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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Disaster Relief for Taxpayers

As Florida begins the recovery process from Hurricane Ian, Puerto Rico deals with the effects of Hurricane Fiona, and California continues to suffer from wildfires, we find ourselves in the…

Life Estates in the Distribution of Estate Assets

Recently in the Tax School Facebook private group, an interesting question was raised regarding the transfer of real estate when an interest in the property is retained. The question concerned…

Special 100% Depreciation Allowance Ending This Year

Over the last five years, we’ve grown accustomed to advising clients about being able to write off a lot of items that would otherwise be depreciated over a period of…

Is the IRA Still Stretchy?

Since the passing of the SECURE Act it has become commonplace, as practitioners, to deal with the 10-year rule that has been placed on retirement plans for clients wishing to…

An Overview of the Inflation Reduction Act

On August 16, 2022, President Biden signed the Inflation Reduction Act of 2022 into law. The Act has various provisions affecting a broad spectrum of Americans, making it important to…

Automatic Penalty Relief for Some 2019 & 2020 Tax Returns

IRS provides broad-based penalty relief for certain 2019 and 2020 returns due to the pandemic; $1.2 billion in penalties being refunded to 1.6 million taxpayers On August 24, 2022, the…

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