TaxSense: Keeping What's Yours

Originally broadcast May 26, 2012.

In this archival episode of TaxSense: Keeping What’s Yours, Owen S. Arnoff discusses some of the responsibilities and practical issues that can arise when someone is asked to serve as an executor or trustee.

The program explores the tax, administrative, and recordkeeping considerations involved in handling an estate or trust and highlights why fiduciaries need to understand both their responsibilities and the potential consequences of mistakes.

Archive notice: This program is presented as a historical recording. Tax laws, estate and trust rules, IRS procedures, and planning strategies discussed reflect the law and circumstances in effect when the episode originally aired and may no longer be current. This recording is provided for historical and educational purposes only and is not current tax, legal, or investment advice.

Originally broadcast May 19, 2012.

In Part 2 of this archival TaxSense: Keeping What’s Yours discussion, Owen S. Arnoff continues the examination of IRS audit “red flags,” including return items and taxpayer circumstances that may draw additional scrutiny.

The program continues the practical discussion of audit risk, documentation, accurate reporting, and the importance of taking tax positions that can be supported if questioned.

Archive notice: This program is presented as a historical recording. Tax laws, IRS procedures, financial rules, and planning strategies discussed reflect the law and circumstances in effect when the episode originally aired and may no longer be current. This recording is provided for historical and educational purposes only and is not current tax, legal, or investment advice.

Originally broadcast May 12, 2012.

In Part 1 of this archival TaxSense discussion, Owen S. Arnoff examines the idea of IRS “audit red flags” and the kinds of return items, reporting patterns, and taxpayer circumstances that can attract additional scrutiny.

The episode separates common assumptions about audit triggers from the broader realities of IRS examination risk and emphasizes accurate reporting, documentation, and defensible tax positions.

Archive notice: This program is presented as a historical recording. Tax laws, IRS procedures, financial rules, and planning strategies discussed reflect the law and circumstances in effect when the episode originally aired and may no longer be current. This recording is provided for historical and educational purposes only and is not current tax, legal, or investment advice.

Originally broadcast May 5, 2012.

In this archival episode of TaxSense: Keeping What’s Yours, Owen S. Arnoff discusses the often-advertised idea of settling an IRS tax debt for “pennies on the dollar.” The program examines IRS collection and tax-resolution issues and the circumstances taxpayers should understand before assuming that a dramatically reduced settlement is readily available.

Archive notice: This program is presented as a historical recording. Tax laws, IRS procedures, financial rules, and planning strategies discussed reflect the law and circumstances in effect when the episode originally aired and may no longer be current. This recording is provided for historical and educational purposes only and is not current tax, legal, or investment advice.

Originally broadcast April 28, 2012.

In this archival episode of TaxSense: Keeping What’s Yours, Owen S. Arnoff discusses the tax consequences that can arise from short sales and foreclosures.

The program examines how distressed real-estate transactions can create unexpected tax issues, including potential debt-cancellation consequences and other considerations taxpayers should understand when property is sold or surrendered for less than the outstanding debt.

Archive notice: This program is presented as a historical recording. Tax laws, mortgage-debt rules, real-estate provisions, and IRS procedures discussed reflect the law and circumstances in effect when the episode originally aired and may no longer be current. This recording is provided for historical and educational purposes only and is not current tax, legal, real-estate, or investment advice.

Originally broadcast April 21, 2012.

In the inaugural episode of TaxSense: Keeping What’s Yours, Owen S. Arnoff discusses the different ways taxpayers prepare and file their income tax returns, including the choices available to people who prepare their own returns or work with a tax professional.

The program looks at practical considerations involved in choosing a filing approach and introduces many of the tax-preparation themes that would become part of the TaxSense series.

Archive notice: This program is presented as a historical recording. Tax laws, IRS procedures, tax-preparation methods, and software discussed reflect the law and circumstances in effect when the episode originally aired and may no longer be current. This recording is provided for historical and educational purposes only and is not current tax, legal, or investment advice.