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

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Phil Liberatore, CPA, provides insight on common issues with the IRS and how to be prepared for the 2019 tax filing season.

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 dealing with the IRS. Customer services continues to top the list at number one. The IRS has continued to place budget cuts. As a result, a decrease in the number of employees and an increased workload for current employees. In 2019 alone, the IRS received roughly 100 million calls and representatives only answered about 29% of them.

So how can you ensure that your returns are accepted quickly? Decide who will prepare your taxes. The ever-changing filing industry has made it possible for many untrained preparers who have little to no knowledge of tax law to enter the business. Unlike most preparers, Certified Public Accountants are required to pass exams and continue their education to renew their license each year.

“If you had major life events in 2019, such as starting a business, growth in business or a sale of a property, your taxes will be more complicated and you need to hire a reputable professional to prepare them”, Phil Liberatore, CPA says. “Don’t wait until the last minute to make that decision because you could end up overpaying your taxes.”

The tax preparation process can be stressful and burdensome, hiring a reputable CPA can relieve that weight off your shoulders. They would have the knowledge and experience to efficiently assist you with your current tax needs. "The IRS has established a more scrutinized approach to certain deductions that you might take, so If you plan on including dependents, claiming head of household, tuition and/or itemizing your deductions, make sure you provide the accurate records for each along with your income statements such as W-2’s or 1099’s that you have received for 2019.”

To ensure that you receive your refund in a timely manner, have your bank account information handy for a direct deposit.

There is an increase in tax scams like phone calls, emails and text messages from scammers pretending to be the IRS. “It is crucial to understand that the IRS will NEVER call you to collect payment over the phone, send you a text message or an email,” Phil Liberatore CPA says. “If you are a recipient of one of these scams, DO NOT respond and immediately report them to the IRS at phishing@irs.gov.”

Phil Liberatore, The IRS Problem Solver, and his team are dedicated to serving all individuals and businesses by providing a strategic and customized approach to your specific tax needs by delivering an exceptional level of outstanding service.

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David Maracine
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