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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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Navigating the Illinois Income and Property Tax Rebates

Illinois officials recently passed legislation that puts money back in the pockets of taxpayers through a program known as the Illinois Income and Property Tax Rebates. These rebates can be…

Cryptocurrency Defined

NOTE FROM AUTHOR: The University of Illinois Tax School has invited me to be the instructor of a webinar they are hosting on Cryptocurrency & Taxes on August 16. I…

The Impact of Rising Interest Rates on Current and Future Homeowners’ Taxes

The pandemic sparked more than just a competitive job market and uncertainty surrounding the economy. In fact, one of the greatest impacts all Americans are facing is rising interest rates…

Deductible Start-Up Costs and Web-Based Businesses

It’s costly to start a business.  Are the start-up costs deductible?  As with many tax questions, that answer is — it “depends.”  One item that the answer depends upon is…

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…

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