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Tax School Blog

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

Federal Tax Updates | Business Tax Issues | Individual Tax Topics | IRS Operations | Practice Management | State & Local Tax | Tax School News

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Congratulations! You’ve Nearly Made It To Tax Day 2023!

Congratulations! You’ve Nearly Made It To Tax Day 2023!

With the April 18 deadline approaching for Tax Day 2023, and just 48 hours between you and a vacation to the tropics (or at least a vacation from the 60+ hour workweeks), pat yourselves on the back. The end is in sight! Before taking some much needed and well-deserved time off, this post will provide some fun facts about Tax Day, and hopefully provide a small boost to get you over the finish line.
Should You Prepare Your Client’s Amended Return for ERC?

Should You Prepare Your Client’s Amended Return for ERC?

Larry Gray, CPA helps you, the tax professional, understand what questions you need to ask your clients to make sure they qualify for the Employee Retention Tax Credit (ERTC or ERC).
Ordinary and Necessary Expenses

Ordinary and Necessary Expenses

This video blog includes a high-level discussion of basic principles governing the deductibility of expenses. It also discusses some nuances of deducting interest and tracking these deductions so a small business owner can report them accurately on a tax return.
Gifting vs Inheriting

Gifting vs Inheriting

This post includes an overview of the differences between gifting property and inheriting property, touching on concepts of estate tax and property basis.

IRS Representation: What Tax Professionals Need to Know

IRS Representation: What Tax Professionals Need to Know

This article will outline the basics you need to know about IRS representation, including how representation is obtained, the information you must provide, and how to limit the information the IRS has access to.
S Corp and Partnership Due Date Reminder

S Corp and Partnership Due Date Reminder

The deadline for calendar year-end S corp (Form 1120-S) and partnership (Form 1065) tax returns falls on the same day in 2023 for the 2022 tax year: March 15. With the deadline fast approaching and some businesses not having all documents or statements ready for return preparation, it may be necessary to file an extension.