Tax School Blog

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

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Filing 2020 Returns: Help for Clients Who Took Early Distributions from IRAs or Qualified Plans

Filing 2020 Returns: Help for Clients Who Took Early Distributions from IRAs or Qualified Plans This week’s entry is a continuation of my effort to provide you with some last-minute…

2020 Net Operating Losses – Days of Future Past?

2020 Net Operating Losses – Days of Future Past? For the many thousands of you (ok, you know who you are), who follow my weekly offerings, you likely have noticed…

Recovery Rebates: I’ve Got a Song Ain’t Got No Melody?

Recovery Rebates: I’ve Got a Song Ain’t Got No Melody? I’ll start out today with apologies to Billy Preston. Be patient while I explain why Billy Preston is my guest…

A Lesson in Applying All the New Laws Enacted During the Pandemic

A Lesson in Applying All the New Laws Enacted During the Pandemic In working on our upcoming Fall Tax School program, I recently found myself in a position we hope…

Does Your Client Really Need a Trust?

Does Your Client Really Need a Trust? Before I begin this discussion be reminded that I am not an attorney, and my conversation today is not designed to provide legal…

Reasonable Compensation for Subchapter S Corporation Shareholders

The Issue of Reasonable Compensation for Subchapter S Corporation Shareholders is once again Coming to the Forefront. You’ve heard the discussion ad nauseum about S corporations and reasonable compensation, but…