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EA Tax Resolutions

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IRS Spokesman Raphael Tulino is back to tell us what is happening with this year's tax season. May 17, 2021 is the tax deadline this year. Raphael recommends if you owe, make sure you make some sort of payment. He says the flexibility is there to make a payment plan, which is much easier than just ignoring it. Plus how the new laws may impact you and your refund or what you may owe.nnMore information available at irs.gov
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A critical bank statement could determine the outcome of Donald Trump's hush-money trial. Michael Cohen's testimony and a crucial document take center stage in the legal battle over a 2016 payment.
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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.
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