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The IRS issued Revenue Ruling 2023-2, which had a substantial impact on estate planning, particularly where an irrevocable trust is involved. In the last decade or so, more families have begun utilizing irrevocable trusts to protect their assets from spend-down in order to qualify for government benefits, such as Medicaid and VA Aid and Attendance.<br/><br/>Prior to the issuance of this ruling, it was unclear whether assets passing to beneficiaries through an irrevocable trust would receive a step-up in basis, thereby eliminating any capital gains taxes that would otherwise be owed. Historically, assets that are disposed of during an individual’s lifetime are subject to capital gains taxes on the increase in value of that asset over time. The amount of capital gains owed is determined largely by the difference between the value at the time of purchase and the value at the time of transfer.
IRS Quietly Changes The Rule On How Your Children’s Inheritance Will Be Taxed
⏲ 1:29 👁 1.9M
iK0n
How the IRS catches you for Tax Evasion
⏲ 54 seconds 👁 99.3K
Jason D. Knott
How to Complete IRS Form 1128 for a Change in Tax Year
⏲ 9 minutes 42 seconds 👁 1.3K
The IRS issued Revenue Ruling 2023-2, which had a substantial impact on estate planning, particularly where an irrevocable trust is involved. In the last decade or so, more families have begun utilizing irrevocable trusts to protect their assets from spend-down in order to qualify for government benefits, such as Medicaid and VA Aid and Attendance.<br/><br/>Prior to the issuance of this ruling, it was unclear whether assets passing to beneficiaries through an irrevocable trust would receive a step-up in basis, thereby eliminating any capital gains taxes that would otherwise be owed. Historically, assets that are disposed of during an individual’s lifetime are subject to capital gains taxes on the increase in value of that asset over time. The amount of capital gains owed is determined largely by the difference between the value at the time of purchase and the value at the time of transfer.
IRS Quietly Changes The Rule On How Your Children’s Inheritance Will Be Taxed
⏲ 1:29 👁 2M
EA Tax Resolutions
The IRS has 10 years to collect your taxes
⏲ 1 minute 7 seconds 👁 1.2K
Jason D. Knott
How to Complete IRS Form 8880 - Credit for Qualified Retirement Savings Contributions
⏲ 6 minutes 47 seconds 👁 2.2K
(CNN) -- The latest news as it comes in to CNN from the scene of the crash of a small plane in Austin, Texas. (All times are ET, one hour ahead of local Austin time.) <br/> <br/>1:19 p.m.: FAA officials tell CNN the plane was a Piper Cherokee PA-28.<br/> <br/>1:18 p.m.: A federal law enforcement official tells CNN that they believe the plane belonged to Joseph Andrew Stack.<br/> <br/>12:49 p.m.: The Internal Revenue Service in Dallas, Texas, told CNN that the building is a federal IRS outsourced building. It said 199 of its employees work there. The IRS said it thinks all employees are accounted for, but they are checking.<br/> <br/>12:42 p.m.: The pilot of the plane had set his house on fire beforehand, stole the plane and crashed it intentionally, a federal official told CNN.<br/> <br/>Are you there? Share your photos, video, stories with CNN <br/> <br/>12:40 p.m.: Federal officials said two F-16 fighter jets were launched as a precaution after the crash, though terrorist intent was not indicated. <br/> <br/>12:32 p.m.: Preliminary information indicates that the plane was a Cirrus SR 22, the FAA said. A Cirrus SR22 is a single-engine four-seat aircraft.<br/> <br/>12:32 p.m.: The FAA said the plane departed Georgetown Municipal Airport, north of Austin, about 9:40 a.m., and that the pilot did not file a flight plan.<br/> <br/>12:18 p.m.: Witnesses described an infernal scene that shook nearby buildings and sent fire and smoke bellowing into the sky. \
Plane Crash In Austin, Tx - NTSB Says It Was Intentional
⏲ 0:56 👁 20K
Accounting Instruction, Help, u0026 How To
IRS revises Form 1024, used by most types of organizations to apply for exempt status
⏲ 4 minutes 32 seconds 👁 202
Graham Stephan
How To Pay NO TAXES In 2024 (What Nobody Tells You)
⏲ 15 minutes 39 seconds 👁 149.7K
The IRS issued Revenue Ruling 2023-2, which had a substantial impact on estate planning, particularly where an irrevocable trust is involved. In the last decade or so, more families have begun utilizing irrevocable trusts to protect their assets from spend-down in order to qualify for government benefits, such as Medicaid and VA Aid and Attendance.<br/><br/>Prior to the issuance of this ruling, it was unclear whether assets passing to beneficiaries through an irrevocable trust would receive a step-up in basis, thereby eliminating any capital gains taxes that would otherwise be owed. Historically, assets that are disposed of during an individual’s lifetime are subject to capital gains taxes on the increase in value of that asset over time. The amount of capital gains owed is determined largely by the difference between the value at the time of purchase and the value at the time of transfer.
IRS Quietly Changes The Rule On How Your Children’s Inheritance Will Be Taxed
⏲ 1:29 👁 5.2M
EA Tax Resolutions
IRS Form 433-A (OIC) Offer in Compromise Example - numbers used that got accepted by IRS.
⏲ 22 minutes 5 seconds 👁 12.1K
Logan Allec
Offer in Compromise 2024: How to Qualify and Submit Your Offer to the IRS
⏲ 30 minutes 9 seconds 👁 9.2K
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