by Dean Clayton T. Woo CPA, Inc. | Jan 19, 2022 | Tax Tips and News
With tax time’s arrival, those Americans who don’t normally have to file an income tax return usually think their circumstances mean they have no benefit to filing a return. This year, however, could be very different. Credits can make it happen. The individual’s...
by Dean Clayton T. Woo CPA, Inc. | Jan 14, 2022 | Tax Tips and News
The Internal Revenue Service says it has updated the online frequently asked questions (FAQs) for the 2021 Child Tax Credit and the Advance Child Tax Credit. The objective, the agency says, is to help qualified taxpayers to claim the credit properly on their 2021...
by Dean Clayton T. Woo CPA, Inc. | Jan 13, 2022 | Tax Tips and News
“The most challenging year taxpayers and tax professionals have ever experienced.” With that short sentence, National Taxpayer Advocate Erin Collins sums up her assessment of the calendar year 2021 and its effect on the Internal Revenue Service. The assessment...
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...
