Tax School Blog

Practical tax insights for working tax professionals.
Written by tax professionals for CPAs, EAs, and tax preparers.

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How To Handle Pre-paid Farm Expenses When a Farmer Dies

If the death of a taxpayer brings many complications associated with the decedent’s estate, the executors of deceased farmers must contend with a bumper crop of tax issues. While income…

The Corporate Transparency Act: Key Considerations for Beneficial Owners and Reporting Companies

The Corporate Transparency Act (CTA), PL 116-283, enacted in 2021 as part of the National Defense Authorization Act, was passed to enhance transparency in entity structures and ownership to combat…

IRS Launches Initiative for Taxpayers to Withdraw Noncompliant ERC Claims

Learn about the new withdrawal process introduced by the IRS for Employee Retention Credit (ERC) claims and how employers can reverse inaccurate claims, avoid penalties, and navigate the complex ERC landscape.

How to Cash In Clean Vehicle Tax Credits at Point of Purchase

The IRS recently issued proposed regulations regarding electric vehicle (EV) tax credits, which are anticipated to take effect January 1, 2024. As part of the Inflation Reduction Act, the new…

How To Link Tax Pro Accounts to CAF Database Records

Learn how the new Tax Pro account feature from the IRS streamlines tax client representation and authorizations, making life easier for tax practitioners. Discover the step-by-step process to link your CAF number, improving your efficiency and providing better services.

Taxability and Nontaxability of Social Security Benefits

Social Security is a critical stream of income for retirees, providing stability after years of paycheck contributions. The federal government taxes Social Security benefits to a certain extent, but each…