VOLUME 010 – FALL 2014

Sigma Tax Pro Discusses Increase In Tax Benefits Due To Inflation Adjustments

The annual inflation adjustments have been released by the Internal Revenue Service for the 2015 tax year

It is important for all tax pros to be aware of the annual inflation adjustments the IRS makes to ensure they are getting their clients the maximum refund allowable. Revenue procedure 2014-61 provides the details about these adjustments and is available on the IRS website. The income level at the tax rate of 39.6 percent for the highest earning individuals has increased from $406,750, and $457,600 for married filing jointly, to $413,200 and $464,850 respectively. The standard deduction has increased to $6,300 for singles and married filing separately and $12,600 for married filing jointly. In addition, the standard deduction for head of household has increased from $9,100 to $9,250.

The Earned Income Credit maximum will be $6,242 for those filing jointly who have 3 or more qualifying children, an increase from the 2014 amount of $6,143. More details on the maximum credit amounts for categories such as income thresholds and phase-outs can be found in the revenue procedure at the link provided above. Some items have remained the same, however, such as the exclusion for gifts amount which remains at $14,000. Sigma Tax Pro urges all tax pros to review the revenue procedure carefully to ensure they are up to date with all changes.

Sigma Tax Pro provides a full range of essential services for tax pros. This includes industry leading software solutions as well as technical support, tax preparation support and client retention strategies. Sigma Tax Pro specializes in helping tax preparation firms expand their businesses, open new offices and increase their client base. Sigma is also reminding all tax pros to check their EFIN and PTIN numbers are up to date for the coming tax season.

Contact: Jody Dovich Sigma Tax Pro +1 561-450-6422

NEWS AND TIPS

Sigma Tax Pro Announces PTIN Renewal Period Underway

Sigma Tax Pro Announces PTIN Renewal Period Underway For Tax Professionals The Internal Revenue Service reminds tax pros that PTINs must be renewed for the 2015 tax season

The Internal Revenue Service has issued a reminder to more than 690,000 federal tax return preparers nationwide that they must renew their Preparer Tax Identification Numbers (PTINs). All current PTINs expire on December 31st, 2014 and anyone planning to prepare tax returns in 2015 must have a valid PTIN number from the IRS. The PTIN number has to be entered on all tax returns prepared, and failure to have a valid PTIN may result in penalties.

Jody Dovich at Sigma Tax Pro urges all tax pros to complete their PTIN renewal process as early as possible, “It’s easy to get distracted during the holiday season and leave it until too late.” Any preparer who already has a 2014 PTIN can complete the renewal process quickly and easily online at www.irs.gov/ptin. For first-time applicants, the PTIN application fee is only $64.25 and this process can also be completed on the IRS website. However, for those wishing to complete a paper application, the process can take 4 to 6 weeks.

Sigma Tax Pro provides a full range of essential services for tax return preparers. This includes industry-leading software solutions as well as technical support, tax preparation support and client retention strategies. Sigma Tax Pro specializes in helping tax preparation firms expand their businesses, open new offices and increase their client base. Tax preparers can also become resellers of Sigma’s 10400-CL software and increase their revenue during tax season.

Sigma Tax Pro provides a full range of essential services for tax pros. This includes industry leading software solutions as well as technical support, tax preparation support and client retention strategies. Sigma Tax Pro specializes in helping tax preparation firms expand their businesses, open new offices and increase their client base. Sigma is also reminding all tax pros to check their EFIN and PTIN numbers are up to date for the coming tax season.

OFFERS

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