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University of Illinois Tax School

University of Illinois Tax School

Should a Trust be an IRA Beneficiary?

Most owners of IRA accounts name a beneficiary or beneficiaries to receive the assets upon the death of the IRA owner. But much like the…

7 min readNov 23, 2020

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Should a Trust be an IRA Beneficiary?

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University of Illinois Tax School

Tapping into IRAs and Qualified Plan Accounts

Clients finding themselves in dire financial straits this fall? How about tapping into their IRAs or qualified plan accounts? Better hurry…

6 min readNov 23, 2020

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Tapping into IRAs and Qualified Plan Accounts

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University of Illinois Tax School

Paycheck Protection Program Flexibility Act (PPPFA) of 2020

Why the Mixed Up Confusion? Well, More PPP Guidance: Enter the Paycheck Protection Program Flexibility Act (PPPFA) of 2020 (HR 7010)

5 min readJun 10, 2020

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Paycheck Protection Program Flexibility Act (PPPFA) of 2020

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University of Illinois Tax School

Paycheck Protection Program Phase II: Loan Forgiveness

Terms to watch for in this blog post: PPP, 75/25 Rule, Qualified Expenses, Covered Period, FTEE

8 min readMay 12, 2020

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Paycheck Protection Program Phase II: Loan Forgiveness

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University of Illinois Tax School

Recovery Rebate Information

Recovery rebate. Economic impact payment. Stimulus check.

14 min readMay 5, 2020

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Recovery Rebate Information

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University of Illinois Tax School

FAQ IRS Notice 2020–18: Federal Tax Relief

Tom walks us through the frequently asked questions as posted by the IRS regarding Notice 2020–18, which provides special Federal income…

14 min readMar 27, 2020

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University of Illinois Tax School

Let’s talk about your data security plan.

News Flash! Tax Professional Thinks He Sees His Shadow, but it’s the IRS…

4 min readJan 27, 2020

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Let’s talk about your data security plan.

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University of Illinois Tax School

Backdoor Roth IRA: Have you heard of it?

Ever heard of a backdoor Roth IRA? Or for that matter, have you ever heard of a MEGA backdoor Roth IRA?

5 min readJan 27, 2020

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Backdoor Roth IRA: Have you heard of it?

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University of Illinois Tax School

Where to Deduct Mortgage Interest?

Even before the TCJA introduced us to higher standard deductions, it has always been important for tax professionals to determine what…

4 min readJan 27, 2020

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Where to Deduct Mortgage Interest?

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University of Illinois Tax School

New Draft Form 1040 & Form 1040-SR

New draft forms are here we say — doo dah doo dah How do you think the final versions will play? Oh doo dah day Comments they will fly…

2 min readSep 3, 2019

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New Draft Form 1040 & Form 1040-SR

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University of Illinois Tax School

University of Illinois Tax School

University of Illinois Tax School is where tax professionals go to get timely updates and practical tips to help provide the best service to their clients.

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