Skip to Main Content

Tax School Blog

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

Federal Tax Updates | Business Tax Issues | Individual Tax Topics | IRS Operations | Practice Management | State & Local Tax | Tax School News

Subscribe to Blog

 Search Blog
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…
Should a Trust be an IRA Beneficiary?

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

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

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…