2023/2024 Tax Information



Both the IRS and the California Franchise Tax Board have new requirements. This means we will need documents and information we have never needed in the past. Here is a list of new information we will need from you when we prepare your taxes.

Create an Account with the IRS 

This year has been a year of many changes. How do you keep track of everything you have been receiving including credits and notices?
The easiest way to have any access to any of these things is by creating an account with the IRS and also the FTB. The process to create an IRS account is now very simple. When creating an account, it will go ahead and ask if you already have a previous account with ID.ME and if you do you can just sign in, but it will ask to take a picture of a valid ID and it will ask for a face scan for more security. After creating the account, it will allow you to see your portal. There you can get access to transcripts your record of payments you have made and many other details.

Create an Account with the Franchise Tax Board (FTB)

The process for creating an account with the FTB is different than that of the IRS. When creating the account it will ask for personal information and also ask you to create a username and enter your email after creating the account it will ask you to wait until you receive a letter from the FTB with a pin. After receiving that pin you will need to activate the account. Once activated you will have access to everything the FTB has to offer.

Register for an Identity Protection Pin (IP PIN)

All taxpayers are now eligible to register for an Identity Protection Pin (IP PIN). Thus Pin is a six-digit number assigned by the IRS that prevents other from filing fraudulent returns using your Social Security Number or Individual Taxpayer Identification Number (ITIN). You can register at this link. After registering the IRS will send you a new six-digit PIN in the mail each January.

If you do register for an IP PIN you will need to provide it to your Tax Preparer each year and if you do not, the IRS will reject it. In case you misplaced the Notice with the IP Pin there is a way to Retrieve it using your IRS account.  

Individual Taxpayer Identification Number (ITIN) Renewals

This is one of the most important things you must do if you have an ITIN. The IRS has provided the following information which you can also find at this link. ITINs that have not been used on a tax return for tax years 2017, 2018 or 2019 will expire December 31, 2020. Additionally, ITINs with middle digits 88 (For example: 9NN-88-NNNN) will expire December 31, 2020. Those with middle digits 90, 91, 92, 94, 95, 96, 97, 98 or 99, that were assigned before 2013 and have not already been renewed, will also expire at the end of this year.

If you receive a notice please let your tax preparer know so that we can renew your ITIN once you file your tax return. *Important* Bring your original Birth Certificate and a Valid ID or Passport as they are required in order to renew your ITIN.

Health Insurance:


California has implemented a new change in the Department of Health. As of January 1, 2020, California residents must either have qualifying health insurance, obtain an exemption from the requirement to have coverage or they must pay the penalty when they file their state tax return. You can check out the following link for more information from the Franchise Tax Board.

Franchise Tax Board: Health Care Mandate ​

Earned Income Credit:


California now has its own Earned Income Credit! Eligible low-income workers are able to claim a refundable credit on both their Federal and State income tax returns. We are required to keep copies of the documents listed below for each of your qualifying children when claiming this credit. Please be sure to bring copies of at least two of the qualifying documents listed below to avoid any delays in processing your return:

• School records (2021 report card) or reports;
• Landlord or property management statement;
• Health care provider records;
• Medical records,
• Child care provider records, or placement agency statement.

Repair regulations:


 Due to IRS changes in what can be deducted and what must be capitalized, we will need additional information from you if you have a business or rental property. Any items that you expense as “repairs” or “materials and supplies” will need to be itemized in a list. The list shall include:

• Date purchased;
• Cost, 
• Description of work done or item purchased.

Education Credits: 


Form 1098-T is now required to claim any education-related credits or deductions.