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

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Navigating the New Regulations for Inherited IRAs

Navigating the New Regulations for Inherited IRAs

Navigating the complexities of inherited IRAs, particularly in light of the shorter distribution periods of the SECURE Act, is akin to steering a vessel through foggy waters.
Answers to Important PTE Tax Questions

Answers to Important PTE Tax Questions

Our Multistate PTE Taxes & Resident Credits webinar on August 8 garnered significant engagement and interest. Throughout and following the presentation, attendees enthusiastically submitted questions related to PTE taxation. Given the time constraints of the webinar, it was impossible to address every question in real-time. Therefore, in this post, we will identify and provide answers to the questions posed by attendees concerning PTE tax and its treatment.
IDOR to Abate Late Estimated Payment Penalties for PTE Tax

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

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

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

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.