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Philip L. Liberatore, CPA Blog

JULY 2017 Online Advisor just published

We have just posted the JULY 2017 issue of the ONLINE ADVISOR newsletter on our website. Here are a few headlines from that issue. To read any of these articles, click on the link at the end of this email. TAX-FREE INCOME Paying taxes may not be something many of us look forward to, but … Continue reading Read More

A great read…Check out our June 2017 On Line Advisor

We have just posted the JUNE 2017 issue of the ONLINE ADVISOR newsletter on our website. Here are a few headlines from that issue. To read any of these articles, click on the link at the end of this email. KEEP YOUR AUDIT FEARS IN CHECK Many people worry about being audited by the IRS. … Continue reading Read More

Insights Into The Main Street Fairness Act Bipartisan Efforts Growing to Help US Small Businesses

A new tax bill was introduced last quarter in the senate by Senator Susan Collins of Maine (R) and Senator Bill Nelson of Florida (D) called The Main Street Fairness Act. The bill seeks to provide federal tax parity between pass-through businesses (such as S-Corps, LLC’s and Partnerships) and C-corporations. It would essentially guarantee the tax … Read More

Proposed, Sweeping Tax Reform Announced

On April 26th, 2017, Treasury Secretary Steven Mnuchin and Gary Cohn, Mr. Trump’s Director of National Economic Council, rolled out the President’s proposal on tax. Phil Liberatore is optimistic to see a significant number of these proposed changes, considering this is the largest, potential overhaul of the US Tax Code in over 30 years, post … Read More

What You Need to Know About Tax Extensions

The federal tax return filing deadline for tax year 2016 is Tuesday, April 18th, 2017. What should you do if you can’t meet the IRS filing deadline? Find out how to file an extension on your 2016 tax returns with these tips from acclaimed Southern California CPA, Phil Liberatore. Since 1955, “Tax Day” in the … Continue...

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How to Identify Tax Fraud

The first major tax filing deadline of April 18th is quickly approaching and is just around the corner. If you’ve not yet filed your tax forms you’ll be doing it soon or you may be choosing to file for an extension. At some point, you may be expecting to receive a nice tax refund check—unless … Continue reading...

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Internal Revenue Service’s Intensifying Battle This Tax Season

Phil Liberatore discusses why The Internal Revenue Service’s battle against fraud and identity theft is intensifying in 2017, as tax-filing season opens and the most needy taxpayers are getting caught in the middle. (PRWEB) February 27, 2017 “During recent years, it is quite disheartening to know, criminals now have the skills and capacity to impact … Read More

Client Letter

Dear Clients and Friends, As 2017 begins, the odds of comprehensive tax reform look promising. Individual, business, and estate tax rules could undergo major changes for the first time in 30 years. The Affordable Care Act will likely be revised in ways that affect information filing requirements, payment of penalties, and fringe benefits. While a proposed plan for reform exists, the extent, timing, and details will...

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Reap the most savings with early planning for changing conditions

You already know that tax laws — and your opportunities to plan for them — change regularly. This year, with comprehensive tax reform a real possibility, early planning, combined with a commitment to adapt to changing conditions, will help you reap the most savings. Here are suggestions to get you started. Regardless of what other tax changes Congress makes, it's likely that a deduction for charitable donations...

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Tax highlights for 2016 returns and 2017 planning

While last year was quiet in terms of tax legislation, you'll want to be aware of some changes that will have an impact on your 2016 personal and business tax returns and your 2017 planning. Here's a brief summary. In general, funds you withdraw from your IRA must be redeposited within 60 days of receipt. In some cases, when you inadvertently miss the 60-day deadline, you can get relief by "self-certifying" that the...

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