Podcasts about irs revenue ruling

A recent IRS revenue ruling impacts the estate planning of some who have irrevocable trusts. Different types of irrevocable trusts are used to achieve various tax planning and public benefits planning goals are discussed.

A recent revenue ruling by the IRS has caused some confusion. The ruling applies to “intentionally defective grantor trusts” or IDGTs. Bellomo & Associates does not use IDGTs. Instead, the firm uses “irrevocable grantor trusts” or “pure grantor trusts.” The IRS ruling does NOT apply to these types of trusts.   We are committed to using strategies that are based on trusted and legitimate tax and legal principles and we're pleased to help you understand the complexities of estate planning so that you can make informed choices based on your unique circumstances.    What You Need to Know   (02:04) The recent IRS revenue ruling has nothing to do with the types of trusts we use at Bellomo & Associates.   (03:21) A trust is a contract between three parties: the person who creates it (the grantor), the person who controls it (the trustee), and the person who receives it (the beneficiary).  (09:08) Typically, Jeff advises his clients to keep their assets with the estate rather than placing the assets with the children.   (10:07) Before putting your assets in your children's names, please make sure that you fully understand the tax, long-term care, and estate planning implications of that decision.  (16:42) The IDGT ruling addresses what seems to be a violation of the basic tenants of tax law in the design of intentionally defective grantor trusts. Bellomo & Associates has stayed away from IDGTs for that very reason.    About Bellomo & Associates  Jeffrey R. Bellomo, the founder of Bellomo & Associates, is a licensed and certified elder law attorney with a master's degree in taxation and a certificate in estate planning. He explains complex legal and financial topics in easy-to-understand language.  Bellomo & Associates is committed to providing education so that what happened to the Bellomo family doesn't happen to your family. We conduct free workshops on estate planning, crisis planning, Medicaid planning, special needs planning, probate administration, and trust administration. Visit our website (https://bellomoassociates.com/) to learn more.  Links and Resources Bellomo & Associates workshops:https://bellomoassociates.com/workshops/ Life Care Planning The Three Secrets of Estate Planning Nuts & Bolts of Medicaid For more information, call us at (717) 845-5390. Connect with Bellomo & Associates on Social Media Tune in Saturdays at 7:30 a.m. Eastern to WSBA radio: https://www.newstalkwsba.com/ Twitter:https://twitter.com/bellomoassoc YouTube: https://www.youtube.com/user/BellomoAssociates Facebook:https://www.facebook.com/bellomoassociates Instagram:https://www.instagram.com/bellomoassociates/ LinkedIn:https://www.linkedin.com/in/bellomoandassociates WAYS TO WORK WITH JEFFREY BELLOMO Contact Us:https://bellomoassociates.com/contact/ Practice areas:https://bellomoassociates.com/practice-areas/    

Wouldn't it be nice if every investment was a winner? While not every investment will make you money, there are strategies to help you make the most of a loss. On this episode, I'm going to show you the dos and don'ts of tax-loss harvesting so you can lower your income taxes and soften potential losses in the market. You will want to hear this episode if you are interested in... What is tax-loss harvesting [1:10] Examples of tax-loss harvesting [2:30] Four things to be aware of when developing a tax-loss harvesting strategy [4:29] Do your tax-loss harvesting homework [8:13] Understanding tax-loss harvesting Tax-loss harvesting is one of the many tax strategies you should consider as an investor. It works by selling investments that are down in value from your purchase price. You can use the loss to offset other taxable capital gains from that year or reduce your ordinary income for that year by up to $3,000. Then you have the option to reinvest that money into a similar investment or purchase the same investment after 30 days to avoid missing any recovery. This strategy can be used for both short-term and long-term investment losses to soften the blow and stay invested in the market. Let's say you have a long-term capital loss of $15,000 and you sell it off. If you have no other capital gains for the year, take $3,000 of that $15,000 loss as a deduction on your taxes this year against your ordinary income. The remaining $12,000 loss would carry over to use the following year off any other gains, or you could continue writing off the remaining loss up to $3,000 per year until it's used up. Long-term losses don't have limitations either, so you can keep using them over your lifetime to offset future gains or to write them off as ordinary income deductions.  The rules and limitations of tax-loss harvesting While tax-loss harvesting in the current economic climate feels like a no-brainer, there are some things you need to be aware of when developing this strategy. The first is that tax-loss harvesting cannot be used with retirement accounts such as 401ks, IRAs, Roth IRAs, SEP IRAs, Simple IRAs, 403 B's, etc. Secondly, losses need to be first used to offset like gains. If you have long-term losses, those losses first need to be applied against any long-term gains, and vice versa for short-term gains and losses. For instance, if you believe the soft drink industry is a solid investment despite your current losses, you could sell Coke to buy Pepsi. It's a little more complicated with things like funds. Let's say you're invested in an S&P 500 index fund. You could sell that fund and buy a "different enough" index fund that tracks a different index, such as the total stock market index or the Russell 1000. You just have to ensure that you don't buy a substantially identical investment within 30 days of the sale, or that loss is disallowed for current income tax purposes. For more on this and other tax-loss harvesting tips, listen to this episode! Resources Mentioned Retire With Ryan Podcast 2022 Listener Survey What Is The Difference Between An Index Fund And An ETF?, #113  IRS Revenue Ruling 2008-05 Connect With Morrissey Wealth Management  www.MorrisseyWealthManagement.com/contact

Hey entrepreneurs! If you are a recipient of the PPP Loan for your business and are confused as to the current guidance or rulings, this is the podcast to listen to. I wanted to end that confusion and offer a clear path for you as it stands right now on November 20th.  There was a new IRS Revenue Ruling issued on November 18th and I discuss that here with 3 suggestions on how to respond. Also, which form to file for forgiveness based on your specific loan!   Below are the links for the loan forgiveness calculators PPP Forgiveness Calculator PPP Loan Calculator - Self Employed Of course if you would like to reach out to us, please do. 954-928-8240 info@eunisgroup.com

Guest: Ryan Firth, CPA & Shehan Chandrasekera, CPA Virtual currency experts Ryan Firth, CPA and Shehan Chandrasekera, CPA will discuss what you need to know about the recent IRS revenue ruling on virtual currencies to help you advise your clients: What is virtual currency and cryptocurrency? What are hard forks and airdrops? What are the key takeaways from the IRS Q&A? What are the practical challenges you need to be aware of? How can you help your clients who transact in cryptocurrency? Access the related resources from this podcast: IRS Rev. Rul. 2019-24 Article: “IRS Revenue Ruling 2019-24: Hard Forks, Airdrops and Other Topics Related to the Taxation of Virtual Currency” by Ryan Firth How the IRS is Approaching Cryptocurrency Compliance: Updates from the IRS Chief Counsel New IRS Cryptocurrency Tax Guidance IRS and FinCEN clarify cryptocurrency reporting rules: Like-Kind Exchanges, Specific ID, FBAR, and Airdrops Podcast: Planning & tax considerations when transacting in virtual currency Webcast: IRS Guidance on Taxation of Virtual Currency Demonstrate your competency in personal financial planning with the CPA/PFS credential or the PFP certificate program The episode is brought to you by the AICPA’s Personal Financial Planning Section, the premier provider of information, tools, advocacy and guidance for professionals who specialize in providing tax, estate, retirement, risk management and investment planning advice and by the CPA/PFS Credential program which allows CPAs to demonstrate competence and confidence in providing these services to their clients. Visit us online at www.aicpa.org/pfp to join our community and gain access to valuable member-only benefits. Don’t miss an episode – subscribe to our podcast series on iTunes or Pod-o-Matic or Spotify!. Just search for “AICPA Personal Financial Planning” on any Apple, Android or Windows device.

The Big Idea An old IRS Revenue Ruling makes Solo 401k's set up by banks, brokerages and self directed IRA custodians just as risky as IRA's in the event of a prohibited transaction... and it does not need to be that way.  Pay close attention for the problem and the solution. Points To Ponder 401(k) plans (including Solo 401k's) can be set up as "Custodial" or "Trust" plans "Custodial" plans are usually those set up by financial companies, including Self Directed IRA custodians "Trust" plans are usually those where the employer/business owner directly manages the 401k IRS Revenue Ruling 71-153, in effect, says that Custodial-type 401k plans are not able to be "fixed" if a prohibited transaction occurs, but that Trust-type plans can be corrected This means that Custodial 401k plans are just as susceptible to the horrible risk of prohibited transactions as IRA's... and the risk there is catastrophically significant If you have a Solo 401k plan, your action items are: Determine whether your plan is Custodial or Trust If your plan is a Custodial plan, consider amending it so that it's a Trust-type of 401k plan Contact solo 401k attorney Tim Berry here to determine if your plan is a Custodial plan, and to have it amended if necessary Revenue Ruling 71-153 is a very old ruling, so an alternative legal opinion is plausible.  However, subsequent regulations have been issued which echo the verbiage in this ruling, so there's substantive reason to believe it remains relevant. Resources Episode #250 of Self Directed Investor Talk (this show) Free Webinar that shows how many SDI Talk listeners are receiving very large credit lines at 0% interest for their real estate deals or businesses.  Check it out here. Solo 401k / Self Directed IRA attorney Tim Berry   See acast.com/privacy for privacy and opt-out information.

After a not so short hiatus, the Tax Update podcast is again posted, this time looking at IRS Revenue Ruling 2008-5 that deals with issue of a taxpayer selling securities at a loss in a taxable account and then purchasing identical securities in a regular or Roth IRA.  The issue is one that practitioners have discussed for years, but which the IRS just now is getting around to issuing a formal ruling on.The written materials for the podcast can be downloaded at http://www.edzollars.com/2007-12-21_IRA_Issue.pdf .The podcast is sponsored by Leimberg Information Services, located on the web at http://www.leimbergservices.com .

This PodCast concerns wash sale rules and IRA investments. IRS Revenue Ruling 2008-5 deals with issue of a taxpayer selling securities at a loss in a taxable account and then purchasing identical securities in a regular or Roth IRA. The issue is one that practitioners have discussed for years, but which the IRS just now is getting around to issuing a formal ruling on. The written materials for the podcast can be downloaded at http://www.edzollars.com/2007-12-21_IRA_Issue.pdf . This Podcast is sponsored by Leimberg Information Services, Inc. at http://www.leimbergservices.com Please visit our software, books, and PowerPoint Presentations site at http://www.leimberg.com

This PodCast concerns wash sale rules and IRA investments. IRS Revenue Ruling 2008-5 deals with issue of a taxpayer selling securities at a loss in a taxable account and then purchasing identical securities in a regular or Roth IRA. The issue is one that practitioners have discussed for years, but which the IRS just now is getting around to issuing a formal ruling on. The written materials for the podcast can be downloaded at http://www.edzollars.com/2007-12-21_IRA_Issue.pdf . This Podcast is sponsored by Leimberg Information Services, Inc. at http://www.leimbergservices.com Please visit our software, books, and PowerPoint Presentations site at http://www.leimberg.com