Jay E. Troska, CPA, Ltd.

If you remember using one of these every day, you might be due for a retirement planning and estate planning checkup! 🙂

IRS raises standard mileage rates for the last half of 2026. (See article link.)

IRS raises standard mileage rates for remainder of 2026 The midyear change follows an increase in gasoline prices, according to the IRS. It is the first such midyear adjustment since 2022.

The national taxpayer advocate’s Fiscal Year 2027 Objectives Report to Congress says the IRS processed about 139 million returns and handled most refunds smoothly, but the story was different for taxpayers who needed help from a human being. 😀

Advocate: IRS had strong filing season for online taxpayers, weaker one for others The national taxpayer advocate’s Fiscal Year 2027 Objectives Report to Congress says the IRS processed about 139 million returns and handled most refunds smoothly but says the story was different for taxpayers who needed help from a human being.

If you suspect tax fraud, report it to the IRS. You may confidentially report suspected tax fraud, a scam, evasion or law violation, and you may qualify for a monetary award through the Whistleblower Office.

Report tax fraud, a scam or law violation | Internal Revenue Service If you suspect tax fraud, a scam, evasion or a violation of tax law, report it to the IRS. You can report anonymously or submit a whistleblower claim for award.

Info regarding tax benefits of home ownership

Homeowners should review any tax benefits for homeownership | Internal Revenue Service Tax Tip 2026-42 May 21, 2026 — The year is nearly half over which makes it a good time to remind homeowners and future homeowners to review their eligibility for any tax deductions, programs and housing allowances.

Guide on Taking Social Security: 62 vs. 67 vs. 70

Guide on Taking Social Security: 62 vs. 67 vs. 70 You may be eligible to collect Social Security as early as 62, but waiting until age 70 yields greater benefits for most people. Here's help on how to decide.

QUESTIONS AND ANSWERS REGARDING FILING AN EXTENSION

WHAT DOES FILING AN EXTENSION DO?
• An extension is a form (Form 4868) filed with the IRS to request additional time to file your federal tax return. The extension period is six months, extending the due date for submitting your individual return to Oct. 15. In many states, filing an extension with the IRS will automatically extend the time to complete a state income tax return, but some states still require a separate extension form.

• Filing an extension grants you additional time to submit your complete and accurate return, but you still need to estimate whether you will owe any taxes and pay that estimated
balance by the original due date.

• Extending your return allows you and your CPA more time to prepare your tax return to ensure an accurate tax return filing. In many cases, you may still be waiting for additional information (e.g., Schedule K-1, corrected Forms, etc.) to complete your return.

WHY DOES YOUR CPA SUGGEST EXTENDING YOUR TAX RETURN?
• If your CPA recommends that you file an extension, it may be because of many reasons, such as:
- The volume of data or complexity of certain transactions on your return requires additional time.
- The amount of time remaining in filing season is limited for the CPA to complete client returns by the due date because of late-arriving information.
• Many CPAs have a “cutoff” or deadline for clients submitting their tax information so they can plan their workload to ensure they complete all client returns and extensions by the due date.
• Your CPA may suggest filing an extension if pending guidance or legislation affects aspects of your return.

ARE YOU MORE LIKELY TO BE AUDITED IF YOU EXTEND?
• Extending will NOT increase your likelihood of an IRS audit.

WHAT ARE THE PRIMARY BENEFITS OF EXTENDING YOUR TAX RETURN?
• It provides additional time to file returns without penalty when waiting for missing information or tax documents (such as corrected Forms 1099s). Just remember that an extension provides additional time to file, but no additional time to pay. Penalties and interest may be assessed if sufficient payment is not remitted with the extension.
• You may qualify for additional retirement planning opportunities or additional time to fund certain types of retirement plans (e.g., SEP IRA).
• It is often less expensive (and easier) to file an extension rather than rushing and possibly needing to amend your return later.

[Above information via aicpa.com, with minor edits.]

The IRS is a massive organization, yet its page has only 669k followers. Show some love for the IRS and follow their FB page. 😀

The IRS today announced its annual Dirty Dozen list of tax scams.

#3: Fake Charities. Fraudsters often exploit tragedies and disasters by creating fake charities to collect donations and personal information. The IRS is committed to preventing fraudulent nonprofits from taking advantage of the American taxpayer.
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Photos:
Erik Hagar (Fritz Weaver), Catherine Hagar (Hazel Court), and little blind child (Linda Sue Risk) from Mission: Impossible's "Sweet Charity" (S2.E10). ©️1967 CBS/Paramount.

Dialogue:
Erik Hagar (Fritz Weaver): "Oh, I know some of you are thinking, 'I've already given enough to Erik Hagar’s charities this year.' [...] That's why I don’t want you to give me another penny! Whatever you give, I want you to give to this little blind child."