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May 2020
Title Notes E-News


**IMPORTANT NOTICE**: Due to unprecedented high settlement volume, Virginia Title Center is requesting 
minimum of a 30 day process from receipt of order to scheduled settlement date on ALL files.
Creating an exceptional client experience for all parties involved is paramount.
Thank you for your continued support and understanding.

7 Habits of People Who Keep It Together During Uncertain Times
by Tim Denning

I am in awe of a former co-worker. Despite a pandemic and recession, he's acting like the calm and peaceful internet monk, Jay Shetty. When I asked him, " How's business going for you old mate?" - he responded, " Couldn't be better. There's so much opportunity right now."

Hold up a second. How on earth can anyone be so calm and be talking about opportunity? Everybody  else I've asked jumps straight into their own tragic story about how millions of people are going to die and we're all screwed.  I've known this guy for a while. The habits he practices are highly unconventional and during these uncertain times, it's actually his secret sauce to keeping it all together.  Maybe you can adopt, reshape, or be inspired by some of his habits.  Click HERE  to read on.
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Here are additional articles related to Leading During Crisis that may be of interest: 
Maximizing Your Energy During COVID-19
by Nicholas W. Eyrich, David Fessell and Gretchen Spreitzer

The COVID-19 pandemic has introduced a high degree of uncertainty into our homes, businesses and minds on a global scale. Lack of consistency in our daily schedules and unanswered questions have stimulated anxiety, which is amplified by the staggering statistics being constantly presented to us.  In order to effectively reduce burnout, promote overall health, and increase effectiveness, during these trying times it would be helpful to focus on activities, habits, and mindsets that promote thriving. Click HERE to learn about three  research-based  strategies for sustaining energy during this exceptionally challenging time.
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Here are additional COVID-19 Pandemic Inspired articles that may be of interest: 
It's Time to Throw Out Your 2020 Strategic Plan  
by Jim Marous, Co-Publisher of The Financial Brand

Now is the time to completely rethink how your organization creates a new path for the future. This will require new strategies, tactics and priorities that will support a new workplace environment, enhanced levels of consumer commitment, increased use of new technologies, a renewed commitment to innovation, and a sustainable value proposition that helps the community and the planet. This will require pushing the 'reset button' as opposed to simply resuming business as usual. Click HERE to read on.
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Here are additional articles related to Banking that may be of interest: 
How Banks Can Help Small Business Through Aid Tangle and Beyond
by Paul McAdam

At times like these, the experiences that small business owners have with their lenders will shape indelible brand impressions - favorable or unfavorable. In the parlance of customer experience, these are way beyond "moments of truth." These are "moments of crisis."  Click HERE to learn about five fundamental truths of small business satisfaction that you can apply now.

Banking Must Support Small Businesses Beyond Providing Loans
by Jim Marous

With almost all small businesses suffering from unprecedented financial pressures, short-term forgivable loans are not enough for long-term survival.The question for financial institutions becomes, how can the financial services community help local small businesses survive in the immediate and long-term? Chinese giant Alibaba has introduced some strategies that they should consider. Click HERE to read on.

On April 9, 2020, the IRS issued Notice 2020-23, extending a variety of deadlines, including Section 1031 deadlines. This Notice would extend any 45-day or 180-day deadline that occurs between April 1 and July 15 to July 15, 2020.

 

Because the extension, as currently granted, only applies to deadlines falling between April 1 and July 15, the extension DOES NOT currently apply to both the 45-day and 180-day deadlines. Thus, a taxpayer with a 45th day deadline of May 16 would receive an extension of the identification deadline to July 15, but the same taxpayer would not receive an extension to the 180-day deadline, since if falls after July 15.

 

The extension also applies to the 180-day deadline to invest in an Opportunity Zone Fund.

 

Please note that although this Notice applies for federal taxation purposes, some individual states may not follow the federal deadline extensions, affecting state taxation. Taxpayers should consult with their tax advisor for more information. We will keep you updated if further clarifications are issued by the IRS. 

 

Please contact Carol Hayden, executive vice president - Investors Title Exchange Corporation, if you have any questions about this deadline extension. Click HERE to view a copy of the Notice.


 

**Remember to offer your borrowers Owner's Coverage on their most valuable investment. It's a one time premium with a lifetime of security. In addition, they will receive a reduced premium rate when they obtain it simultaneously with your Lender's Coverage.**

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Past issues of the Virginia Title Center E-News are archived on our website HERE
Patti L. Dickerson                                      

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Director of Operations & Marketing
Virginia Title Center, LLC
Integrity. Security. Excellence.

 

Virginia Title Center is committed to serve you with unmatched expertise, exceptional customer service and a comprehensive selection of title and settlement solutions to help you grow and succeed. 

 

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