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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 👁 12.8M

JJ THE CPA

How to Get 100% Auto Tax Deduction [Over 6000 lb GVWR] IRS Vehicle Mileage vs SUV & Truck Tax Deduct

⏲ 4 minutes 57 seconds 👁 36.1K

TGG Accounting

IRS Section 179 Deduction Explained

⏲ 1 minute 56 seconds 👁 4.7K

What should you be aware of when headed abroad this year?

Travel: Tourism tax and Foreign Office warnings

⏲ 1:5 👁 7.7M

Farhat Lectures. The # 1 CPA u0026 Accounting Courses

Section 179 deduction. Explained with Examples.CPA EA Exam

⏲ 22 minutes 2 seconds 👁 6.5K

LYFE Accounting

How to Write Off a Vehicle in 2024 (NEW Tax Code Changes)

⏲ 16 minutes 35 seconds 👁 89.7K

John Swinney acceptance speech<br/><br/>What are the key challenges facing John Swinney as First Minister and SNP leader?<br/>Mr Swinney was confirmed as the new leader of the SNP on Monday<br/><br/>John Swinney will not have his troubles to seek. The new SNP leader, who will become Scotland’s seventh first minister this week, inherits a number of problems both in his party and in the country at large. He will be all too aware of the difficulties ahead.<br/><br/>His predecessor, Humza Yousaf, never really managed to get on the front foot. Within days of him taking office last year, the police investigation into the SNP’s funding and finances exploded into the headlines. It has haunted the party ever since.<br/><br/>Mr Swinney will seek to heal internal divisions and boost his party’s fortunes in the polls ahead of an expected general election later this year. He has also emphasised the importance of economic growth. So what are the key challenges he faces?<br/><br/>A clear vision<br/>Mr Swinney will want to set out a clear strategic direction for his party. This is something his predecessor arguably struggled to do. Mr Yousaf hiked income tax for higher earners at the same time as freezing council tax, which some saw as sending a muddled message.<br/><br/>“Is this a guy who has demonstrated clear strategic direction?\

John Swinney acceptance speech

⏲ 11:21 👁 17.8M

The Tax Geek

Depreciation 101: Is the Section 179 Deduction Right for your Business?

⏲ 7 minutes 23 seconds 👁 5K

Boris Musheyev, CPA

Bonus Depreciation vs Section 179 - Which Is Right For Your Business?

⏲ 13 minutes 7 seconds 👁 9.1K

The Reds are in the midst of a tough 31-game stretch against teams projected to contend for the postseason. The bats haven't quite come around in total but the pitching is showing very impressive signs. What will it take for the Reds to continue their push toward contending status? Trags chats with Bally Sports Ohio host of \

Trags chats up Brian Giesenschlag On Reds bullpen, starters and character | Code Reds

⏲ 44:24 👁 7.2M

LYFE Accounting

Disadvantages of Writing Off Your Car in 2024 - Section 179

⏲ 10 minutes 58 seconds 👁 54.7K

CORVETTE TODAY-The Podcast

Tadge Juechter, Harlan Charles & Josh Holder Make A Return Appearance! | CORVETTE TODAY #212

⏲ 56 minutes 34 seconds 👁 2.6K

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