U of I Tax School Blog

Prior §163(j)(7) Elections May Now Be Costing Clients Money

Recent tax law changes eliminated much of the benefit of electing out of the §163(j) business interest deduction limitation. IRS guidance now provides a limited opportunity for eligible businesses to revoke prior elections, but the window closes October 15, 2026.

Potential COVID-Era Refund Claims: Why July 10 is on Practitioners’ Radar

The Tax Court decision in Kwong v. United States has sparked interest in potential COVID-era refund claims. Although the case is being appealed, some practitioners are filing protective refund claims before the July 10 deadline to preserve possible refund opportunities. This article explains why the deadline matters and what practitioners may want to review now.

Disengaging From a Client: Why Having a Plan Matters

Disengaging from a client requires more than ending communication. This article outlines practical steps tax practitioners can take to document the process, reduce risk, and maintain professionalism when ending a client relationship.

Tax Considerations & Knowledge Transfer in Practice Succession

Successful succession planning involves more than transferring ownership or assets. Knowledge transfer plays a key role in helping the next generation understand business operations, tax responsibilities, decision-making processes, and long-term planning strategies. This article explores tax considerations that can affect knowledge transfer and why communication and documentation matter during a transition.

How to Structure Your Tax Practice Transition and Prepare for the Unexpected

Succession planning for a tax practice involves more than timing a sale. This article explores how to structure transitions, prepare for emergencies, and evaluate your firm with the right valuation approach.

Tax Season Bingo

As tax season wraps up, we pulled together a bingo card of the moments that show up every April. Take a look and see how your season stacks up.

Tax School Blog