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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 👁 18.1M

Sales Tax Sisters

What Are Taxable Purchases?

⏲ 11 minutes 34 seconds 👁 2.2K

Streamline Financial

New Inflation-Adjusted Tax Brackets for 2024

⏲ 11 minutes 👁 68.2K

Walmart's stock price rose after it reported first-quarter earnings that beat analyst expectations, demonstrating consumer resilience in spending despite economic pressure. Walmart's market capitalization surpassed $500 billion for the first time following the strong earnings results. Walmart's CFO stated that consumers have remained consistent in spending from quarter to quarter, though budgets remain stretched. Upper-income consumers are increasingly shopping at Walmart. Analysts noted Walmart's increasing focus on higher-margin revenue streams like digital advertising, marketplace fees, and fulfillment services contributing to growth.

Walmart Surpasses $500 Billion Market Cap After Strong Q1 Results

⏲ 0:38 👁 575K

Sherman - My CPA Coach

CPA EXPLAINS How To Deduct ALL Medical Expenses 🏥 From Taxes

⏲ 8 minutes 20 seconds 👁 5.7K

CNBC Television

IRS raises income threshold and standard deduction for all tax brackets

⏲ 2 minutes 10 seconds 👁 23.4K

Hogs Back Brewery blesses hop garden, continues ‘beating the bounds' tradition<br/><br/>Surrey-based Hogs Back Brewery recently held its annual Hop Blessing at its brewery and hop garden in Tongham. Around 100 people gathered in the evening sunshine to enjoy the ceremony and the ‘beating the bounds' walk, back as part of the event for a second year.<br/><br/>The Hop Blessing took place on Ascension Day (9 May), the day on which crop blessings were traditionally held for centuries. Rev. Claire Holt, of St Paul's Church in Tongham, blessed the crops and, with Hogs Back Brewery managing director Rupert Thompson, led guests on the walk around the 8.5-acre hop garden.<br/><br/>Blessing of crops was observed in rural communities in a bid to encourage a bountiful harvest.Hogs Back revived the tradition in 2014 when they planted their original hop garden over the road from the brewery and continued it when they relocated to the current, larger site.Currently, the 6,000 hop plants in the Hogs Back garden are climbing up strings, spurred by the recent rainfall, and the brewery is hoping for an ample crop to harvest in late August. <br/><br/>Beating the bounds similarly took place around Ascension Day, when the priest would lead a group around the parish boundaries, as a way of instilling this vital information: your parish dictated how much tax you paid, and where you could be buried, for example.The ‘beating the bounds' name may have its origins in a tradition of beating children's heads at each of the boundary stones to drive home the information - a part of the custom that Hogs Back is not observing!<br/><br/>Rev. Holt said: \

Blessing of the hops prayer at Hogs Back Brewery

⏲ 1:2 👁 125K

The Ecommerce Accountants

Understanding Sales Taxes For Your Shopify Business

⏲ 19 minutes 1 second 👁 9.4K

Financial Fast Lane

How much of your Social Security will be taxed?

⏲ 11 minutes 32 seconds 👁 53.5K

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

Khan Academy

Taxation and dead weight loss | Microeconomics | Khan Academy

⏲ 9 minutes 6 seconds 👁 287K

FinePoints

Quarterly Taxes: for beginners (how much to pay, when to pay, how to pay quarterlies)

⏲ 12 minutes 34 seconds 👁 41.9K

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