Tax School Blog

Practical tax insights for working tax professionals.
Written by tax professionals for the University of Illinois.

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Basic Principles for Meals Deduction

This week’s blog will help you better understand the nuances of business meal deductions. You will gain clarity on when the 50% deduction limit applies and explore scenarios where meal costs are fully deductible.

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: 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

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

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

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.