http://multicpa.com/ Take a look at our recent blog posts and client newsletter articles. en-us Wed, 01 Feb 2012 09:00:00 -0600 Wed, 01 Feb 2012 09:00:00 -0600 http://www.multicpa.com/newsletter.php#2 Unfortunately, tax season is prime time for scams. From phony websites to fake IRS e-mail and the threat of computer viruses, this is a good time to be extra careful online. Learn how to avoid identity theft and how to protect yourself from scammers this tax season. Wed, 01 Feb 2012 09:00:00 -0600 http://www.multicpa.com/newsletter.php#2 http://www.multicpa.com/newsletter.php#3 Wed, 01 Feb 2012 09:00:00 -0600 http://www.multicpa.com/newsletter.php#3 http://www.multicpa.com/newsletter.php#1 From Roth conversions to changes in reporting capital gains and losses, there were a number of tax changes in 2011 that affected taxpayers. Wondering how these changes affect you this tax season? Keep reading to learn more. Wed, 01 Feb 2012 09:00:00 -0600 http://www.multicpa.com/newsletter.php#1 http://www.multicpa.com/blog.php?id=48 The IRS increased the standard mileage rates by 4.5 cents per mile. Thu, 30 Jun 2011 09:00:00 -0500 http://www.multicpa.com/blog.php?id=48 http://www.multicpa.com/blog.php?id=47 Over-the-counter drugs will not be covered under a Flexible Spending Account (FSA), Health Savings Account (HSA) or Medical Savings Account (MSA). Thu, 17 Mar 2011 09:00:00 -0500 http://www.multicpa.com/blog.php?id=47 http://www.multicpa.com/blog.php?id=46 Cancellation of Debt from qualified principal residence is not taxable. Thu, 17 Feb 2011 09:00:00 -0600 http://www.multicpa.com/blog.php?id=46 http://www.multicpa.com/blog.php?id=45 The IRS announced another Amnesty Program for the taxpayers who own foreign bank accounts but haven't properly reported in prior years. Thu, 10 Feb 2011 09:00:00 -0600 http://www.multicpa.com/blog.php?id=45 http://www.multicpa.com/blog.php?id=44 Under the recently enacted Small Business Jobs Act there was one small provision that could greatly affect rental property owners. Thu, 27 Jan 2011 09:00:00 -0600 http://www.multicpa.com/blog.php?id=44 http://www.multicpa.com/blog.php?id=43 Illinois personal and corporate income tax rates are increased. Wed, 12 Jan 2011 09:00:00 -0600 http://www.multicpa.com/blog.php?id=43 http://www.multicpa.com/blog.php?id=42 This illustrates the key changes made with the "Tax Relief, Unemployment Insurance Authorization, and Job Creation Act of 2010." Wed, 29 Dec 2010 09:00:00 -0600 http://www.multicpa.com/blog.php?id=42 http://www.multicpa.com/blog.php?id=41 All employees will see a 2% drop in their Social Security taxes and bigger paychecks for 2011. Fri, 24 Dec 2010 09:00:00 -0600 http://www.multicpa.com/blog.php?id=41 http://www.multicpa.com/blog.php?id=40 The Making Work Pay Credit can affect you tax return in a negative way for individuals with multiple jobs. In some cases wage earners may owe money at the end of the tax year due to the Making Work Pay Credit Wed, 22 Dec 2010 09:00:00 -0600 http://www.multicpa.com/blog.php?id=40 http://www.multicpa.com/blog.php?id=39 Home Energy Tax Credits - A great way to reduce your 2010 income tax bill but be cautious Tue, 09 Nov 2010 09:00:00 -0600 http://www.multicpa.com/blog.php?id=39 http://www.multicpa.com/blog.php?id=38 Details of IRS announcement for the Year 2011 Retirement Plan Contribution Limits Fri, 29 Oct 2010 09:00:00 -0500 http://www.multicpa.com/blog.php?id=38 http://www.multicpa.com/blog.php?id=37 Pay in the unpaid state taxes by 11/8/2010 and have penalties and interest waived. Tue, 05 Oct 2010 09:00:00 -0500 http://www.multicpa.com/blog.php?id=37 http://www.multicpa.com/blog.php?id=36 How the HIRE act affects the 2nd quarter Federal payroll tax return Thu, 15 Jul 2010 09:00:00 -0500 http://www.multicpa.com/blog.php?id=36 http://www.multicpa.com/blog.php?id=35 First-Time Homebuyer Credit Closing Deadline Extended to 09/30/2010 Fri, 02 Jul 2010 09:00:00 -0500 http://www.multicpa.com/blog.php?id=35 http://www.multicpa.com/blog.php?id=34 Overview of how the new health care reform bills affect you and your taxes. Mon, 29 Mar 2010 09:00:00 -0500 http://www.multicpa.com/blog.php?id=34 http://www.multicpa.com/blog.php?id=33 Charitable Cash Contribution for Haiti Earthquake victims can be claimed on year 2009 income tax returns. Tue, 26 Jan 2010 09:00:00 -0600 http://www.multicpa.com/blog.php?id=33 http://www.multicpa.com/blog.php?id=32 The tax on 2010 conversions can be deferred and spread out over two years. Mon, 30 Nov 2009 09:00:00 -0600 http://www.multicpa.com/blog.php?id=32 http://www.multicpa.com/blog.php?id=31 Those who have owned a home for 5 consecutive years, out of the last 8 can qualify for a tax credit up to $6,500 for purchaing a new principal residence. Fri, 27 Nov 2009 09:00:00 -0600 http://www.multicpa.com/blog.php?id=31 http://www.multicpa.com/blog.php?id=29 First Time Home Buyer's Credit is extended through April 30, 2010. Fri, 13 Nov 2009 09:00:00 -0600 http://www.multicpa.com/blog.php?id=29 http://www.multicpa.com/blog.php?id=27 Highlights of The 2009 Recovery Act Sun, 01 Mar 2009 09:00:00 -0600 http://www.multicpa.com/blog.php?id=27 http://www.multicpa.com/blog.php?id=25 A tip to make ease of record keeping! Mon, 01 Dec 2008 09:00:00 -0600 http://www.multicpa.com/blog.php?id=25 http://www.multicpa.com/blog.php?id=22 In the 2008 tax return, there will be a worksheet for those who received no or a reduced Economic Stimulus payment and they will possibly receive a credit for the amount they didn’t receive in 2008. Mon, 01 Dec 2008 09:00:00 -0600 http://www.multicpa.com/blog.php?id=22 http://www.multicpa.com/blog.php?id=21 On your 2008 tax return, you will see an important change regarding the property tax deduction. Mon, 01 Dec 2008 09:00:00 -0600 http://www.multicpa.com/blog.php?id=21 http://www.multicpa.com/blog.php?id=23 Under the changed IRS tax rule, the parent with which the child resides for the majority of the year is considered the custodial parent and shall receive the child related tax benefits and/or credits, including the dependent exemption. Mon, 01 Dec 2008 09:00:00 -0600 http://www.multicpa.com/blog.php?id=23 http://www.multicpa.com/blog.php?id=24 You must have written proof (cancelled check, bank statement, credit card statement, or receipt) for any cash donations - even down to $1. Your own personal note doesn’t count anymore. Mon, 01 Dec 2008 09:00:00 -0600 http://www.multicpa.com/blog.php?id=24 http://www.multicpa.com/blog.php?id=20 On July 30th President Bush approved the Housing and Economic Recovery Tax Act of 2008. Mon, 01 Sep 2008 09:00:00 -0500 http://www.multicpa.com/blog.php?id=20 http://www.multicpa.com/blog.php?id=19 There have been numerous errors involving the Economic Stimulus Package Rebates. Tue, 01 Jul 2008 09:00:00 -0500 http://www.multicpa.com/blog.php?id=19 http://www.multicpa.com/blog.php?id=18 The IRS has recognized that we all are suffering from the high gasoline prices and they have announced an increase in the standard mileage rates for the second half of 2008. Tue, 01 Jul 2008 09:00:00 -0500 http://www.multicpa.com/blog.php?id=18 http://www.multicpa.com/blog.php?id=17 On their 2007 tax returns, individuals in the 10% and 15% tax brackets pay a maximum capital gains rate of 5%. On their 2008 tax returns, these individuals will pay 0% capital gains tax. Tue, 01 Apr 2008 09:00:00 -0500 http://www.multicpa.com/blog.php?id=17 http://www.multicpa.com/blog.php?id=16 In an effort to boost the U.S. economy, Congress passed the Economic Stimulus Package Act of 2008 on February 7. The legislation will provide tax rebate checks to about 130 million households, starting sometime in May. Fri, 01 Feb 2008 09:00:00 -0600 http://www.multicpa.com/blog.php?id=16