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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 👁 10M

TaxCycle

T1135 and Foreign Income Reporting

⏲ 16 minutes 11 seconds 👁 1.2K

Preet Banerjee

How does an RRSP contribution reduce your income tax?

⏲ 2 minutes 57 seconds 👁 24.1K

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

PlanEasy

These 3 Retirement Tax Credits Equal Up To $50,000 Per Year In Retirement Income

⏲ 7 minutes 59 seconds 👁 8.1K

Gabrielle Talks Money

ACCOUNTANT EXPLAINS How to Pay Less Tax to the CRA THIS Tax Season | Act before FEB 29, 2024

⏲ 10 minutes 7 seconds 👁 14.2K

A single mum helped a couple have a child through surrogacy - which allowed her to buy her first ever home.<br/><br/>Teale Kelley, 27, was able to buy a house for her and her daughter Ella, 10, after earning £56,721 ($72,000) as a surrogate for a couple. <br/><br/>Teale used a surrogacy agency, which handled everything from the matching process to the intricate legal process.<br/><br/>In December 2023, she gave birth to a baby boy, and two months later, she was able to purchase her £401,300 ($500,000) four-bedroom home.<br/><br/>Teale always knew she wanted to be a surrogate and has always loved helping others.<br/><br/>Teale, a registered nurse in Denver, Colorado, USA, said: \

⏲ 5:9 👁 3.6M

Calm CFO

How to Read a Tax ReturnFederal Personal 1040 Edition

⏲ 17 minutes 22 seconds 👁 9.6K

Melanin Money

How I Got a $10,000 Tax Refund (& How YOU Can Too!)

⏲ 9 minutes 36 seconds 👁 67.8K

An investigation has revealed that Nestle is selling baby products containing added sugar in India and other low and middle-income countries. However, the same products without sugar are sold in countries like Germany and the UK.<br/>

Nestle Products Sold In India & Low-Middle Income Countries Contain High Levels Of Sugar: Report

⏲ 1:51 👁 140K

The shocking loss of income and retirement savings that disproportionately affect divorced women is a big challenge – especially for those over 50.

The Divorce Gap And Gender Retirement Issues

⏲ 2:45 👁 895K

Credit: SWNS / Whitney Davis<br/><br/>A 'DINK' couple says they wouldn't change their childfree life - going on seven holidays a year and being \

⏲ 2:30 👁 240K

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