Author: Admin
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Photo: GoodwillMarch Insights
Dear Client: If you donate clothing or household goods to charity, there’s an IRS trap you need to know about. In a recent Tax Court case, a taxpayer lost a $6,760 charitable deduction—not because the donations were improper, but because his documentation failed to meet strict technical requirements. The court didn’t question his generosity. It…
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Photo: Henderson BrothersFebruary Insights
Expansion of HSA (Health Savings Account) eligibility IR-2025-119, Dec. 9, 2025 The Department of the Treasury and the Internal Revenue Service issued Notice 2026-05 providing guidance on new tax benefits for Health Savings Account participants under the OBBB. Expansion of HSA Eligibility: – Telehealth and Remote Care Services: The OBBB made permanent the ability to receive telehealth and…
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Income Tax Treatment of Irrevocable Grantor Trusts
The choice of filing method is up to the trustee, but if you’re already reporting the rental income on Schedule E of the grantor’s 1040 using Optional Method 1, then no Form 1041 is required. When you transfer assets into an irrevocable grantor trust, the grantor remains responsible for all income taxes on the trust’s income,…
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USPS New Rule for Filing Tax Returns
For decades, taxpayers trusted a simple rule: if you mailed a tax return or payment by the deadline, the IRS treated it as timely filed. Recent U.S. Postal Service (USPS) practices have changed that reality and created a serious trap for anyone who relies on last-minute mailing. Today, the USPS often applies postmarks at regional…