Tax School Blog

Practical tax insights for working tax professionals.
Written by tax professionals for the University of Illinois.

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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…

House Flipping – Business or Investment?

This week’s Tax School blog reviews how a taxpayer’s activity is viewed by the IRS when it comes to house flipping – purchasing a property, fixing it up, and selling…

Filing Deadline for Tax-Exempt Organizations is Mid-May

The April 18 deadline for 2021 individual income tax returns passed two weeks ago, but another deadline looms just two weeks from today. If you prepare returns for exempt organizations,…