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At a Senate Finance Committee hearing prior to the Congressional recess, Sen. Bill Cassidy (R-LA) questioned IRS Commissioner Danny Werfel about efforts to capture fraud.<br/><br/>Fuel your success with Forbes. Gain unlimited access to premium journalism, including breaking news, groundbreaking in-depth reported stories, daily digests and more. Plus, members get a front-row seat at members-only events with leading thinkers and doers, access to premium video that can help you get ahead, an ad-light experience, early access to select products including NFT drops and more:<br/><br/>https://account.forbes.com/membership/?utm_source=youtube&utm_medium=display&utm_campaign=growth_non-sub_paid_subscribe_ytdescript<br/><br/><br/>Stay Connected<br/>Forbes on Facebook: http://fb.com/forbes<br/>Forbes Video on Twitter: http://www.twitter.com/forbes<br/>Forbes Video on Instagram: http://instagram.com/forbes<br/>More From Forbes:http://forbes.com

'Is The IRS Doing Any Of That?': Bill Cassidy Grills IRS Chief About Efforts To Capture Fraud

⏲ 7:44 👁 18.1M

FOX 5 Atlanta

I-Team: IRS dealing with 2019 tax return backlog

⏲ 3 minutes 37 seconds 👁 518

CBS Boston

IRS Still Processing Millions Of 2019 Tax Returns

⏲ 1 minute 33 seconds 👁 3.3K

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 👁 7.5M

IRS Fresh Start

Did you miss out on your 2019 tax refund? #IRS#HOMEIRSaxdebt #taxes #taxpro #taxresolution #taxtok #

⏲ 30 seconds 👁 40

BadranTax

IRS is DR0PPING 2019 & 2020 Penalties & Interests (TAKE ADVANTAGE!)

⏲ 33 seconds 👁 132

Carvana shares soared over 30% in after-hours trading after reporting first-quarter revenue of more than a billion, beating analyst estimates. The company forecast a sequential rise in adjusted core profit and retail unit sales growth, surprising analysts who expected a sales decline. Adjusted earnings before interest, tax, depreciation, and amortization were more than $200 million, exceeding estimates. Carvana's inventory of unsold used vehicles on dealer lots rose 9% from a year ago. High interest rates have pushed some consumers to the used car market for better deals than new vehicles.

Carvana Reports Stellar Q1 Results, as High Interest Rates Push Buyers to the Used Car Market. Shares Soar 30%.

⏲ 0:35 👁 5.1M

Bloomberg Quicktake

IRS: Average Tax Refund Down 8.7%

⏲ 43 seconds 👁 7

Más Que Noticias con Yaima Crespo

The IRS is refunding 1.2 billion dollars to taxpayers who filed certain 2019 or 2020 late returns.

⏲ 58 seconds 👁 86

There’s an easy and effective way savers can minimize the damage of a retirement tax bomb. It all starts with making one simple shift in your retirement savings contributions.

Ways Retirees Can Defuse A Retirement Savings Tax Bomb

⏲ 3:0 👁 3.8M

JOEL SANDOVAL TV

IRS Penalty Abatement for 2019-2020 Tax Year #shorts

⏲ 53 seconds 👁 22

IRSvideos

First Time Filing a Tax Return?

⏲ 3 minutes 40 seconds 👁 64.9K

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