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

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Navigating the Illinois Income and Property Tax Rebates

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

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 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

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

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

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…