, kind of in the dark here, I'm really just kind of a saver, you know, always.
01:42:57.000And you have a skill set, so maybe you could use that skill set and get another gig.
01:43:04.000Yeah, you know, I've been really kind of looking into other opportunities because, you know, I work from home and then, you know, like I said, I travel a good bit too.
01:43:11.000So I'm trying to find a more stable, you know, work from home job with a little bit higher salary, you know, maybe with all my travel.
01:44:15.000And, you know, one question I wanted to kind of direct toward Myron, just because Myron, I know you.
01:44:20.000You own a lot of properties, and you're really heavy in the real estate game.
01:44:25.000From someone who's trying to get their head a little bit more secure in the real estate game, I'm hoping to, after I stay in this property that I just purchased for a few years, hopefully rent it out, have someone take care of the mortgage.
01:44:37.000But I really wanted a little bit of advice of how you scale from one property to another.
01:44:51.000I buy things only if I really need them or I buy for the business.
01:44:55.000But other than that, bro, just really what it comes down to is spending a lot less than I make.
01:44:59.000That's really what it comes down to when it comes to being able to invest and make money.
01:45:05.000Spend as little as possible, invest the difference, and then, bam, profit.
01:45:08.000Now, with that said, right, the more money you make, the faster you can do this, but I think the biggest thing is minimizing costs.
01:45:16.000I know you got a family and everything else like that, but anywhere that you can cut costs or make more money, they'll help you quite a bit, bro.
01:45:54.000Okay, no, that's impressive that you didn't need to do that just because I know of a few people in the real estate game, and that's kind of how they kind of leveled up.
01:46:02.000So it's really impressive that you didn't even need to go that route.
01:46:05.000You're going to have to be frugal for a period of time and save some money, but trust me, dude, it's worth it, man.
01:48:47.000Yeah. So, I think just being in shape helps you with what you wear as well.
01:48:52.000So, honestly speaking, the whole experience itself was cool, but for you guys watching, man, you don't have to make those same mistakes that I did.
01:49:00.000And I wanted to experience it, and I did, and I'm glad I got to experience it, but overall, bro, all you need is a whole cup meal, a nice fat ass.
01:50:25.000So, I recently made about six figures on a Trump coin, and I was just wondering what's the best way of not paying as much taxes as declaring, you know, as a short capital gain tax.
01:50:39.000I was trying to get that shit out without...
01:50:40.000Did you make it in 2024, or did you do it in 2025?
01:50:44.00025. No, I made it in 2025 right in the beginning.
01:50:47.000Okay. Alright, so just see how the year plays out.
01:50:51.000At the end of the year, I could give you one strategy.
01:50:54.000So, I don't know, do you have other coins that you have that are kind of like down 90, 80, 90% or whatever that you're just kind of hanging on to?
01:51:04.000Yeah, I mean, after the Trump coin, I've been playing a lot of meme coins and I think I lost like 10 to 15 grand.
01:51:11.000Okay, so then you could use those to harvest losses.
01:51:14.000I don't know what projects you're in, but you can wait to the end of the year to do it just to see where you're at, just to see how the market goes and see where you're at.
01:51:19.000And then right at the end of the year, because right now we have, you know, the IRS does not consider, like they don't have the tax harvesting rule where you have to like, you know, you can't do it like, it's called wash sales for stocks.
01:51:34.000So if you buy something, you can't buy it back within 30 days.
01:51:37.000So you can do that with crypto, though, because it's not considered a stock.
01:51:44.000You can sell it on December 30th or 31st and buy it back the beginning of the year, like on the 1st or 2nd of January, if you want those assets and you think those assets are going to go up.
01:51:54.000There's a lot of people with what they...
01:53:12.000If Steve is too backed up with clients for accounting, my accountant in Chicagoland area could most likely help anyone here who needs an accountant.
01:54:21.000I heard on the last episode of Debrief, you'll be coming out to Austin next week, and I'm so mad I will be missing another chance to meet you.
01:54:26.000I'll be in military training next week in another state.
01:54:45.000I'd be out there for 24 to 48 hours max.
01:54:47.000I think a real discussion when it comes to an expunged record is whether or not the expunged record can disqualify you from a licensed position, not necessarily whether or not it can be reviewed or seen from a government agency.
01:54:57.000The reason I say this is because I had a felony expunged in North Carolina.
01:55:00.000I was able to obtain my CCWP in Florida when I got fingerprinted.
01:55:03.000My record doesn't show up also when obtaining my RN license or when I do a personal FBI background check on myself.
01:55:11.000Interesting. Depends on the age, maybe?
01:56:18.000I mean, if you want to have a legitimate business that you're profiting and you're making money before you get incorporated and then go through the hassle of paying the fee, doing all the administrative paperwork and everything.
01:56:28.000So, definitely, if this thing is not being used, don't keep it out there because the jurisdiction of the state plus the annual report for the registered agent, they're going to look for that fee and that filing.
01:56:38.000And the federal, you know, the federal is going to be looking for the tax return, too.
01:56:42.000So just, you know, do a final, check the box final in it, and then you'll be taken out of the IRS, you know, repository.
01:56:49.000And they won't be looking for filings in the next year.
01:57:07.000All right, we'll knock out two more phone calls, guys, and then we're going to close out because I do got to talk with Steve about some ITAC stuff anyway.
01:57:22.000How is it affecting the accounting field currently, and what do you think will replace in the field?
01:57:26.000I'm currently working on acquiring my CPA out of Toronto and have some concerns on how it will affect the field.
01:57:32.000I mean, so the only thing I can see right now helping us do is, like, create emails and do some research tax-wise and to respond to customer-client stuff, like memos and, you know, writing to the IRS.
01:57:44.000But as far as, like, the automated stuff, that's already been in play, like, I'd say for the past, like, 15, 20 years, like, you know, linking your bank account with QuickBooks.
01:57:54.000All the data from the bank goes in there and you could link your credit cards as well.
01:57:58.000All the data goes into these accounting programs.
01:58:01.000And then intuitively, the accounting program kind of understands where certain transactions go based on their label.
01:58:13.000I mean, I guess I could foresee the next, you know, few years where an AI can actually go out, you know, program an agent to actually look at documents, pull data off of that document and know exactly where it goes on a field.
01:58:55.000Basically, guys, if you're still drinking weak corporate coffee or doing life wrong, 1775 Coffee is for men who actually stand for something bold, strong, and unapologetically American.
01:59:03.000It's the official coffee of Rumble, roasted fresh, none of that woke ESG garbage, whole bean, ground, or pods, however you brew it, it hits hard.
01:59:10.000Go to 1775coffee.com, use code FRESH for 50% off, and every dollar enters you to win a Cybertruck in 30k cash.
01:59:39.000They're only streaming on Rumble, so we'll probably be joining here soon with that shit, man, because YouTube pisses me off, too, as you guys know.
01:59:59.000And, you know, if YouTube keeps up the censorship...
02:00:02.000Bro, you're going to see pretty much all the political commentators, all the people that have any type of content that could be deemed as controversial coming on over to Rumble.
02:00:11.000So there's already a bunch of guys over there, man.
02:02:33.000See, bro, I find it interesting, right?
02:02:36.000Guys like you are trying to make a name for yourself, but you're too scared to show your face.
02:02:42.000You're too scared to show who you are.
02:02:43.000Let me give you a tip, bro, because your YouTube channel has failed and nobody watches you.
02:02:47.000No one's gonna watch you if they don't know who you are, if they don't know who the man is behind.
02:02:51.000And the reality is, any man, we work towards a name.
02:02:54.000The fact that you don't want to reveal your name, who the fuck you really are, tells me that you're a fucking coward.
02:02:59.000This is why you're on a faceless account, you hide your identity, because at the end of the day, bro, you're a failed R&B singer and a failed rapper.
02:03:06.000Alright, nigga, so I'd be mad too if I were you.
02:03:09.000So, go ahead and sit in your mansion, or whatever the fuck you claim you have.
02:03:12.000And watch us, nigga, like you already are.
02:03:14.000But at the end of the day, bro, we're more successful than you, we're more known than you, we've helped more people than you have, and we've created more value in the world.
02:03:20.000So you can just sit there and hate like you are, because I find it pathetic that you've been watching our show now for damn near two hours to try to call in to talk shit.
02:05:14.000Workers' comp insurance because you're always going to have somebody cut their finger or slip and fall.
02:05:18.000And then you probably want an umbrella policy or something like that.
02:05:22.000You could talk to your insurance agent about getting something like that if you have other assets that you need to protect on the personal side.
02:05:28.000Because the corporate shield only protects you for a certain amount, but you're always going to be personally held liable for certain things.
02:06:21.000You want definitely the workers' comp, especially in a restaurant.
02:06:24.000Because you're always going to have injuries.
02:06:25.000People are always going to slip and fall or whatever.
02:06:28.000The worker's comp and umbrella policy?
02:06:31.000Well, the umbrella policy, do you have other assets like, you know, like real estate holdings, you know, you own your own house or have any other investment properties?