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Philip L. Liberatore, CPA Blog
Phil Liberatore, CPA, Discusses the Deplorable Weaknesses of the IRS
Between 2011 and 2016, a shocking approximation of 9,176 IRS employees were investigated for not completely paying their taxes. Alternatively, 99 percent of employees investigated for not fully paying taxes continue to work there, and only 74 of the agency’s workers were terminated, according to The Daily Caller News Foundation’s Investigative Group. Phil Liberatore of …
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
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
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 …
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 …
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...
Read MoreHow 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...
Read MoreInternal 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 …
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...
Read MoreReap 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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