Tax School Blog

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

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OBBBA Update: Qualified Tips and Overtime Compensation for Tax Year 2025

The One Big Beautiful Bill Act (OBBBA) created new deductions for 2025–2028 for qualified tips and qualified overtime compensation. This overview covers eligibility and phase-outs—and links to a Feb. 9 update with additional IRS guidance.

Holiday Tax Deduction Myths: Sorting Fact from Fiction

Clients often bring surprising holiday tax questions—about meals, gifts, events, and charitable giving. This article breaks down the most common myths and what the IRS actually allows.

Can Your Clients Deduct Customer Appreciation Events and Team Building Costs?

Customer appreciation and team-building events can be great strategies for taxpayers to network and improve working relationships. While these expenses may certainly relate to a taxpayer’s business, they aren’t always fully deductible.

Illinois Amnesty & Income Tax Law Changes: What You Need to Know

The 2025 Illinois Tax Delinquency Amnesty Act provides taxpayers with a limited-time opportunity to pay outstanding Illinois state tax liabilities without penalties or interest.

Public Law 86-272 and Nexus: What Happened to the House OBBBA Provision?

Learn what happened to the House OBBBA provision affecting Public Law 86-272 and state tax nexus rules. Tax expert Annette Nellen explains the implications for multistate businesses in this reprinted article and upcoming webinar.

OBBBA Update: Preliminary job list for the “no tax on tips” provision and the new Schedule 1-A

The U.S. Treasury Department, in coordination with the IRS released the preliminary list of occupations eligible for the no tax on tips provision under HR 1, PL 119-21, commonly known…