#552 Tax Lawyer Q&A: Secrets To Saving Thousands In Taxes...

Main Street Business

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3M ago 29:12

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In this episode of the Main Street Business Podcast Mark J. Kohler and Mat Sorensen host another open forum and break down key retirement planning strategies, including the mega backdoor Roth IRA, and discuss the benefits and pitfalls of partnership structures. They also explore the potential implications of the Corporate Transparency Act following its recent unconstitutional ruling, with actionable tips for trust management and entity cleanup.

Here are some of the highlights:

Mark and Mat clarify the difference between mega Roth 401(k) and backdoor Roth IRA.
Mark expresses concerns about the partnership structure and the potential for inequitable distribution of responsibilities and benefits.
Mat emphasizes the importance of understanding partnership structures to avoid getting a bad deal.
Explanation of the backdoor Roth IRA strategy and the pro-rata rule for traditional IRA contributions.
How the corporate Transparency Act has been ruled unconstitutional, affecting the BOI reporting requirement.
Recent ruling in Texas that the Corporate Transparency Act is unconstitutional.
Speculation on the future of the Corporate Transparency Act under the Trump administration.
Encourages listeners to review their tax and legal situations for year-end planning.

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Chapters

1. Tax and Legal Expert Advice (00:00:00)

2. Understanding Tax-Advantageous Investment Strategies (00:11:48)

3. Managing Trusts for Minor Beneficiaries (00:24:30)

681 episodes

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