Tax Letter and Tax Times Alert 2024 (Tax Year 2023)

Dear Clients,

Our wishes to all of you for a Happy, Healthy, and Prosperous New Year. We are looking forward to seeing you all soon.

Our Tax Times Alert gives reminders and updates about taxes. However, there are not a lot of tax changes for 2023. Instead, the IRS will hopefully finish catching up on all the delays in processing tax returns and refunds, and will be answering their phones so we can assist our clients who are experiencing delayed refunds and compliance issues.

The IRS has just announced that tax filing will begin January 29th! Tax returns can be prepared before January 29th if all documents have been received. We will hold the return and process on the 29th. We encourage early appointments and early drop off of documents. We simply cannot process timely if everyone waits until the last minute.

Our secure portal Canopy, is up and running. If you already have used the portal, you can log in but will need to verify identity. You will receive an email or text with a code to verify your identity before proceeding with uploads. If you would like to use Canopy but have not in a previous year, please let us know and we will send an invitation for you to set up your account. You will then be able to upload and receive documents from us.  We are notified when your documents have been uploaded and stored. It will be most helpful if you indicate when all your documents have been uploaded. Most documents should be mailed by January 31st but brokerage statements do not have to be mailed until Feb 15th, and K-1’s are notoriously late. Extensions may have to be filed for late K-1’s. Feel free to call if you need any help with Canopy.

To speed up tax return processing and refund delivery, keep in mind the following:

  1. E-File and use direct deposit of refunds or to pay balance due to avoid delays.
  2. Collect all documents before dropping off or coming to your appointment – especially 1099 G’s for unemployment, 1098 T’s for tuition payments for a dependent student and 1099 K’s.
  3. Dependents and dependent students should not file before parents.
  4. If the IRS sends you an IP pin, it must be used for you to be able to E-File.

IRS Income Requirements for Filing a Federal Tax Return:

Under 65          65 or older

Single                                      $13,850           +$1,850

MFJ                                         $27,700           +$1,500 per individual over 65

MFS                                        $ 5.00              any age

Head of Household                 $20,800           $1,850

Qualifying Surviving Spouse $27,700           $1,500

NYS – If you must file a Federal tax return, you must file a NYS return.

NYS income requiring the filing of a tax return:

Income of $4,000 – you must file a return

Dependent $3,100 – you must file a return

If you receive any mail from the IRS or the NYS tax department, forward it to us, drop it off, or include it with your tax documents. We need to see all pages front and back.

Please come in as early as possible, as we want to avoid putting clients on extension. We are offering drop off appointments, pick up appointments, and zoom appointments; whatever works best for you. If you need to revisit withholding, please bring your most recent payroll stub showing the current withholding and let us know so that we can allow enough time for the appointment.

Looking forward to seeing and working with you,

Suzanne, JD, John, Nancy, Alvaro, Raelynn

and all the Ferrigno Tax & Accounting Staff


The Tax Times Alert

January, 2024

Internal Revenue Service


Any taxpayer can request an Identity Pin (IP PIN) including a dependent child. Go to IRS.Gov to request an IP PIN or file Form 15227. This protects someone from filing with your SS #.

To be claimed as Dependent over the age of 18, they cannot have more than $4,700 of income in 2023 unless they are a fulltime student under the age of 24. Call if you have any questions.

If your dependent will be filing a tax return, have them wait until you have filed. Otherwise, if they answer the dependency question incorrectly, your tax return will be rejected and have to go by paper and a refund will be delayed.

Foreign Accounts and Digital Assets must be reported on the tax return. If a foreign account is over $10,000 on any day in the year, Form 114 (FBAR) must be filed with your tax return.

Required Minimum Distributions (RMD) change:

              Age 72 in 2022, RMD begins at 72

              Age 72 in 2023 new rules, RMD begins at age 73

If you reach age 72 in 2023, you must take your first RMD by

April 1, 2025. If you reached age 72 in 2022, you were subject to the old rule and should have taken your RMD in 2022. If you did not take it, do it as soon as possible and take another

RMD in 2024 for the current year.

If you are Not required to file a tax return based on income or other requirements you can file if eligible for credits such as EIC, Additional child tax credit, AOTC, Premium tax credit (health insurance), and credits for sick and family leave.

Due Dates of Returns

March 15: Forms 1065 (Partnerships), 1120 S (S Corporation)

April 15:   Forms 1040, 1041, 1120 (C Corporation), FinCen114,

Form 709 Gift Tax Returns

May 15:     Forms 990, 990 EZ

June 17: Last day for US residents living abroad

Estimated Tax Payments for individual returns are due:

April 15th 2023, June 17th 2023, September 15th 2023, January 15th 2024

**Extensions are not automatic and must be requested**

Extensions deadlines for the following returns are as follows:

September 15th Form 1041

September 16th Forms 1065 and 1120 S

October 15th Forms 1040 and 1120

An extension to file is not an extension to pay. Penalties and interest will continue.


Health Insurance

If health insurance is through the Marketplace and you receive Form 1095, bring it with your tax documents. If you received advanced payments of the Premium Tax Credit, bring all forms you receive. If you are self-employed and pay for health insurance, please bring records of the expense even if through the Marketplace.

Public Safety Officers

Health insurance payments up to $3,000 deducted from their retirement benefit are excludable from gross taxable income each year.

New York State

Itemizing is available to many taxpayers who cannot itemize for the federal. Bring your tax bills, mortgage interest, charitable receipts, job related expenses (especially union dues), medical expenses if over 7.5% of your income, income taxes or sales tax on vehicles.

New: NYS child tax credit available for children under age 4

Reminder of NYS Credits:

  • Solar Credits
  • Long Term Care Insurance and Nursing Home Assessment
  • College Tuition expenses for full time NYS residents
  • NYS resident credit for income taxes paid to another state
  • Real Property Tax Credit: bring copies of star and homeowner credit checks
  • NYS volunteer firefighter or ambulance worker for the entire year
  • Foreign real estate taxes are deductible on the NYS return (not on the Federal)
  • Noncustodial parent earned income credit
  • NY 529 college savings program deduction