Linda D. Cosgray, Inc.

10/16/2026

Closing out another year with extensions. Thank you to all our clients that trust us for their tax preparation.

10/15/2026

10/14/2026

COUNTDOWN is ONE!

10/13/2026

If a client – or the child of a client – receives income for their name, image and likeness (NIL), there are important tax considerations.

Whether the NIL income is in cash, property, or services, the student athlete must pay federal income tax. The income is generally also subject to Social Security and Medicare taxes, or Self-Employed Contributions Act taxes. If the student is being paid as an employee of the school or a company, federal income taxes and F**A and Medicare taxes will generally be withheld from the pay and the student will receive a Form W-2 from the employer. If they’re considered an independent contractor, the student should receive a Form 1099-NEC from the school or company.

Students should accurately complete Form W-9. Request for Taxpayer Identification Number and Certification or Form W-4, Employee’s Withholding Certificate and provide it to the company paying them. They must report all NIL income even if the payer does not issue a Form 1099 or Form W-2.

10/09/2026

A Wonderful Fall Weekend Starts Today. What are your plans? A Pumpkin Patch? Farmer's Market? Italian Festival? Quiet Evening on the Porch? Buckeye Game? Whatever it is... Enjoy!!!

10/08/2026

NEW FEDERAL SCHOLARSHIP TAX CREDIT
The IRS and Treasury issued temporary and proposed regulations implementing the new nonrefundable Federal Scholarship Tax Credit under IRC Sec. 25F , which was added by section 70411 of the 2025 Act (formerly referred to as the One Big Beautiful Bill or OBBB). The guidance allows individual taxpayers to claim an annual credit of up to $1,700 for qualified cash contributions to certified scholarship granting organizations (SGOs), with married joint filers treated as two separate taxpayers. State tax credits reduce the qualified contribution amount before the $1,700 cap applies. To qualify, SGOs must register through the IRS SGO portal to generate unique donor numbers. Taxpayers must report these donor numbers on Form 8525 to substantiate and claim the credit. The temporary rules apply on or after 9/1/26 and expire on 10/1/29.

10/07/2026

IRS reminder: Cybersecurity Awareness Month offers simple steps to protect tax data
Simple cybersecurity habits can help taxpayers and organizations stay safer online

WASHINGTON — The Internal Revenue Service today encouraged taxpayers to take simple steps to strengthen online security during Cybersecurity Awareness Month.
Cybersecurity Awareness Month highlights the role everyone can play in protecting personal, financial and tax information from identity thieves and scammers. For taxpayers, tax professionals and organizations across the tax community, that starts with everyday actions that help strengthen online security.

If you were scammed, suspect tax fraud or had your identity stolen, report it to us.

10/06/2026

The US Treasury Department completed the automatic enrollment of Trump Accounts for tens of millions of children in a push to expand access to the tax-advantaged savings vehicles.

The department said Thursday that every child under the age of 18 with a valid Social Security number now has an account. The announcement follows the publication of a set of temporary regulations in which Treasury said it had identified a method to conduct auto-enrollment after being unable to find a workable solution in time for the July 4 launch of the program.

“With automatic enrollment, over 60 million more eligible children now have an account ready to be claimed,” Treasury Secretary Scott Bessent said in a statement.

A parent or guardian must still claim their child’s Trump Account in order to manage it and make contributions.

Accounts can be claimed on the program’s app, where the parent or guardian will verify their identity and relationship to the child.

Parents can contribute a maximum of $5,000 a year to the accounts, which will be invested in low-cost index funds and can be accessed by the child once they turn 18. The government will contribute $1,000 in seed funds for children born from 2025 through 2028.

There had been more than 7 million sign-ups for the accounts as of late July, according to the administration.

10/05/2026

Happy World Teacher's Day! We could not do it without you!