Episode 142: IRS Notices, Hidden Tax Credits, and the Tax Traps Costing People Money

About this episode

This episode discusses IRS penalties, hidden tax credits, and tax traps that could cost taxpayers money.

In this episode: A recent court case that could allow some taxpayers to recover certain IRS penalties and interest assessed during the COVID-era, and what steps may be available to protect refund claims. The growing problem of erroneous IRS and state tax notices, including what taxpayers should do before reacting to unexpected letters. Valuable but often-overlooked tax credits, including significant updates to the adoption tax credit and how proper communication with your tax preparer can prevent missed opportunities. A refresher on the Net Investment Income Tax (NIIT) and additional Medicare taxes, including why more taxpayers are being affected than ever before. Important considerations for farmers, landowners, and others exploring conservation easements or land preservation programs, including common compliance pitfalls. Tax-saving opportunities that may be disappearing soon, including credits related to electric vehicle charging equipment. Current mileage reimbursement rates, the importance of maintaining accurate mileage logs, and why mid-year IRS changes could matter. New direct deposit requirements for federal tax refunds, common IRS notice issues related to those…

People in this episode

Host: Faw Casson

Topics covered

• IRS penalties
• tax credits
• tax notices
• conservation easements
• tax-saving opportunities
• mileage reimbursement
• federal gas tax holiday

Keywords

• IRS
• tax credits
• COVID-era penalties
• mileage reimbursement
• conservation easements
• electric vehicle
• Delaware tax notices

Mentioned in this episode

Organizations: IRS, COVID, Delaware

Products: adoption tax credit, Net Investment Income Tax (NIIT), electric vehicle charging equipment

Places: Delaware

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