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.
New Law Clarifies and Expands CARES Act Employee Retention Credit(ERC)
The majority of the changes are effective as of January 1, 2021, and impact the first two quarters of the year.
Note this key retroactive change: employers who took PPP loans are now eligible to take the employee retention credit, so long as the same wages are not used for both.
2021 tax filing season begins Feb. 12; IRS outlines steps to speed refunds during pandemic
The Internal Revenue Service announced that the nation's tax season will start on Friday, February 12, 2021, when the tax agency will begin accepting and processing 2020 tax year returns.
The February 12 start date for individual tax return filers allows the IRS time to do additional programming and testing of IRS systems following the December 27 tax law changes that provided a second round of Economic Impact Payments and other benefits.
Get ready now to file 2020 federal income tax returns
The Internal Revenue Service today encouraged taxpayers to take necessary actions this fall to help them file their federal tax returns timely and accurately in 2021, including special steps related to Economic Impact Payments (EIP).
This is the first in a series of reminders to help taxpayers get ready for the upcoming tax filing season. A special page, updated and available on IRS.gov, outlines steps taxpayers can take now to prepare for the 2021 tax return filing season ahead.
Penalty for No Health Insurance 2020 in California
Health insurance tax penalties were introduced at the federal level with the Affordable Care Act, or Obamacare. This meant that all taxpayers across the country were required to obtain health insurance coverage or pay a tax penalty. The federal law was repealed and coverage was not mandatory in the state of California in 2019. However, California has now introduced a new state mandate for individual health care in 2020.
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
$6,000 ($7,000 if you're age 50 or older), or
If less, your taxable compensation for the year
IRS issues standard mileage rates for 2020
The Internal Revenue Service today issued the 2020 optional standard mileage rates PDF used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes.
Beginning on January 1, 2020, the standard mileage rates for the use of a car (also vans, pickups or panel trucks) will be: