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Philip L. Liberatore, CPA Blog

An Encouraging Message from Phil & Dana Liberatore

As our country continues to fight this pandemic, we want to encourage you with a message from Phil & Dana Liberatore. We truly appreciate you and our thoughts and prayers are with you and your family. Thank you for being the best part of Philip L. Liberatore, CPA. Blessings, Philip L. Liberatore, CPA (562) 404-7996 … Read More

Disaster Relief for Business Owners

The world finds itself in an unprecedented time filled with anxiety, stress, and concern. We hope that you and your family are healthy and safe. Thank you for your flexibility and patience as we work together during the COVID-19 pandemic. As the situation surrounding COVID‑19 rapidly evolves, we want to assure you that Philip L. Liberatore, … Read More

New Tax Filing Deadline – July 15, 2020

As our country continue to fight this pandemic, we will continue to update you with pertinent information that may impact you or your business. As part of a growing effort to stem the financial pain from the coronavirus pandemic the IRS is extending the federal income tax filing deadline to July 15th without incurring penalties or interest. … Read More

Did You Pay Tax on Home Mortgage Debt Relief in 2018? You May Be Entitled to a Refund

Article Highlights: Appropriations Act of 2020 Cancellation-of-Debt (COD) Income Retroactively Extended Special Exclusion Home Affordable Modification Program (HAMP) Amended Return On December 20, 2019, President Trump signed into law the Appropriations Act of 2020, which included a number of tax law changes, including retroactively extending certain tax provisions that expired after 2017 or were about … Read More

Phil Liberatore,CPA, Responds to IRS Challenges and Important Tax Preparation Tips for 2020

On January 2, 2020, The IRS announced the official date in which they will begin accepting individual income tax returns for the 2019 tax season. Tax season will officially commence on Monday, January 27th through April 15th. With tax season beginning in less than a week, many Americans can expect to encounter several challenges when … Read More

Above-the-Line Education Tax Deduction Reinstated

Article Highlights: Appropriations Act of 2020 History of the Deduction Other Education Expense Benefits Which Tax Break Provides the Best Benefit On December 20, 2019, President Trump signed into law the Appropriations Act of 2020, which included a number of tax law changes, among them retroactive extension of certain tax provisions that expired after 2017 … Read More

Will Independent Contractors Become Extinct?

Article Highlights: New California Legislation Employee or Independent Contractor Dynamex ABC Test Impact on Employers Impact on Workers Safe Harbor The California legislature recently passed landmark labor legislation that essentially makes it very difficult, if not impossible, for a worker to be classified as an independent contractor (self-employed). Governor Newsom was quick to sign it … Read More

Congress Allowing Higher Medical Deductions for 2019 and 2020

Article Highlight: Appropriations Act of 2020 Medical AGI Limitations Sometimes Overlooked Deductions Deductible Health Insurance Above-the-Line Health Insurance Deduction for Self-Employed On December 20, 2019, President Trump signed into law the Appropriations Act of 2020, which included a number of tax law changes, including extending certain tax provisions that expired after 2017 or were about … Read More

2020 Standard Mileage Rates Announced

Article Highlights: Standard Mileage Rates for 2020 Business, Charitable, Medical and Moving Rates Important Considerations for 2020 Switching between the Actual Expense and Standard Mileage Rate Methods Employer Reimbursements Employee Deductions Suspended Special Allowances for SUVs The Internal Revenue Service (IRS) computes standard mileage rates for business, medical and moving each year, based on a … Read More

Do I Have to File a Tax Return?

Article Highlights: When You Are Required to File Self-Employed Taxpayers Filing Thresholds Benefits of Filing Even When Not Required to File Refundable Tax Credits This is a question many taxpayers ask during this time of year, and the question is far more complicated than people believe. To fully understand, we need to consider that there … Read More

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