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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 👁 1.1M

TaxBandits

IRS Form 941 Instructions for 2021

⏲ 6 minutes 27 seconds 👁 3.5K

TaxBandits

Revised IRS Form 941 for 2021 Tax Year | TaxBandits

⏲ 1 minute 53 seconds 👁 179

When you’re selling and rebuying stocks, it’s important to understand the wash sale rule and avoid having losses disallowed by the IRS.

How Does The Wash-Sale Rule Work And What To Look Out For

⏲ 2:38 👁 480K

Fundera by NerdWallet

How to Fill out IRS Form 941: Simple Step-by-Step Instructions

⏲ 15 minutes 15 seconds 👁 79.1K

Liberman Consulting L.L.C.

1-How to Fill out IRS Form 941 for 2021

⏲ 40 minutes 44 seconds 👁 263

TheStreet’s Conway Gittens brings you the biggest news of the day, including what investors are watching the IRS’ decision to double its audit rate of America’s wealthiest.

IRS will double its audit rate for America’s wealthiest taxpayers

⏲ 1:54 👁 775K

Liberman Consulting L.L.C.

7-How to Fill out IRS Form 941 for 2021

⏲ 18 minutes 57 seconds 👁 49

LYFE Accounting

7 Popular Tax Write Offs That Could Trigger an IRS Audit

⏲ 13 minutes 46 seconds 👁 60.1K

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 👁 7.7M

ClearValue Tax

How to Get the IRS to Forgive Your Penalties and Interest - Tax Hack

⏲ 7 minutes 54 seconds 👁 33.9K

More Perfect Union

The IRS Created a Free Tax Filing System. TurboTax is Reeling.

⏲ 2 minutes 51 seconds 👁 12K

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