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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Automatic Penalty Relief for Some 2019 & 2020 Tax Returns

IRS provides broad-based penalty relief for certain 2019 and 2020 returns due to the pandemic; $1.2 billion in penalties being refunded to 1.6 million taxpayers On August 24, 2022, the…

Tax Treatment for Solar Panels: Business vs Individual Use

Solar panels are becoming increasingly popular as both individuals and businesses are looking to maximize energy efficient activities while enjoying tax breaks. This means that your clients are more…

Update on 2022 Federal Tax Workbook

Recently, more than 25 Tax School staff, instructors, authors, reviewers, and stakeholders from across the country gathered at the University of Illinois to review the Federal Tax Workbook. The…

Navigating the Illinois Income and Property Tax Rebates

Illinois officials recently passed legislation that puts money back in the pockets of taxpayers through a program known as the Illinois Income and Property Tax Rebates. These rebates can be…

Cryptocurrency Defined

NOTE FROM AUTHOR: The University of Illinois Tax School has invited me to be the instructor of a webinar they are hosting on Cryptocurrency & Taxes on August 16. I…

The Impact of Rising Interest Rates on Current and Future Homeowners’ Taxes

The pandemic sparked more than just a competitive job market and uncertainty surrounding the economy. In fact, one of the greatest impacts all Americans are facing is rising interest rates…