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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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Time Running Out to Claim 2017 Refund

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

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

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

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…
American Rescue Plan: What Tax Pros Should Know

American Rescue Plan: What Tax Pros Should Know

American Rescue Plan: What Tax Pros Should Know With the American Rescue Plan, signed by President Biden on March 11, 2021, comes a great deal of items for tax preparers…
What’s the Gig Deal? Part 2

What’s the Gig Deal? Part 2

What’s the Gig Deal? Part 2 In this second installment looking at the gig economy, Tom dives into worker status. Should they be classified as an employee or as an…