Dave Beam CPA

What CPA's are telling everyone:

Looks like the IRS/federal gov't keeps looking for ways to increase my revenue!!! Whooohooo!
https://www.yahoo.com/finance/news/another-tax-headache-ahead-irs-100101435.html

Another tax headache ahead: IRS is changing paycheck withholdings and it'll be a doozy The IRS is changing how you adjust your paycheck withholdings, and it won’t be easy.

Exciting news here!! We've begun to get settled into our new office located at 3825 Lancaster Pike, Suite 3. Yes, we're still on the second floor, but we do have access to an elevator! All our other contact remains the same.

These 2 companies lobby to make your taxes more annoying

Found this interesting. Says average taxpayer spends 13 hours preparing their own return. 13 HOURS!! Not sure about you, but that makes my fee seem like huge bargain!
https://www.yahoo.com/finance/news/these-2-companies-lobby-to-make-your-taxes-more-annoying-190917358.html

finance.yahoo.com Each spring, Americans are collectively aggravated by filing taxes. Your employers and financial institutions also send them to the IRS, which compares those forms to the numbers you or your accountant puts in the little boxes. Intuit, the company that makes TurboTax, lobbies hard to make your taxes

Tax Tip: Due to increased filing of fraudulent tax returns, you will be better off owing taxes at the end of the year rather than trying to get a refund after someone has hacked your social. Food for thought....

A general announcement: My office phone lines have been down since Monday afternoon and are not expected back up for another week. Feel free to reach me via email: [email protected].
Thanks and sorry for any inconvenience.

Indian police seek kingpins in tax scam aimed at Americans

They finally caught some of those "fake IRS caller" scumbags!
https://www.yahoo.com/news/indian-police-seek-kingpins-tax-scam-aimed-americans-163430236--finance.html

yahoo.com By Rajendra Jadhav and Rahul Bhatia MUMBAI (Reuters) - Americans were swindled out of tens of millions of dollars in an alleged tax scam that was run for about a year from call centers on the outskirts of Mumbai, a senior investigator said on Thursday, predicting more arrests on top of the 70 made s...

Tax Documents: What To Save and How Long To Save It -- The Motley Fool

Since I get asked this question ALL THE TIME, here's a guideline on how long you should keep your records.
http://www.fool.com/investing/general/2016/03/13/tax-documents-what-you-need-to-keep-and-how-long-y.aspx?source=yahoo-2&utm_campaign=article&utm_medium=feed&utm_source=yahoo-2

fool.com The IRS only has a certain amount of time to audit you -- here's what it means for your tax documents.

Comptroller stops processing returns from more private tax preparers

Glancing at this list, I did not notice any that were CPA firms. Once again things like this substantiate spending a little more, and getting A LOT more!
http://www.wbaltv.com/money/comptroller-stops-processing-returns-from-more-private-tax-preparers/38191302?utm_source=Social&utm_medium=FBPAGE&utm_campaign=WBAL-TV%2011%20Baltimore&Content%20Type=Story

wbaltv.com The Maryland Comptroller's Office has suspended processing electronic and paper tax returns from 22 private tax preparers.

Tax Scams Are Up 400% This Year

If you've had your IRS/Social Security number compromised, there are things you can do about it.
https://www.yahoo.com/finance/news/tax-scams-400-164032584.html

finance.yahoo.com Don't let fraudsters claim your refund.

Here's how to figure out whether you should do your own taxes

Found a good article about who should prepare their own returns. But if you want piece of mind, the fee to use a CPA is money well spent.
http://www.businessinsider.com/should-i-prepare-my-own-taxes-2016-2

businessinsider.com It's not just about the price when it comes do filing your own taxes.

8 Red Flags That Could Trigger an IRS Tax Audit

If you fear an IRS audit, this is good news - unless you fall under #3. I've seen the work of some of these people. They should be put out of business.
https://www.yahoo.com/finance/news/8-red-flags-could-trigger-182200315.html

finance.yahoo.com Fortunately, your chances of being audited by the Internal Revenue Service are pretty slim. Less than 1 percent of taxpayers were audited in 2014. The IRS considers audits critically important in keeping taxpayers honest, and they’re also a significant money maker.

When should you hire someone to do your taxes?

For those who think the retail tax preparers (H & R Block, Liberty Tax Service, Jackson Hewitt, etc) are as good as CPA's, or think Turbo Tax or Tax Cut can do everything, here's a good article explaining why CPA's are worth the little bit of extra $'s.
http://www.csmonitor.com/Business/Saving-Money/2016/0207/When-should-you-hire-someone-to-do-your-taxes

csmonitor.com There are myriad ways to get your taxes prepared. Should you hire a CPA or an enrolled agent, or just use tax software and do it yourself? Here's how to figure it out.

IRS "hardware failure" shuts down tax return e-file system

IRS is experiencing some computer hardware problems and their E-File system is down. Patience......
http://www.cbsnews.com/news/irs-computer-problems-shut-down-of-tax-return-e-file-system/

cbsnews.com Shutdown of several tax processing systems included the e-file system and the "Where's My Refund?" service

Why the IRS Should Push Tax Day to June 15

An interesting article related to identity thefts related to false tax returns. If you have been a victim, contact me as I can help keep you safe related to your taxes
https://www.yahoo.com/taxes/post/138213867963/why-the-irs-should-push-tax-day-to-june-15

taxes.yahoo.com

For those who have inquired about a website, it's a work in process. Got started a few years ago, then shelved, and and now actively working on it. When it gets up, it will be davebeamcpa.com. There is something there now, but info was not supplied by me so either inaccurate or incomplete.

IRS says thieves stole tax info from 100,000

This is not good .......
http://finance.yahoo.com/news/apnewsbreak-irs-says-thieves-stole-200515123.html

finance.yahoo.com Thieves used an online service provided by the IRS to gain access to information from more than 100,000 taxpayers, the agency said Tuesday. The information included tax returns and other tax information ...

To all my Maryland friends: State of Maryland recently lost a Supreme Court case as to how they handled the credit for taxes paid to other states. If you live in Maryland but work in another state, this may affect you and you may be able to amend your MD returns going all the way back to 2006!

Going the extra mile for clients: Friday late afternoon I receive a call from Chester police. One of my elderly clients had drove into Chester and did not know how to get home. Cindy and I drive to Chester, drive her home and make sure she's safe at home. What other CPA would do that?

What an amazing ride. Those 36 straight work hours were fun. Couldn't have done it with out a great team: Frank, Sandy & Karin. Most of all a big thanks and hug goes to my biggest supporter, my wife Cindy.

Updated Public Service - The fake IRS phone calls are asking you to call (202)470-0872. Report these people!! They are not IRS!

Don't be that client: 8 clients that drive tax pros crazy

This is a good list!
http://finance.yahoo.com/news/dont-client-8-clients-drive-104500070.html

finance.yahoo.com Looking for a good tax professional? Then be a good tax client. I asked tax professionals to offer up client behaviors that drive them the most crazy during tax season. Here are their responses. Don't ...

Public Service Announcement: Scammers are out there making calls to people claiming to be IRS and saying you owe back taxes and that they're sending marshals to your house to arrest you. HANG UP! IT'S A SCAM! DO NOT GIVE THEM THE TIME OF DAY! Be careful people...

7 ways to cut your tax bill

Of course I love #1!!
http://finance.yahoo.com/news/7-ways-cut-tax-bill-093049317.html

finance.yahoo.com Think too much of your hard-earned money goes to Uncle Sam? Here are several ways to cut your tax bill.

6 tax terrors and how to overcome them

Look no further. I can help!
http://finance.yahoo.com/news/6-tax-terrors-and-how-to-overcome-them-163018745.html

finance.yahoo.com You can conquer your tax terrors, get your returns done in a timely manner and possibly save a few bucks once you've overcome your tax-filing fears.

Fake IRS agents target more than 366,000 in huge tax scam

These are real!! I've experienced emails myself, and I've had clients receive the phone calls. Very bizarre. Having a trusted advisor can relieve a lot of anxiety after receiving one of these calls.
http://finance.yahoo.com/news/fake-irs-agents-target-more-141904694.html?soc_src=mail&soc_trk=ma

finance.yahoo.com Fake IRS agents have targeted more than 366,000 people with harassing phone calls demanding payments and threatening jail as part of a huge nationwide tax scam that has cost taxpayers $15.5 million. More ...

The 7 taxes we hate the most

Can you add to this list?? I know I can!
http://finance.yahoo.com/news/7-taxes-hate-most-111500712.html

finance.yahoo.com You also have to pay income tax on the distributions. How to deal with it: If you’re self-employed, you can deduct half of the Social Security tax you paid in 2014.

Protect yourself from tax identity theft

For those that may worry about identity theft, or have already been a victim, this is an excellent idea.
http://finance.yahoo.com/news/protect-yourself-from-tax-identity-theft-154642551.html?soc_src=mail&soc_trk=ma

finance.yahoo.com There are steps people can take to help prevent tax identity theft—and to cope after it happens.

How to max out your Social Security checks

Since I get this question a lot, thought I'd share this. Better advise would be to talk to a solid financial planner.
http://finance.yahoo.com/news/how-to-max-out-your-social-security-checks-152957250.html

finance.yahoo.com How Social Security keeps paying you for working longer.

AP-GfK Poll: Most back Obama plan to raise investment taxes

Regardless of where you fall on this topic, it's probably going to happen since both parties know taxes need to go up even if they don't want to admit it. Question will be who does it hit and how hard.
http://news.yahoo.com/ap-gfk-poll-most-back-obama-plan-raise-124823082.html

news.yahoo.com WASHINGTON (AP) — The rich aren't taxed enough and the middle class is taxed too much. As for your taxes, you probably think they're too high as well.

5 tax myths that can cost you

I can add to this list too!
http://finance.yahoo.com/news/5-tax-myths-cost-100058685.html

finance.yahoo.com If you believe in -- and act on -- these five tax myths, it could cost you serious money. Here's how to avoid that.