Individual Tax Topics

Insights on individual income tax issues, reporting, and planning considerations.

Ten Considerations for the 2023 Tax Filing Season

As the 2023 filing season begins, taxpayers and their preparers must sort through new guidance and rules to determine their requirements for the 2022 tax year. This post details 10 key considerations for these returns.

For Whom Does the Filing Deadline Toll?

The following is a reprint from the 2022 University of Illinois Federal Tax Workbook, Volume A, Chapter 3: Rulings and Cases. We’re sharing this case because it’s not often we see…

Basic Rules On Gifting

Perhaps your end-of-the-year plans include gifting a partridge in a pear tree and the rest of the presents listed in the carol The Twelve Days of Christmas. In 2022, this…

International Taxation Issues Affecting Military Returns

From all of us at Tax School, we want to wish all who have served a very happy Veterans Day. For those of you with clients currently serving in any…

The Extension Due Date Approaches

For many tax professionals, April 18, 2022 marked the end of a long march toward the due date for individual and corporate tax returns. But for those individuals and businesses…

Life Estates in the Distribution of Estate Assets

Recently in the Tax School Facebook private group, an interesting question was raised regarding the transfer of real estate when an interest in the property is retained. The question concerned…