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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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)….

Building Blocks of Life & Career

As his final blog installment before starting his new position at NATP as the Director of Tax Content and Government Relations, Tom O’Saben wants to thank everyone for the opportunity…