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

Practical Tax with Steve Moskowitz

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