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Tax School Blog

Welcome to the U of I Tax School blog – where you’ll find current, relevant, and actionable information for your practice (and have some fun doing it).

The U of I Tax School blog is written by tax professionals for tax professionals.

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IRC §179 Expense vs. Bonus Depreciation

IRC §179 Expense vs. Bonus Depreciation

Both §179 and bonus depreciation enable taxpayers to deduct the cost of newly acquired property the year they put the property into service. For assets placed in service in 2023,…
Tax Day 2024 – Let’s Celebrate with Some History!

Tax Day 2024 – Let’s Celebrate with Some History!

Tax Day: The most awaited moment for accountants is here! After months of crunching numbers, it\’s time to unwind and celebrate the end of the tax season with a well-deserved break and discover intriguing facts about this significant day.
May Deadline Approaches for Securing Stimulus Payments from 2020

May Deadline Approaches for Securing Stimulus Payments from 2020

Most tax practitioners don’t worry about tax deadlines in mid-May. Yes, there’s a deadline for Form 990, Return of Organization Exempt from Income Tax, but not all practitioners prepare those…
Employee vs. Independent Contractor: DOL Issues New Guidance

Employee vs. Independent Contractor: DOL Issues New Guidance

Is the worker performing services for a business considered an independent contractor or an employee? Misclassifying employees as independent contractors is a crucial issue that poses significant costs to workers…
BOI Reporting Requirements Enforced For Most Despite Constitutional Challenge

BOI Reporting Requirements Enforced For Most Despite Constitutional Challenge

Discover how a federal court ruling has put a hold on the Corporate Transparency Act\’s beneficial ownership reporting requirements, impacting over 65,000 businesses. Uncover the constitutional challenge and potential implications for businesses and FinCEN enforcement.
Countdown to ERC Compliance: Voluntary Disclosure Program Deadline March 22

Countdown to ERC Compliance: Voluntary Disclosure Program Deadline March 22

Time is ticking! March 22 marks the crucial deadline for ERC Compliance. Dive into our latest blog, a reprint of IRS Tax Tip reprint (2024-09, Feb. 20, 2024) about this upcoming deadline to participate in the ERC voluntary disclosure program.