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Tax School Blog

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

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RMDs are Back

RMDs are Back

RMDs are Back In today’s blog, Tom reminds tax professionals who have clients that need to take RMDs that they are not waived in 2021 the way they were last…
May 17 Filing Deadline Tidbits

May 17 Filing Deadline Tidbits

May 17 Filing Deadline Tidbits Tom reminds of us of the May 17 filing deadline, including what is and isn’t due today. He also shares what an extension gives our…
Advance Child Tax Credit…Should You Turn It Down?

Advance Child Tax Credit…Should You Turn It Down?

Advance Child Tax Credit…Should You Turn It Down? Tom explains the 2021 changes to the child tax credit made by the American Rescue Plan. He also gets us thinking that…
The IRS Says Don’t Amend Returns

The IRS Says Don’t Amend Returns

The IRS Says Don’t Amend Returns The IRS has provided more guidance and a safe harbor for deducting expenses paid with tax-free PPP money. And they still don’t want us…
Defining the Income of a Trust

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)

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…