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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 👁 15.2M

EA Tax Resolutions

How to apply for a payment plan online with the IRS

⏲ 3 minutes 20 seconds 👁 19.3K

IRSvideos

Set Up an IRS Payment Plan Online

⏲ 3 minutes 32 seconds 👁 9.8K

The first victims of the infected blood scandal will receive their final compensation payment before the end of the year, minister John Glen has said. In a statement delivered to the House of Commons, Mr Glen said the payments would be exempt from income, capital gains, and inheritance tax. <br/> Report by Kennedyl. Like us on Facebook at http://www.facebook.com/itn and follow us on Twitter at http://twitter.com/itn

Government sets out infected blood compensation scheme

⏲ 1:17 👁 6.3M

Doug Hathaway

How to Make a Payment to the IRS Online.UPDAT3D VIDEO:https:youtu.be nM_pbcWaTZs

⏲ 5 minutes 32 seconds 👁 40.8K

EA Tax Resolutions

How to Pay IRS Tax Online

⏲ 6 minutes 31 seconds 👁 5.5K

A critical bank statement could determine the outcome of Donald Trump's hush-money trial. Michael Cohen's testimony and a crucial document take center stage in the legal battle over a 2016 payment.

This Important Evidence Could Determine Donald Trump's Fate In His Hush-Money Trial

⏲ 1:7 👁 10.8M

Tax Info

How To Make Estimated Tax Payments to the IRS? | Tax Info from IRS.com

⏲ 39 seconds 👁 194

Accounting to Scale

IRS Payment Plans, What you need to know!

⏲ 4 minutes 17 seconds 👁 12.4K

During a House Ways and Means Committee hearing Wednesday, Rep. Jason Smith (R-MO) spoke about a bill targeted at improving protections for taxpayer information.<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

Jason Smith Promotes Bill To Secure Taxpayer Information After Bombshell IRS Data Leak Case

⏲ 4:19 👁 1.8M

Automatic Deposits Are Confirmed! $1,900 With $2,800 Direct Payments For Social Security SSI SSDI VA

⏲ 10 minutes 9 seconds 👁 10.2K

Investment Insights

401K - Why you should max it out

⏲ 8 minutes 11 seconds 👁 10K

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