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IRS says “Wait a Minute” on Stepping-up Basis for Assets in Irrevocable Trust

Jul 5th, 2023

Until recently, the IRS has said little (if anything) regarding whether assets the beneficiary of an irrevocable trust receives get a step up in basis following the Grantor’s death. With issuance of Revenue Ruling 2023-2, that has changed. The IRS has spoken. In RR 2023-2, the IRS posed the following hypothetical which I’ve edited slightly: […]

Setting Up a Tax Exempt Organization

David McGuffey

Jul 3rd, 2023

There are several steps in setting up a tax exempt organization. We’re reviewing them here. However, this post is not designed to tell you anything other than the set-up process and it is not intended to be tax advice. CIRCULAR 230 NOTICE: To comply with the requirements imposed by the United States Treasury Department, any […]

News Roundup – 2/18/2022

David McGuffey

Feb 18th, 2022

February 18th is National Caregiver’s Day! General News Sources: Will Social Security run out of money? Here’s what could happen to your benefits if Congress doesn’t act Georgia AG Carr Warns Georgians to Beware of Romance Scams | FBI Warning North Macedonia President Walks Girl With Down’s Syndrome To School After She Was Bullied What […]

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IRS says “Wait a Minute” on Stepping-up Basis for Assets in Irrevocable Trust