#536 The Crypto Tax Loopholes The IRS Don't Know About

Main Street Business

Mark J Kohler and Mat Sorensen

Management, Tax Tips, Entrepreneurship, Accounting, Business, Business Structure, Estate Planning, Tax Reform, Legal Compliance, Tax Prep, Tax Strategies, Financial Reporting, Irs Updates

4.8 • 584 Ratings

🗓️ 15 October 2024

⏱️ 19 minutes

🔗️ Recording | iTunes | RSS

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Summary

In this episode of the Main Street Business Podcast, host Mark J. Kohler unpacks the intersection of traditional tax strategies and the world of cryptocurrency. Learn how the "Trifecta Concept" can streamline your estate planning and operational income, while also addressing the unique tax challenges of crypto mining, NFTs, and gaming revenue. Here are some of the highlights: Mark begins by mapping out the Trifecta Structure for client asset organization.Mark breaks down the S corporation str...

Transcript

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0:00.0	Welcome to the Main Street Business Podcast with your distinguished hosts, Mark J. Kohler and Matt Sorensen.
0:05.5	Both are best-selling authors and have over 25 years of industry experience with 10,000 client consultations,
0:12.3	making them the leading tax and legal experts in the nation.
0:16.1	Together, they'll unpack the most complex tax, legal, and financial strategies,
0:20.6	crucial for saving more,
0:22.1	stressing less, and building generational wealth. Today, they're your personal advisors.
0:28.1	Ready to break it down for you and make the tax and legal game easier than ever. Here is Mark and Matt.
0:34.5	Oh, well, Mark, they're not going to see that I got paid in tokens because it's going
0:38.9	into my phantom wallet. Oh, you mean the blockchain is private? It's not public and the IRS has
0:45.6	no clue how to track cryptocurrency transactions. Wrong. The IRS can come back to these kids 10 years from
0:52.4	now and say we want the tax and the penalty and the interest.
0:56.2	This is the conversation we've got to start having with our clients.
0:59.4	Now, is there a tax strategy here?
1:01.4	Yeah, we might take that income and pop it into an IRA and take a write-off and now your
1:07.0	kids building tax-free income somewhere else.
1:09.5	I've got kids that have created solo 401ks with their gaming income.
1:14.0	This is for real.
1:15.1	It's right now.
1:16.3	And then when they don't understand it, you lay out the trifecta.
1:24.5	Before we talk crypto, let's talk regular small business, regular investing.
1:30.8	When we're investing over the years and we're starting small business and we have our assets
1:36.1	and our legacy, what does that look like?
	...

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