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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 👁 9.4M

FreeLegalForms

Form IT 201 Resident Income Tax Return

⏲ 2 minutes 3 seconds 👁 13.1K

Jason D. Knott

How to file New York IT-201 Income Tax Return for a Full Year Resident

⏲ 13 minutes 25 seconds 👁 1.6K

Alvin Sta Ana: A visionary leader in the accounting industry<br/><br/>Alvin Sta Ana is not your average Certified Public Accountant (CPA). As the president of SIMPLY ACCOUNTING PH, Sta. Ana has established himself as a visionary leader in the accounting industry, with a strong focus on providing business solutions for MSMEs and entrepreneurs. His strong advocacy for tax compliance sets him apart in the industry. He is committed to helping people understand their tax obligations and navigate the complex world of taxation. Through SIMPLY ACCOUNTING PH and TAXMATE, Sta. Ana is making a positive impact on the business community and empowering individuals to take control of their finances.<br/><br/>Subscribe to The Manila Times Channel - https://tmt.ph/YTSubscribe <br/><br/>Visit our website at https://www.manilatimes.net <br/><br/>Subscribe to Business Franchise Guru: https://www.youtube.com/@BusinessFranchiseGuru<br/> <br/>Follow us: <br/>Facebook - https://tmt.ph/facebook <br/>Instagram - https://tmt.ph/instagram <br/>Twitter - https://tmt.ph/twitter <br/>DailyMotion - https://tmt.ph/dailymotion <br/> <br/>Subscribe to our Digital Edition - https://tmt.ph/digital <br/> <br/>Check out our Podcasts: <br/>Spotify - https://tmt.ph/spotify <br/>Apple Podcasts - https://tmt.ph/applepodcasts <br/>Amazon Music - https://tmt.ph/amazonmusic <br/>Deezer: https://tmt.ph/deezer <br/>Stitcher: https://tmt.ph/stitcher<br/>Tune In: https://tmt.ph/tunein<br/> <br/>#TheManilaTimes <br/>#worldnews <br/>#philippines<br/>#entrepreneur

Alvin Sta Ana: A visionary leader in the accounting industry

⏲ 44:25 👁 5.2M

The Awesome S'witty Kiwi Show

IRS Form 1120-S Line-by-Line Instructions 2023: S Corporation U.S. Income Tax Return 🔶 TAXES S2•E105

⏲ 26 minutes 1 second 👁 17.1K

ClearValue Tax

How to File Taxes For the First Time: Beginners Guide from a CPA

⏲ 9 minutes 38 seconds 👁 337.6K

Chancellor Jeremy Hunt says he would like to bring down taxes - but only if it were fiscally responsible. <br/> <br/>He adds he would also like to put more money into public services through growing the economy rather than more funding. Report by Alibhaiz. Like us on Facebook at http://www.facebook.com/itn and follow us on Twitter at http://twitter.com/itn

Hunt would like to relieve tax burden in 'responsible' way

⏲ 1:4 👁 950K

President Joe Biden begun three days of campaigning in Pennsylvania while returning to his childhood home in Scranton on Tuesday where he called for higher taxes on the rich and casting Donald Trump as an elitist.Mr Biden is looking to gain ground in a key battleground state while Mr Trump spends much of the week in a New York City courtroom for his first criminal trial.SOURCE: PA

Biden calls for more taxes on the rich as he casts Trump as elitist

⏲ 0:34 👁 330K

Health Secretary Victoria Atkins has questioned Labour's handing of deputy leader Angela Rayner's tax affairs, calling for transparency. Report by Etemadil. Like us on Facebook at http://www.facebook.com/itn and follow us on Twitter at http://twitter.com/itn

Health Secretary criticses Angela Rayner's tax affairs

⏲ 0:46 👁 3.5M

Tax credits for energy-efficient home improvements are extended and expanded by the Inflation Reduction Act.

How To Save on Green Improvements Under Inflation Reduction Act

⏲ 2:28 👁 195K

Police announced on Friday that they are investigating Angela Rayner over the controversy surrounding her house sale.The bombshell development came after Labour’s deputy leader has faced weeks of questions over whether she paid the required tax when she sold her home.

Angela Rayner being investigated by police over claims Labour deputy leader broke electoral law

⏲ 0:53 👁 28.5M

On Sunday, Mark Cuban took to X, formerly Twitter, to announce his upcoming tax payment to the IRS. The “Shark Tank” fame entrepreneur stated, “I pay what I owe. Tomorrow I will wire transfer to the IRS $288,000,000.00. This country has done so much for me, I'm proud to pay my taxes every single year.”

Mark Cuban's $288M Wire Transfer To IRS: A Veiled Jab At Trump?

⏲ 1:2 👁 1.4M

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