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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Anchors Aweigh for Reasonable Cause

The following estate and gift tax case is a reprint from the \”Rulings & Cases\” section in the 2022 Federal Tax Workbook, Volume A, Chapter 3. It focuses on what determines a reasonable cause for a delayed filing of Form 706 and whether or not it is considered reasonable that acting in good faith and relying on guidance from professional tax advisors is sufficient.

Are Pass-Through Entity Taxes Worth The Hype?

With five years of PTET now under our belts, and the vast majority of states with a personal income tax having enacted a PTET, it’s a good time to ask the question: Are the PTETs living up to their hype?

When Is It Time To Say Goodbye to a Client?

Is it time to begin eliminating problematic tax clients? This blog outlines eleven examples of a problematic client and ways to gracefully end the relationship with the difficult, high maintenance ones so you can better serve the rest.

IRS and Security Summit Partners Warn of New Unusual Mail Scam

This week’s blog highlights details from a warning issued by the IRS to taxpayers about a new scam involving fraudulent mailings that falsely claim recipients are owed a refund. It’s important for tax practitioners to be aware of this scam so you can warn and/or provide advice to clients who may be susceptible.

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.

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