Trust schemes that cross the line

Are you worried a tax strategy could land you in trouble with the IRS? 

In this episode, Mike Jesowshek sits down with tax attorney Ed Lyon to break down what tax risk actually means. They explain why most business owners do not get in trouble for smart tax planning, where the line between gray-area strategy and fraud really sits, and why proper implementation matters just as much as the strategy itself. 

They cover audit risk, common red flags, what to ask before moving forward with an advanced strategy, and how business owners should think about their own risk tolerance when building a tax plan.

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Chapters

(02:00) Why Business Owners Fear Tax Planning
People don't go to jail for legal tax planning. They go to jail for fraud, lying, and backdating documents.

(05:00) Why Tax Strategies Exist in the First Place
The tax code is designed to encourage certain behavior. Congress uses tax incentives to push homeownership, healthcare benefits, investing, and charitable giving.

(12:00) When a Legal Strategy Becomes Illegal
A strategy can be perfectly valid in theory, but fail when implemented poorly. 

(24:00) How to Vet an Advanced Tax Strategy
When someone pitches an advanced strategy, transparency matters. Ed explains what questions to ask, what red flags to look for, and why business owners need to understand who they are dealing with before moving forward.

(27:00) How Business Owners Should Think About Risk
Tax risk is just another business risk. The real goal is to understand your own risk tolerance, know where your advisor falls on the conservative-to-aggressive spectrum, and make informed decisions.

(31:00) A Favorite Strategy for the Right Client
Ed closes by sharing one tax strategy he likes for the right candidate, the charitable lead trust, and explains why the best strategy always depends on the client’s goals, income, and long-term plan.

Podcast Host:

Mike Jesowshek, CPA – Founder and Host of Small Business Tax Savings Podcast
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🎙 ABOUT THE PODCAST
The Small Business Tax Savings Podcast is your go-to resource for cutting-edge tax strategies to help entrepreneurs legally slash their tax bills. Hosted by Mike Jesowshek, CPA, this show breaks down complex tax topics into clear, no-fluff insights so you can keep more of your hard-earned money.