Blog Post

2023 Federal Tax Workbook Update

Discover the behind-the-scenes process that powers the renowned Federal Tax Workbook including a recent 3-day gathering of CPAs, EAs, IRS employees, and attorneys on the Urbana-Champaign campus for a comprehensive review of this essential resource. Uncover the year-round effort that goes into this pivotal tool and see a full list of chapters that will be included in this year\’s Federal Tax Workbook.

Anchors Aweigh for Reasonable Cause

The following estate and gift tax case is a reprint from the \”Rulings & Cases\” section in the 2022 Federal Tax Workbook, Volume A, Chapter 3. It focuses on what determines a reasonable cause for a delayed filing of Form 706 and whether or not it is considered reasonable that acting in good faith and relying on guidance from professional tax advisors is sufficient.

Are Pass-Through Entity Taxes Worth The Hype?

With five years of PTET now under our belts, and the vast majority of states with a personal income tax having enacted a PTET, it’s a good time to ask the question: Are the PTETs living up to their hype?

When Is It Time To Say Goodbye to a Client?

Is it time to begin eliminating problematic tax clients? This blog outlines eleven examples of a problematic client and ways to gracefully end the relationship with the difficult, high maintenance ones so you can better serve the rest.

IRS and Security Summit Partners Warn of New Unusual Mail Scam

This week’s blog highlights details from a warning issued by the IRS to taxpayers about a new scam involving fraudulent mailings that falsely claim recipients are owed a refund. It’s important for tax practitioners to be aware of this scam so you can warn and/or provide advice to clients who may be susceptible.

Advantages & Disadvantages of Making §761(a) Election

This week’s blog is adapted from 2022 University of Illinois Federal Tax Workbook, Volume B, Chapter 3: Partnership Basics, which lists the advantages and disadvantages of making a §761(a) election so tax professionals can weigh each before advising their clients.