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2021 Fall Tax School Questions Answered – Part 2

During 2021 Fall Tax School, we had several questions come in that our speakers addressed during a dedicated Q&A session at the end of Day 1 and Day 2. Last week’s blog presented Day 1 topics covered during the Q&A session. This week’s blog will present the following topics at the end of Day 2.

Day 2: Topics covered during the Q&A session:

  • Taxpayer online info available on TaxPro accounts
  • Multi-member LLC to Single member LLC
  • When is a new federal ID number needed?
  • ERC for partially suspended operations
  • When to issue Form 1099-C for debt cancellation
  • More 1099-k discussion
  • Partnership Issues:  when a partner dies; §754 election
  • Foreign earned income exclusion and ability to received Economic Impact payments or Recovery Rebates


Disclaimer: The information referenced in Tax School’s blog is accurate at the date of publication. You may contact if you have more up-to-date, supported information and we will create an addendum.

University of Illinois Tax School is not responsible for any errors or omissions, or for the results obtained from the use of this information. All information in this site is provided “as is”, with no guarantee of completeness, accuracy, timeliness or of the results obtained from the use of this information. This blog and the information contained herein does not constitute tax client advice.

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