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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Cryptic Territory – An Update on Digital Assets and Tax Implications

Activity in cryptocurrency and digital assets is on the rise by individuals and businesses. Because of this, the IRS has increased its efforts to provide updated guidance on the tax treatment and reporting requirements tax practitioners and their clients should be aware of.

How Do I Report State Tax Rebates?

Among the many unusual things that happened during the COVID-19 pandemic, perhaps the most unusual was states rebating tax money to their citizens. As described in IRS notice IR-2023-23, 21…

Ten Considerations for the 2023 Tax Filing Season

As the 2023 filing season begins, taxpayers and their preparers must sort through new guidance and rules to determine their requirements for the 2022 tax year. This post details 10 key considerations for these returns.

Answers to Important Illinois Tax Questions

On January 18, our Illinois Tax Issues & Updates webinar was packed full with nearly 1,000 attendees. The audience was very engaged, and over 100 questions came in during the…

How To Implement Latest IRS Instructions for Schedules K-2 & K-3

If you expect to prepare S corporation or partnership tax returns this year, you probably welcomed the language of draft instructions for Schedules K-2 and K-3. The instructions released in…

Two Key Provisions of the SECURE 2.0 Act

The new SECURE 2.0 Act contains many provisions covering retirement plans, going beyond what was provided in the original SECURE Act. Passed in the last days of 2022, the…

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