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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.

IRS Confirms Tax Filing Season to Begin January 28

 

WASHINGTON ― Despite the government shutdown, the Internal Revenue Service today confirmed that it will process tax returns beginning January 28, 2019 and provide refunds to taxpayers as scheduled.

2018 Tax Reform

 

State and local taxes

Under the new tax plan, taxpayers can deduct up to $10,000 in state and local income taxes. Previously, there was no cap on the amount you could write-off. Filers simply had to choose between deducting their state income tax or sales tax; both were not deductible together. All other state and local taxes, such as property taxes, could be deducted together.

IRS Announces 2018 Retirement Plan Contribution Limits For 401(k)s And More

 

After three years stuck at $18,000, the amount you can contribute to your 401(k) workplace retirement plan inches up for 2018 to $18,500. The Treasury Department has announced inflation-adjusted figures for retirement account savings for 2018, and that’s one of the tweaks that will help savers. Much stays the same, but in addition to the jump in the 401(k) limit, there are increases to income phase-outs for IRA contributors, and to the adjusted gross income limits for snagging the saver’s credit. 

IRS starts to enforce Obamacare rules

 

Even as the Trump administration tries to find ways around the Affordable Care Act, the Internal Revenue Service has finally begun to enforce one of its most controversial rules: the employer mandate.

2018 Earned Income Tax Credit: 3 Limits You Need to Know

 

The earned income tax credit is one of the most valuable credits in the tax laws, helping millions of families save thousands of dollars each year. Yet there are complex rules that govern the credit, and only some taxpayers qualify to take it. Each year, the income limits that restrict the use of the credit and the maximum amount of credit that you can claim change, and there’s also a limit on the amount of investment income you’re allowed to have.

IRS interest rates unchanged in Q1 2018

 

The Internal Revenue Service announced that its interest rates will remain the same for the calendar quarter beginning Jan. 1, 2018.

What Rate is the Right Rate For IRS Compliant Vehicle Reimbursement?

 

AMHERST, N.Y., Dec. 1, 2017 /PRNewswire/ -- The IRS has revenue procedures governing what is to be paid for vehicle reimbursement; the big benefit to IRS compliant vehicle reimbursement is the non-taxable payments.  There are two structures that permit non-taxable payments, the FAVR and the IRS Standard Mileage Rate.  CarData reviews how these structures operate and why there are two methods.