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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Illinois Secure Choice Overview

By November 2023, employers with 5 or more employees are required to register for this program unless they have established a retirement plan for their employees or have been in…

For Whom Does the Filing Deadline Toll?

The following is a reprint from the 2022 University of Illinois Federal Tax Workbook, Volume A, Chapter 3: Rulings and Cases. We’re sharing this case because it’s not often we see…

Basic Rules On Gifting

Perhaps your end-of-the-year plans include gifting a partridge in a pear tree and the rest of the presents listed in the carol The Twelve Days of Christmas. In 2022, this…

Time Is Running Out To Reduce 2022 Tax Burden Using PTE Payments

For pass-through entities based in states other than New York and California, there is still time to reduce their S corporation shareholders’ and partners’ 2022 tax burdens through the PTE…

What Does “Like-Kind” Really Mean Anyway?

This question was recently raised in the University of Illinois Tax School Facebook Group and addressed in the September 29, 2022, agriculture update webinar entitled New Twists on Tax Strategies…

Thanksgiving Thoughts from Tax Pros

Happy Thanksgiving, tax pros! Before we stuff ourselves with all manner of feast food (remember, Illinois is still the reigning producer of pumpkins, so really, each piece of pumpkin pie…

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