Jay E. Troska, CPA, Ltd.

03/27/2026

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.]

03/20/2026

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

03/06/2026

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."

02/13/2026

Our CPA firm has been around since the last century. Do you remember the 20th century?

20th Century Milestones:
1927: Talking pictures (sound movies) invented
1955: Polio vaccine developed
1969: First manned moon landing
1998: Jay E. Troska, CPA, Ltd. formed

02/03/2026

We hope everyone had a great Groundhog Day yesterday! It is indeed great news that there will not be any more weeks of winter here this season. However, we hope the nice weather will not stop anyone from timely gathering and sending their 2025 tax data to us!😎

01/29/2026

Gambling Winnings and Losses:

Gambling winnings must be reported at gross on Form 1040, and gambling losses must be deducted separately on Form 1040 Schedule A (but only to the extent of gambling winnings and only if you are able to itemize deductions).

This results in an inflated adjusted gross income, which may limit other deductions and tax benefits. To make matters worse, starting 1/1/2026 the gambling loss deduction is limited to the lesser of a) 90% of total gambling losses, or b) total gambling winnings. The best strategy for avoiding this negative tax treatment is to not gamble in the first place! 😊

01/17/2026

Watch for Phishing Scams:

Some financial institutions send emails with a link for downloading your prior year tax documents. Make sure their email and their link are legitimate. (If unsure, do not click on the link in their email. Instead, access their website separately to download your tax documents.)

01/01/2026

Happy New Year to everyone!

Photo: Plaza Hotel and Casino (aka Biff's Pleasure Paradise from the "Back to the Future II" movie)

12/29/2025

Article regarding 2025 and 2026 catch-up contribution rules for retirement plans for those aged 50+, including "super" catch-up contributions for those aged 60 - 63.

SECURE 2.0 requires higher earners to put their catch-up retirement savings in a Roth 401(k).

12/19/2025

Season's Greetings to everyone! Remember to control your spending this holiday season and try not to go overboard on the gifts! 😀

12/09/2025

A shout-out to the Kiwanis Club of Las Vegas on its 100-year anniversary! My son and I were among the attendees at the Ahern Hotel on 12/6/25. --- Jay Troska

LAS VEGAS ( KLAS ) – After a 100th anniversary “Coffee Cup Salute” shout-out to the Kiwanis Club of Las Vegas last week, the official celebration was held over the weekend. After the Clark Hi…