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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Pros and Cons of Portability

The concept of portability of the basic exclusion allows the estate of the first spouse to die to transfer the unused exclusion amount to the surviving spouse. This provides an additional means of avoiding ill consequences from over-qualification of the marital deduction. While this may seem like a straightforward decision, tax practitioners should consider the pros and cons of making the election.

Ugly Donkeys Get Beautiful Results in Tax Court

The following is a reprint from the 2022 University of Illinois Federal Tax Workbook, Volume A, Chapter 3: Rulings and Cases. The video is a discussion of the case between…

Understanding Farm Tax Reporting: A Guide for Tax Professionals

As a tax professional, it\’s crucial to have a clear understanding of the various forms that farm taxpayers use to report their farming income and expenses. The tax code provides specific guidelines and requirements for farmers to accurately report their financial activity related to their farming operations. Let\’s take a closer look at the key forms that taxpayers typically use for farm tax reporting purposes.

Leveraging the Power of ChatGPT and Other AI Tools in Your Tax Practice

With the advancements in artificial intelligence (AI) and machine learning, there are now powerful tools available, such as ChatGPT, that can greatly streamline your tax preparation practice and enhance your productivity. This article explores how you can effectively use ChatGPT and other AI tools to optimize your tax preparation practice.

Congratulations! You’ve Nearly Made It To Tax Day 2023!

With the April 18 deadline approaching for Tax Day 2023, and just 48 hours between you and a vacation to the tropics (or at least a vacation from the 60+ hour workweeks), pat yourselves on the back. The end is in sight! Before taking some much needed and well-deserved time off, this post will provide some fun facts about Tax Day, and hopefully provide a small boost to get you over the finish line.

Should You Prepare Your Client’s Amended Return for ERC?

Larry Gray, CPA helps you, the tax professional, understand what questions you need to ask your clients to make sure they qualify for the Employee Retention Tax Credit (ERTC or ERC).

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