by Dean Clayton T. Woo CPA, Inc. | Jan 12, 2022 | Tax Tips and News
The Internal Revenue Service is updating its Frequently Asked Questions to reflect changes on two fronts important to a lot of taxpayers. The changes, in the form of revamped and increased guidance, are focused on the unemployment compensation exclusion for 2020, and...
by Dean Clayton T. Woo CPA, Inc. | Jan 11, 2022 | Tax Tips and News
It’s official: The Internal Revenue Service says it will start accepting 2021 tax year returns on January 24, kicking off tax season. The somewhat late start for individual tax filers allows the agency the extra time needed to get their computer systems programmed and...
by Dean Clayton T. Woo CPA, Inc. | Jan 8, 2022 | Tax Tips and News
Their lifeline comes in the form of a quarterly estimated tax payment, as long as it’s made for the fourth quarter of 2021 and gets to the IRS by Tuesday, January 18. The IRS sees income taxes as a pay-as-you-go proposition, meaning Americans need to pay most of their...
by Dean Clayton T. Woo CPA, Inc. | Jan 6, 2022 | Tax Tips and News
No doubt about it: The future for the IRS is electronic. The agency is putting more and more formerly paper-only functions on its electronic platform, speeding up transmission and improving service as a result. Form 1024, Application for Recognition of Exemption under...
by Dean Clayton T. Woo CPA, Inc. | Jan 5, 2022 | Tax Tips and News
Victims of the New Year wildfires in Colorado now have one less thing to worry about. The Internal Revenue Service has given individual and business taxpayers affected by the disaster until May 16 to file and pay an array of federal taxes. The fires started December...
