Worried About an IRS Audit? Here’s What You need to know!
In reality, the IRS audits quite a few returns considering the millions of tax returns they process annually. The average number of returns audited annually totals just under 1%. The IRS doesn’t...
View Article10 Tips to Save on Income Taxes Before This Year Ends
When it comes to income tax deductions, most people don’t look past the obvious real estate taxes and mortgage interest. The tax laws are now so complicated that if you try to do it all on your own,...
View ArticleLatest Financial and Tax Trends in IRS Problem Solvers’ September Online Advisor
Here’s a sneak peek at what this month’s topics include: SAY GOODBYE TO THE COLLEGE TUITION DEDUCTION Congress decided not to extend the $4,000 deduction for 2017. Luckily, there are two popular...
View ArticleOctober 2017 Online Advisor Released
We have just released the October 2017 issue of the Online Advisor and this month it’s packed with trending and emerging topics including “Tax Loss Harvesting Tips,” “Business Taxes—Time to Consider...
View ArticleUpdate on Equifax Cyber-Security Data Breach
This is bigger than we orginally thought. Not only was banking information and account numbers stolen, this time the hackers got a lot more than that… watch this short video clip that Phil recorded to...
View ArticleDECEMBER 2017 ONLINE ADVISOR
We have just posted the DECEMBER 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...
View ArticleTHE TAX REFORM BILL PASSED CONGRESS – What should I do?
Phil L. Liberatore CPA, A Professional Corporation is working hard to keep you informed and up to date on current tax and accounting news potentially affecting you, your families and your business. THE...
View Article2018 NEW YEAR TAX PLANNING LETTER
Dear Client, We have just posted the 2018 NEW YEAR TAX PLANNING LETTER on our website. Here are headlines from the Letter. To read any of these articles, click on this link:...
View ArticleMarch 2018 Online Advisor
We have just posted the MARCH 2018 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...
View ArticleMidyear 2019 Tax Planning Letter
A letter from Philip L. Liberatore, CPA For better or worse, the past tax season provides you a clear picture of how the updated tax code impacts your situation. Now it’s time to use this insight to...
View ArticleStates’ SALT Deduction Workarounds Shot Down
The Treasury Department and the IRS have essentially shot down efforts by several states to help their residents circumvent the $10,000 cap on the itemized deduction for state and local taxes (SALT)....
View ArticleHow to File Taxes After Saying “I Do”
A taxpayer’s filing status for the year is based upon his or her marital status at the close of the tax year. Thus, if you get married on the last day of the tax year, you are treated as married for...
View ArticleTrump Signs Law Making It Harder for IRS to Seize Money From Americans
The Internal Revenue Service seized $446,000 from the bank accounts of brothers Jeffrey, Richard, and Mitch Hirsch in 2012, claiming a “structuring” violation against the owners of Bi-County...
View ArticleHave a sunnier tax season with these summertime IRS tax tips
Last week, the IRS released tips to help keep you on track for next year. See below for some summertime tax tips: Marital tax bliss. Newlyweds should report any name change to the Social Security...
View ArticleWhat Are My Chances of Being Audited and How Can I Reduce Them?
First, don’t panic. Audits are relatively rare, as fewer than 1% of taxpayers grouped by income level will get that dreaded notice on IRS letterhead. Per the linked statistics, for the average American...
View ArticleIRS Sends 1000s Of “Fishing” Letters To Crypto Users
The United States Internal Revenue Service (IRS) is sending letters to crypto investors to apparently scare them into accurately reporting their crypto-related income. “Taxpayers should take these...
View ArticleFake IRS Letters Being Sent to Taxpayers
The IRS is cracking down on fake letters being sent out to people across the nation. “Aside from the phone calls, the phishing, now the letters,” said Irma Trevino, who works with the IRS in Harlingen....
View ArticleThe IRS Has Cryptocurrency on Its Radar
Article Highlights: IRS Focus About Cryptocurrency Tax Treatment IRS Compliance Program Letters Being Sent If you own cryptocurrency, you need to know that the IRS has owners of cryptocurrency in its...
View ArticleDid you get an email from the IRS? Watch out for this new scam
Don’t be fooled. The IRS will never send you any unsolicited email or email you about the status of your tax refund. Opens a New Window. Officials this month warned taxpayers to watch out for a new...
View ArticleMake a Tax-deductible Donation for Hurricane Disaster Relief
With Hurricane Dorian set to make landfall as a devastating storm on the east coast, the Dream Center response team is set to deploy at a moment’s notice. The Dream Center has been responding to...
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