Episode 142: IRS Notices, Hidden Tax Credits, and the Tax Traps Costing People 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 requirements, and how to avoid unnecessary refund delays. - Delaware-specific tax notice concerns that are affecting taxpayers across the state. - A look at potential tax and legislative developments on the horizon, including discussions surrounding a possible federal gas tax holiday and what it could mean for consumers.