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Tax School Blog

Welcome to the U of I Tax School blog – where you’ll find current, relevant, and actionable information for your practice (and have some fun doing it).

The U of I Tax School blog is written by tax professionals for tax professionals.

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Defining the Income of a Trust

Defining the Income of a Trust In today’s blog, Tom discusses defining the income of a trust. Is it taxable income? Is it accounting income? Is it what the trust…

Repaying Excess Advance Premium Tax Credits (APTC)

Repaying Excess Advance Premium Tax Credits (APTC) The American Rescue Plan suspends the requirement to repay excess advance payments of the 2020 premium tax credit. How do we apply this…

Time Running Out to Claim 2017 Refund

Time Running Out to Claim 2017 Refund “The IRS wants to help taxpayers who are due refunds but haven’t filed their 2017 tax returns yet,” said IRS Commissioner Chuck Rettig….

Tax Season Tidbits

Tax Season Tidbits In today’s video, Tom covers some tax season tidbits, including: More May 17 guidance from IRS When is an exclusion not an exclusion? Can we have faith…

Calculating Unemployment Compensation to Exclude from Income

Calculating Unemployment Compensation to Exclude from Income IRS guidance from March 24, 2021 clarified that a tax preparer should determine modified adjusted gross income (MAGI) without the unemployment compensation included….

Individual Filing Extension & American Rescue Plan Updates

Individual Filing Extension & American Rescue Plan Updates In this video, Tom covers news of the individual filing extension as well as updates to specific provisions of the American Rescue…

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