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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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2020 Year-End Tax Planning

2020 Year-End Tax Planning

2020 Year-End Tax Planning: Walking into the Great Abyss? 2020 is likely turning out to be a year we will never forget. Even though we might wish to forget it,…
Identity Protection PINs Available to All Taxpayers (in January)

Identity Protection PINs Available to All Taxpayers (in January)

On December 2, the IRS announced it will allow all taxpayers who desire an Identity Protection PIN (IP PIN) the opportunity to obtain one. This IRS decision is regardless of…
FFCRA Sick Leave Credits Explained

FFCRA Sick Leave Credits Explained

FFCRA Sick Leave Credits Explained The Families First Coronavirus Response Act (FFCRA) provides paid sick leave, free COVID testing, expanded food assistance and unemployment benefits, and increased Medicaid funding. It…
Are Expenses Paid with Forgiven PPP Loan Proceeds Tax Deductible?

Are Expenses Paid with Forgiven PPP Loan Proceeds Tax Deductible?

Year-End planning hits a brick wall of congressional inaction. Are expenses paid with forgiven PPP loan proceeds tax deductible or not? See update to post from January 12, 2021 below….
Deductible Expenses When an Estate or Trust is Closed

Deductible Expenses When an Estate or Trust is Closed

Deductible Expenses When an Estate or Trust is Closed Are You Bewitched, Bothered and Bewildered? Bewitched by estate or trust miscellaneous itemized deductions? Bothered if expenses are specific to an…
Tapping into IRAs and Qualified Plan Accounts

Tapping into IRAs and Qualified Plan Accounts

Tapping into IRAs and Qualified Plan Accounts Clients finding themselves in dire financial straits this fall? How about tapping into their IRAs or qualified plan accounts? Better hurry – the…