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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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Two Key Provisions of the SECURE 2.0 Act

Two Key Provisions of the SECURE 2.0 Act

  The new SECURE 2.0 Act contains many provisions covering retirement plans, going beyond what was provided in the original SECURE Act. Passed in the last days of 2022, the…
Illinois Secure Choice Overview

Illinois Secure Choice Overview

By November 2023, employers with 5 or more employees are required to register for this program unless they have established a retirement plan for their employees or have been in…
For Whom Does the Filing Deadline Toll?

For Whom Does the Filing Deadline Toll?

The following is a reprint from the 2022 University of Illinois Federal Tax Workbook, Volume A, Chapter 3: Rulings and Cases. We’re sharing this case because it’s not often we see…
Basic Rules On Gifting

Basic Rules On Gifting

Perhaps your end-of-the-year plans include gifting a partridge in a pear tree and the rest of the presents listed in the carol The Twelve Days of Christmas. In 2022, this…
Time Is Running Out To Reduce 2022 Tax Burden Using PTE Payments

Time Is Running Out To Reduce 2022 Tax Burden Using PTE Payments

For pass-through entities based in states other than New York and California, there is still time to reduce their S corporation shareholders’ and partners’ 2022 tax burdens through the PTE…
What Does “Like-Kind” Really Mean Anyway?

What Does “Like-Kind” Really Mean Anyway?

This question was recently raised in the University of Illinois Tax School Facebook Group and addressed in the September 29, 2022, agriculture update webinar entitled New Twists on Tax Strategies…