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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 👁 785K

Intuit QuickBooks

What is a 1099 Form? How to file 1099 in 2024

⏲ 7 minutes 32 seconds 👁 32.9K

CBS News

Military documents contradict Rep. Nehls' service claims

⏲ 4 minutes 14 seconds 👁 10.4K

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 👁 3.8M

Ginny Silver - Business Coach for Creatives

How to Issue a 1099 Contractor Business Tax Form

⏲ 4 minutes 45 seconds 👁 2.5K

Building Time Freedom

Pay Less Tax | 1099 advantages over W2

⏲ 9 minutes 20 seconds 👁 24.7K

The deadline for 1099 Forms such as Form 1099-NEC, MISC, INT and DIV are nearing. File Form 1099 with TaxBandits to meet the deadline and to avoid IRS penalties.nVisit www.taxbandits.com

A Form 1099 Guide for the 2020 Tax Year

⏲ 3 min 63 sec ✓ 22-Jan-2021

eForms

IRS Form 1099-K: Your Complete Guide to Reporting Online Transactions

⏲ 3 minutes 50 seconds 👁 106

Chad Pavel

How To Pay Yourself (And Taxes) in a Single Member LLC

⏲ 9 minutes 59 seconds 👁 164.4K

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

New IRS $600 Tax Rule For 2023 (Venmo & Cash App & PayPal)

⏲ 12 minutes 7 seconds 👁 620.6K

eTax.com

1099-NEC IRS Refund $4,000

⏲ 53 seconds 👁 412

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