Filing a tax extension buys you time, but only if you use it wisely. From revisiting your April payment estimate to gathering missing documents and staying on top of current-year obligations, the months between now and October 15th are a valuable planning window. Read on to learn how to make the most of your extension and avoid a costly repeat of the same tax challenges next year.
Category: TBC News
A Financial Guide for Heirs Navigating Inherited Assets
Inheriting assets involves complex tax rules and time-sensitive decisions that can impact your financial outcome. This guide covers what heirs need to know about real estate, retirement accounts, and other inherited assets.
Potential Refund Opportunities for IRS Interest and Penalties Following Kwong v. United States
It is important for you to be aware that a recent federal court decision in Kwong v. United States (“Kwong”) has opened the door for certain taxpayers to pursue refunds of IRS-assessed interest and penalties, particularly in situations involving late payment or estimated tax underpayments during the period between 1/20/2020 and 7/11/2023. While the ruling… [keep reading…]
Combo Plans: What Advisors Need to Know
For the right employer, a “combo plan” can create a powerful opportunity to increase deductible contributions and accelerate retirement savings. What is a Combo Plan? A combo plan generally combines a defined contribution plan and a defined benefit plan for the same employer or controlled group. A common combo design pairs a safe harbor 401(k)… [keep reading…]
Client Advisory: IRS CP53E Letters and Emerging Scam Activity
In recent weeks, we have seen an uptick in scam activity involving IRS Notice CP53E from the Internal Revenue Service. While CP53E letters are a legitimate form of IRS correspondence, fraudsters are exploiting them to obtain sensitive financial and personal information from taxpayers. Scammers replicate the format and language of official IRS notices to create… [keep reading…]
April 14, 2026 – Heather Mallette, Manager, in the Times Union
Higher SALT cap could mean bigger tax breaks for certain Capital Region filers “It’s great to see taxpayers getting a benefit from the state taxes they’re paying,” Mallette said. The enhanced deduction for seniors, no tax on overtime and no tax on tips have all been benefiting taxpayers who haven’t hit the income phaseout limits…. [keep reading…]
Registration Deadline: New York Secure Choice
Did you know that New York State’s retirement savings program registration deadline is less than a month away. Register before the deadline of May 15th, 2026, with New York Secure Choice and invest in your employee’s future success. If you are an employer and your company has 10 or more employees, have been in business… [keep reading…]
Tax Tip Tuesday – Ways to Spot and Avoid Scams During Tax Season
Be sure to watch for urgent requests, pressure to act quickly, and offers that seem too good to be true. This would include unsolicited contact, requests for personal information and unusual payment methods (wire transfers, gift cards). Recent scams include the following: (1) Impersonation scams, where the scammer pretends to be from a trusted entity… [keep reading…]
Plan Review Triggers: Why TPAs Should Care
In 401(k) administration, a plan review is often most valuable when the employer’s business changes, even if the plan document itself has not. A plan that worked well last year can drift out of alignment when ownership, payroll, compensation, or workforce patterns shift. Periodic reviews help TPAs catch issues before they become failed testing, correction… [keep reading…]
Spring Cleaning Your Finances: Eliminating Subscription and Asset Drift
Spring cleaning is usually associated with closets, garages, and storage rooms, but financial clutter can accumulate just as easily, and often with greater long-term cost. Recurring charges, dormant accounts, and overlooked assets rarely attract attention because none of them feel urgent on their own. Even modest inefficiencies can gradually erode cash flow and make your… [keep reading…]