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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 👁 2.5M
The Tax Geek
Depreciation 101: Is the Section 179 Deduction Right for your Business?
⏲ 7 minutes 23 seconds 👁 5K
A Penny Pinchers Guide to Personal Finance
2023 IRS Form 1040 Walkthrough | Married Filing Jointly
⏲ 16 minutes 33 seconds 👁 3.2K
1028 from irs 1028
1028
⏲ 4:27 👁 45K
A Penny Pinchers Guide to Personal Finance
2023 IRS Form 1040 Walkthrough | Single No Dependents
⏲ 15 minutes 41 seconds 👁 4K
Roosevelt University
The Basics of Tax Preparation
⏲ 1 hour 11 minutes 51 seconds 👁 147.2K
During a House Appropriations Committee hearing on Tuesday, Rep. Rosa DeLauro (D-CT) questioned Internal Revenue Service Commissioner Danny Werfel about the importance of funding and the Child Tax Credit. <br/><br/>Fuel your success with Forbes. Gain unlimited access to premium journalism, including breaking news, groundbreaking in-depth reported stories, daily digests and more. Plus, members get a front-row seat at members-only events with leading thinkers and doers, access to premium video that can help you get ahead, an ad-light experience, early access to select products including NFT drops and more:<br/><br/>https://account.forbes.com/membership/?utm_source=youtube&utm_medium=display&utm_campaign=growth_non-sub_paid_subscribe_ytdescript<br/><br/><br/>Stay Connected<br/>Forbes on Facebook: http://fb.com/forbes<br/>Forbes Video on Twitter: http://www.twitter.com/forbes<br/>Forbes Video on Instagram: http://instagram.com/forbes<br/>More From Forbes:http://forbes.com
‘What Are The Consequences?’: Rosa DeLauro Grills IRS Chief About Impact Of Proposed Budget Cuts
⏲ 5:48 👁 165K
Retirement Planning Education
Understanding Deductions for Charitable Donations
⏲ 14 minutes 55 seconds 👁 27.7K
GuideStar by Candid
Form 990 Tutorial - Full
⏲ 32 minutes 48 seconds 👁 24.7K
At today's House Appropriations Committee hearing, Rep. Michael Cloud (R-TX) questioned IRS Commissioner Danny Werfel.<br/><br/>Fuel your success with Forbes. Gain unlimited access to premium journalism, including breaking news, groundbreaking in-depth reported stories, daily digests and more. Plus, members get a front-row seat at members-only events with leading thinkers and doers, access to premium video that can help you get ahead, an ad-light experience, early access to select products including NFT drops and more:<br/><br/>https://account.forbes.com/membership/?utm_source=youtube&utm_medium=display&utm_campaign=growth_non-sub_paid_subscribe_ytdescript<br/><br/><br/>Stay Connected<br/>Forbes on Facebook: http://fb.com/forbes<br/>Forbes Video on Twitter: http://www.twitter.com/forbes<br/>Forbes Video on Instagram: http://instagram.com/forbes<br/>More From Forbes:http://forbes.com
Michael Cloud Grills IRS Commissioner About Tax-Exempt Status For Groups Supporting Protesters
⏲ 6:4 👁 5K
ClearValue Tax
How to File Taxes on TurboTax: Tax Year 2023
⏲ 1 hour 12 minutes 26 seconds 👁 91.3K
AGC Solutions
New $10,000 IRS Reporting Proposal Explained
⏲ 4 minutes 16 seconds 👁 9.5K
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