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.
Jan. 31 filing deadline for employers to file wage statements, independent contractor forms
WASHINGTON - With tax season rapidly approaching, the IRS reminds employers that Jan. 31 is the deadline for submitting wage statements and forms for independent contractors with the government.
2024 tax filing season set for January 29
WASHINGTON — The Internal Revenue Service today announced Monday, Jan. 29, 2024, as the official start date of the nation's 2024 tax season when the agency will begin accepting and processing 2023 tax returns.
The IRS expects more than 128.7 million individual tax returns to be filed by the April 15, 2024, tax deadline.
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.
What’s New with California Tax Forms
Latest information on upcoming tax form changes.
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 $23,000 for 2024, IRA limit rises to $7,000
WASHINGTON — The Internal Revenue Service announced today that the amount individuals can contribute to their 401(k) plans in 2024 has increased to $23,000, up from $22,500 for 2023.
Qualifying clean energy vehicle buyers are eligible for a tax credit of up to $7,500
If you buy a new or used clean energy vehicle, you may qualify for a non-refundable tax credit. Visit FuelEconomy.gov for a list of qualified vehicles. Qualified two-wheeled plug-in electric vehicles may also be eligible for this credit.
You claim the credit using Form 8936, Qualified Plug-in Electric Drive Motor Vehicle Credit, and submit it with your individual tax return.