EP 13: Bernard Reisz - What Everyone Should Know About QRPs & UDFI Tax
Bernard Reisz CPA is the founder of 401KCheckBook.com which gives investors direct control of their tax-sheltered funds for real estate equity and debt opportunities using checkbook controlled IRAs, QRPs, Solo 401K(s) and Checkbook Life Insurance.
He's also the founder of AgentFinancial.com which provides tax strategy, entity, and financial services to real estate professionals, including real estate agents, real estate investors and mortgage brokers.
[00:07:01] Bernard explains the different types of QRPs out there.
[00:11:17] Bernard explains how to correct a mistake you make in a check book 401K.
[00:12:40] Bernard explains about prohibited transactions
[00:13:21] What are the differences between IRA and 401K?
[00:15:02] Bernard explains the rules required to have a solo 401k.
[00:21:51] You have to include someone in a 401K plan only when they work a minimum of 1000 hours per year for your business.
[00:25:36] Traditional IRA, you can put in on an annual basis of $6,000. With QRPs, you can put in $56,000 a year
[00:26:33] Bernard explains UBIT and UDFI.
[00:30:49] Bernard explains how UDFI tax works.
[00:43:33] Cannabis businesses qualify for QRPs.
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