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.
Prepare to file in 2026: Get Ready for tax season with key updates, essential tips
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WASHINGTON — With the 2026 filing season quickly approaching, the Internal Revenue Service is urging taxpayers to take a few simple steps now to prepare for filing their 2025 federal income tax returns. Visit Get Ready on IRS.gov for checklists, updates and no-cost filing options.
IRS announces first day of 2026 filing season; online tools and resources help with tax filing
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WASHINGTON — The Internal Revenue Service announced Monday, January 26, 2026, as the opening of the nation’s 2026 filing season. This year, several new tax law provisions of the One, Big, Beautiful Bill become effective, which could impact federal taxes, credits and deductions.​​​
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Treasury, IRS provide guidance on the new deduction for car loan interest under the One, Big, Beautiful Bill
WASHINGTON — The Department of the Treasury and the Internal Revenue Service today provided guidance on the “No Tax on Car Loan Interest” provision enacted under the One, Big, Beautiful Bill.
IRS sets 2026 business standard mileage rate at 72.5 cents per mile, up 2.5 cents
WASHINGTON — The Internal Revenue Service today announced that the optional standard mileage rate for business use of automobiles will increase by 2.5 cents in 2026, while the mileage rate for vehicles used for medical purposes will decrease by half a cent, reflecting updated cost data and annual inflation adjustments.
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 $24,500 for 2026, IRA limit increases to $7,500
WASHINGTON — The Internal Revenue Service announced today that the amount individuals can contribute to their 401(k) plans in 2026 has increased to $24,500, up from $23,500 for 2025.
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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