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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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Advance Child Tax Credit…Should You Turn It Down?

Advance Child Tax Credit…Should You Turn It Down?

Advance Child Tax Credit…Should You Turn It Down? Tom explains the 2021 changes to the child tax credit made by the American Rescue Plan. He also gets us thinking that…
The IRS Says Don’t Amend Returns

The IRS Says Don’t Amend Returns

The IRS Says Don’t Amend Returns The IRS has provided more guidance and a safe harbor for deducting expenses paid with tax-free PPP money. And they still don’t want us…
Defining the Income of a Trust

Defining the Income of a Trust

Defining the Income of a Trust In today’s blog, Tom discusses defining the income of a trust. Is it taxable income? Is it accounting income? Is it what the trust…
Repaying Excess Advance Premium Tax Credits (APTC)

Repaying Excess Advance Premium Tax Credits (APTC)

Repaying Excess Advance Premium Tax Credits (APTC) The American Rescue Plan suspends the requirement to repay excess advance payments of the 2020 premium tax credit. How do we apply this…
Time Running Out to Claim 2017 Refund

Time Running Out to Claim 2017 Refund

Time Running Out to Claim 2017 Refund “The IRS wants to help taxpayers who are due refunds but haven’t filed their 2017 tax returns yet,” said IRS Commissioner Chuck Rettig….
Tax Season Tidbits

Tax Season Tidbits

Tax Season Tidbits In today’s video, Tom covers some tax season tidbits, including: More May 17 guidance from IRS When is an exclusion not an exclusion? Can we have faith…