Tax School Blog

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

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Advantages & Disadvantages of Making §761(a) Election

This week’s blog is adapted from 2022 University of Illinois Federal Tax Workbook, Volume B, Chapter 3: Partnership Basics, which lists the advantages and disadvantages of making a §761(a) election so tax professionals can weigh each before advising their clients.

Direct File: The IRS’s New Free Tax Filing System

Check out this week\’s blog about Direct File, a free tax filing system the IRS is working on. They conducted surveys and research, and recently sent a report to Congress with findings on taxpayer interest, cost, and challenges. The report also included an analysis by a third party. The next step is a pilot program for testing during the 2024 tax filing season.

Navigating Meals and Entertainment Expenses

As tax practitioners, we know that meals and entertainment expenses can have a significant impact on the profitability of contracts and projects. These expenses often require careful scrutiny due to the unique and varied rules for deductibility that apply to them. In this blog post, we\’ll explore the rules and regulations surrounding meals and entertainment expenses.

School’s Out But College Savings Is Still In Session

While school may be out for the summer, it\’s never too early to start thinking about college savings options. In this blog post, we\’ll explore a few options that can help taxpayers prepare financially for higher education.

Deducting Residual (Excess) Soil Fertility – Does the Concept Apply to Pasture/Rangeland?

In certain parts of the Midwest, above average soil fertility on farmland is also eligible for expense deductions. The concept is known as “residual soil fertility” and it can be available to farmland buyers that didn’t farm the acquired property within the immediately prior crop year.

Two More Key Provisions of the SECURE 2.0 Act

In our blog on January 23, 2023, we covered two key provisions of the SECURE 2.0 Act: automatic enrollment of employees and the delay of RMDs. This week, we will…

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