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

Should a Trust be an IRA Beneficiary?

Should a Trust be an IRA Beneficiary? Most owners of IRA accounts name a beneficiary or beneficiaries to receive the assets upon the death of the IRA owner. But much…

Social Security Administration Announces 2021 Social Security Changes

2021 Social Security Changes On October 13, 2020, The Social Security Administration released their 2021 Fact Sheet, which announced the changes that will impact benefit recipients in 2021. Having this…

No Tricks or Treats: SBA Releases More PPP Loan Forgiveness Guidance

SBA Releases More PPP Loan Forgiveness Guidance October 31 is Halloween, but it is NOT the due date for PPP loan forgiveness applications to be submitted. This potential issue was…

Simplified PPP Forgiveness Process

Simplified PPP Forgiveness Process SBA releases simplified PPP Forgiveness Process and Form for Loans of $50k or less But before you go cheering into the streets because your clients are…