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.

2022 tax filing season begins Jan. 24

 

  • WASHINGTON — The Internal Revenue Service announced that the nation's tax season will start on Monday, January 24, 2022, when the tax agency will begin accepting and processing 2021 tax year returns.

  • The January 24 start date for individual tax return filers allows the IRS time to perform programming and testing that is critical to ensuring IRS systems run smoothly. 

IRS issues information letters to Advance Child Tax Credit recipients and recipients of the third round of Economic Impact Payments

 

WASHINGTON — The Internal Revenue Service announced today that it will issue information letters to Advance Child Tax Credit recipients starting in December and to recipients of the third round of the Economic Impact Payments at the end of January. Using this information when preparing a tax return can reduce errors and delays in processing.

IRS issues standard mileage rates for 2022

 

WASHINGTON — The Internal Revenue Service today issued the 2022 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes.

Beginning on January 1, 2022, the standard mileage rates for the use of a car (also vans, pickups or panel trucks) will be:

  • 58.5 cents per mile driven for business use, up 2.5 cents from the rate for 2021,

  • 18 cents per mile driven for medical, or moving purposes for qualified active-duty members of the Armed Forces, up 2 cents from the rate for 2021 and

California Filing Season Tax Tips

 

Sacramento — The Franchise Tax Board (FTB) kicked off the 2022 tax filing season this week, offering Californians tips on how to avoid tax scams, claim valuable cash-back tax credits, file a return for free, and more. 

“We encourage Californians to use FTB’s online services, including free e-filing, and to file as early as possible for a faster refund,” said State Controller and FTB Chair Betty T. Yee. “Millions of taxpayers are expected to qualify for the California Earned Income Tax Credit, and many of them also will get the Young Child Tax Credit. Combined, these credits can be worth hundreds or even thousands of dollars to California taxpayers and their families.”

 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.

IRA Contribution Limits for 2021, 2020

 

For 2021, 2020 and 2019, the total contributions you make each year to all of your traditional IRAs  and Roth IRAs can't be more than:

  • $6,000 ($7,000 if you're age 50 or older), or

  • If less, your taxable compensation for the year

IRA Contribution Limits for 2022

 

Retirement savers will be able to defer paying income tax on up to $6,000 in an individual retirement account in 2022. Workers with slightly higher incomes will also be eligible to save for retirement in traditional and Roth IRAs and qualify for the saver's tax credit.

Here are the IRA limits for 2022:

  • The IRA contribution limit is $6,000.

  • The IRA catch-up contribution limit will remain $1,000 for those age 50 and older.