News & Publications
Woori Accounting, Inc. provides latest updates from Internal Revenue Services (IRS) or other related government agencies and newspaper(s) that you and/or your business may have to give a close attention.
California wildfire victims qualify for tax relief; various deadlines postponed to Oct. 15
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WASHINGTON — The Internal Revenue Service announced today tax relief for individuals and businesses in southern California affected by wildfires and straight-line winds that began on Jan. 7, 2025.
These taxpayers now have until Oct. 15, 2025, to file various federal individual and business tax returns and make tax payments.​
IRS announces Jan. 27 start to 2025 tax filing season
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The Internal Revenue Service today announced that the nation’s 2025 tax season will start on Monday, Jan. 27, 2025, and will feature expanded and enhanced tools to help taxpayers as a result of the agency’s historic modernization efforts​​​
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U.S. Beneficial Ownership Information Registry Now Accepting Reports
WASHINGTON -- Today, the U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) began accepting beneficial ownership information reports. The bipartisan Corporate Transparency Act, enacted in 2021 to curb illicit finance, requires many companies doing business in the United States to report information about the individuals who ultimately own or control them.
California provides tax relief for those affected by Los Angeles wildfires
Taxpayers in Los Angeles County will be granted a postponement to October 15, 2025, to file California tax returns on 2024 income and make any tax payments that would have been due January 7, 2025, through October 15, 2025.
ITIN filers now eligible for CalEITC!
The expanded California Earned Income Tax Credit (CalEITC), the Young Child Tax Credit, and the federal EITC can combine to put hundreds or even thousands of extra dollars in your pocket. That’s money you can use for rent, school tuition, utilities, groceries, and other important expenses.
401(k) limit increases to $23,500 for 2025, IRA limit remains $7,000
The Internal Revenue Service announced today that the amount individuals can contribute to their 401(k) plans in 2025 has increased to $23,500, up from $23,000 for 2024.
Topic no. 515, Casualty, disaster, and theft losses
Personal casualty losses are losses from casualty, disaster, and theft that are not connected to a trade or business, or a transaction entered into for profit. Generally, if the loss is caused by a federally declared disaster, you may deduct personal casualty losses relating to your home, household items, and vehicles on your federal income tax return.
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