University of Illinois Tax School

A prior §163(j)(7) election that once helped clients avoid the business interest expense limitation may now be doing more harm than good.

Recent law changes restored depreciation, amortization, and depletion to the ATI calculation, reducing the advantage of electing out of the limitation. Meanwhile, many taxpayers remain locked into using ADS depreciation.

The IRS has provided a limited opportunity for eligible taxpayers to withdraw certain prior elections—but the deadline is October 15, 2026.

Learn which clients may be affected, what relief is available, and the key deadlines tax professionals need to know.

Read the full blog:
https://taxschool.illinois.edu/post/business-interest-election-relief/?utm_source=facebook&utm_medium=social&utm_campaign=blog_163j_election_relief

Prior §163(j)(7) Elections May Now Be Costing Clients Money Businesses that elected out of the §163(j) business interest limitation may have a limited opportunity to revoke that election. Learn who qualifies and why the October 15, 2026 deadline matters.

Some COVID-era tax issues may not be as settled as many practitioners assumed.

A recent court decision has prompted renewed attention to refund claims related to penalties and interest assessed during the COVID-19 relief period. With July 10, 2026, emerging as a date many practitioners are watching, now may be the time to review potentially affected client files.

Read more:
https://taxschool.illinois.edu/post/potential-covid-era-refund-claims-why-july-10-is-on-practitioners-radar/?utm_source=facebook&utm_medium=social&utm_campaign=blog_covid_refund_claims

Potential COVID-Era Refund Claims: Why July 10 is on Practitioners' Radar A Tax Court decision in Kwong v. United States has practitioners evaluating potential COVID-era refund claims before the July 10 deadline. Learn why some are filing protective refund claims and what client situations may warrant review.

Succession planning for a tax or accounting practice involves more than identifying a buyer.

Asset vs. stock sales, goodwill allocations, installment sales, basis rules, NIIT, and built-in gains tax can all affect how a transition unfolds — for both the seller and the buyer.

This final blog in our Succession Planning Series explores key tax considerations and the role knowledge transfer plays in maintaining continuity during a practice transition.

Read the blog: https://taxschool.illinois.edu/post/tax-considerations-knowledge-transfer-succession/?utm_source=facebook&utm_medium=social&utm_campaign=blog_succession_practice

Tax Considerations & Knowledge Transfer in Practice Succession Knowledge transfer is a critical part of succession planning. Learn how tax considerations, documentation, and communication strategies can help support a smoother transition.

Big thanks to

Tiffany Newswander, Jeff Little

for all your support! Congrats for being top fans on a streak 🔥!

Help us grow and deliver programs that serve tax professionals across the country. As our Outreach and Events Coordinator, you’ll lead outreach efforts, build partnerships, and manage the logistics behind successful in-person and online events. This role is ideal for someone who enjoys expanding programs and building connections. You’ll also need a strong eye for detail to keep complex events running smoothly. https://illinois.csod.com/ux/ats/careersite/1/home/requisition/16725?c=illinois&referralToken=IPlusVSVRk63XOf2iR5Wmw

How do you structure a tax practice transition so it holds up under both planned and unexpected situations?
This article looks at valuation, payment terms, and how to plan for continuity if something changes quickly.
Read how to structure your transition and prepare for the unexpected:
https://taxschool.illinois.edu/post/structuring-tax-practice-transition/?utm_source=facebook&utm_medium=social&utm_campaign=blog_succession_practice

How to Structure Your Tax Practice Transition and Prepare for the Unexpected Plan ahead with practical strategies for tax practice succession planning, including deal structures, valuation methods, and emergency transition planning.

Instructor auditions are coming up on May 28.

We’re looking for experienced tax professionals who can present practical topics to an audience of peers. The audition is a short, virtual presentation, and we’ll provide a template to help you prepare.

If teaching has been on your radar—or you know someone who would be a great fit—this is a good place to start.

Details:
https://taxschool.illinois.edu/instructor-auditions/?utm_source=facebook&utm_medium=social&utm_campaign=instructor_auditions