irs 941 2021 Videos

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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.
⏲ 1:29 👁 1.1M
TaxBandits
⏲ 6 minutes 27 seconds 👁 3.5K
TaxBandits
⏲ 1 minute 53 seconds 👁 179
When you’re selling and rebuying stocks, it’s important to understand the wash sale rule and avoid having losses disallowed by the IRS.
⏲ 2:38 👁 480K
Fundera by NerdWallet
⏲ 15 minutes 15 seconds 👁 79.1K
Liberman Consulting L.L.C.
⏲ 40 minutes 44 seconds 👁 263
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.
⏲ 1:54 👁 775K
Liberman Consulting L.L.C.
⏲ 18 minutes 57 seconds 👁 49
LYFE Accounting
⏲ 13 minutes 46 seconds 👁 60.1K
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.
⏲ 1:29 👁 7.7M
ClearValue Tax
⏲ 7 minutes 54 seconds 👁 33.9K
More Perfect Union
⏲ 2 minutes 51 seconds 👁 12K
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