Tax School Blog

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The U of I Tax School blog is written by tax professionals for tax professionals.

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Tax Issues with Customer Loyalty Reward Programs

Overview Many companies, including agribusiness retailers, utilize customer loyalty programs as a means of attracting and keeping customers. Under the typical program, each time a customer or “member” buys a…

Gambler Cuts His Losses

The following is a reprint from the 2021 University of Illinois Federal Tax Workbook, Volume B, Chapter 4: Rulings and Cases. The video is a discussion of the case between…

5 Myths About Accountants

When most people think about accountants, a vision of a dark room with a disheveled accountant hunched over a desk rapidly entering numbers into a calculator comes to mind. Well,…

IRS Audit Issue – S Corporation Reasonable Compensation

One of the areas of “low-hanging fruit” for IRS auditors in recent years involves the issue of reasonable compensation in the S corporation context. But what does “reasonable compensation” mean? …

Tax Deadline is June 15 for Americans Living Abroad

The U.S. Department of State’s Bureau of Consular Affairs estimates that nearly 9 million U.S. citizens currently live abroad. Do you have clients included in this statistic? Americans living abroad…

It’s Time to Start Planning for 2022 Tax Returns

I know it feels as though the 2021 tax filing season just ended (or hasn’t ended for many of you with extensions and nervous taxpayers inquiring about their delayed refunds)….

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