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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IDOR to Abate Late Estimated Payment Penalties for PTE Tax

Entities that made late 4th-quarter estimated PTE tax payments received good news when IDOR announced the department would abate the late payment penalties for some filers. The department released a…

Why Tens of Thousands Got ERC That Did Not Qualify

Have any of your tax clients hopped on the Employee Retention Credit (ERC) bandwagon and received a payment that perhaps they didn’t qualify for, but thought they did?

Watch this video by guest blogger Larry Gray, CPA, as he closely reviews qualifying criteria detailed on the IRS website in their Frequently Asked Questions About the Employee Retention Credit.

2023 Federal Tax Workbook Update

Discover the behind-the-scenes process that powers the renowned Federal Tax Workbook including a recent 3-day gathering of CPAs, EAs, IRS employees, and attorneys on the Urbana-Champaign campus for a comprehensive review of this essential resource. Uncover the year-round effort that goes into this pivotal tool and see a full list of chapters that will be included in this year\’s Federal Tax Workbook.

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.