Joey DiDomenico, Founder and CEO, Vetted Retirement Technologies, A DotCom Magazine Interview
About Joey DiDomenico and Vetted Retirement Technologies:
To know if a particular asset can be held in a particular retirement account that is owned by a particular person requires answers to a minimum of 11 questions for the simplest transaction available.
The average transaction, the purchase of private stock for example, requires about 20. Buying an asset, with partners, from people whom you have done business with in the past, and with acquisition indebtedness requires more than 50. The universe of questions that could be asked about a transaction in a retirement account is in the thousands. But no matter how complex the situation is, a conclusive review of the transaction can be done within a few minutes when the right questions are presented simply and with precision.
Millions of non-standardized assets are held in retirement accounts today where stakeholders are missing vital information. This can be changed with Vetted.
There is considerable lack of reporting by retirement account stakeholders today because of the difficulties in acquiring and processing accurate information.
Custodians and trustees, the IRS, account owners, and other stakeholders struggle for different reasons. Vetted provides elegant solutions.
The US Treasury forgoes $40b a year in tax revenue from income deferral to retirement accounts.
The opportunity afforded to US Taxpayers to save for their retirement is limited in scope and scale. There are taxable events that happen related to retirement accounts.
Vetted can narrow the tax gap.
Investments in retirement accounts have ongoing limitations.
Assets held inside retirement accounts have ongoing constraints with regards to parties they can deal with, how they are sold or leveraged, and other limitations. Changes to the activity or structure of these assets could change their requirements for reporting, taxation, and the ability for the retirement account itself to continue to be considered a retirement account.