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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 👁 27.6M

Jason D. Knott

How to File Form 1041 for 2022

⏲ 29 minutes 37 seconds 👁 8.5K

iK0n

How the IRS catches you for Tax Evasion

⏲ 54 seconds 👁 122.1K

During a House Appropriations Committee hearing on Tuesday, Rep. Mark Amodei (R-NV) questioned Internal Revenue Service Commissioner Danny Werfel about their tax collections and technology innovations.<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

‘Are Dollars Up The Last Couple Cycles?’: Mark Amodei Presses IRS Chief On Tax Collections

⏲ 5:48 👁 1.1M

IRSvideos

Visit IRS.gov 1099K

⏲ 21 seconds 👁 759

Form1099Online

Why IRS 1099 Tax Forms Are Important?

⏲ 42 seconds 👁 4

During a House Appropriations Committee hearing on Tuesday, Rep. David Joyce (R-OH) gave opening remarks about the IRS and its FY2025 budget request. <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

David Joyce Calls On Congress To Ensure IRS & Other Agencies 'Do Not Unfairly Target Americans’

⏲ 2:31 👁 1.4M

HowToWith GEO

How to get IRS Tax Forms

⏲ 2 minutes 43 seconds 👁 7.5K

EA Tax Resolutions

The IRS has 10 years to collect your taxes

⏲ 1 minute 7 seconds 👁 1.4K

FTX has recovered billions more than needed to fully repay customers who lost funds when the crypto exchange collapsed in November 2022. Once it sells all assets, FTX will have approximately $16 billion cash versus the $11 billion it owes to over 2 million non-governmental creditors. This is an unprecedented result as bankruptcy typically yields just pennies on the dollar for lower-ranking creditors. FTX benefited from rallies in endorsed tokens like Solana, allowing repayment in full plus interest.

FTX Recovers Billions to Repay Crypto Exchange Collapse Victims

⏲ 0:42 👁 255K

ClearValue Tax

How to Pay Less Taxes to The IRS | Accountant Explains

⏲ 14 minutes 30 seconds 👁 224K

Tax Law Guy

How to Get IRS Back Taxes Forgiveness 3 Different Ways [IRS Back Taxes Help] #backtax

⏲ 20 minutes 32 seconds 👁 40.9K

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