Application under Rule 46A of income tax faceless appeal scheme || Procedure of faceless appeal from rule 46a of income tax act Watch Video

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Kondesh Softax Aid

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Kondesh Softax Aid
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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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More small business owners are falling prey to online 'predatory' lenders offering them quick cash. Struggling with mounting tax office debt and slowing income the business owners sign up to contracts for fast credit that land them in hundreds of thousands of dollars of more debt. Some of these loans come with interest charges as high as 300 per cent.
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