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U of I Tax School

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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Filing Deadline Tidbits

Filing Deadline Tidbits

It’s April 18, 2022, tax filing deadline, and all those who prepare taxes for clients have been hard at work. So let’s do a little triage and review what absolutely…
Last Chance To File or Amend 2018 Tax Returns

Last Chance To File or Amend 2018 Tax Returns

According to the IRS, there is $1.5 billion in unclaimed refunds for 2018 that will become the property of the United States government after April 18. At that time, 2018…
Remember to Ask Tax Clients About Charitable Donations

Remember to Ask Tax Clients About Charitable Donations

Nearly 90% of taxpayers today cannot itemize their deductions when filing their federal tax returns. But, thanks to recent legislation, taxpayers who can’t itemize but made charitable donations can increase…
Section 645 Relieves Time Pressure for Tax Practioners and Benefits Trustees

Section 645 Relieves Time Pressure for Tax Practioners and Benefits Trustees

Most tax preparers have their hands full this time of year, with the due date for individual income tax returns and trusts less than a month away. Clients generally want…
My Tax Client Answered “Yes” on Virtual Currency – Now What?

My Tax Client Answered “Yes” on Virtual Currency – Now What?

This tax season, you may find that clients have a lot of questions on cryptocurrency and how to treat virtual income on their tax return. If your client answered “yes”…
A Narrow Window of Opportunity for Married Couples to Enhance Tax Credits

A Narrow Window of Opportunity for Married Couples to Enhance Tax Credits

It is common knowledge that some things just can’t be done on a tax return, such as changing a filed and accepted Married Filing Jointly (MFJ) return to a Married…