VOLUME 11 – WINTER 2014

House Votes For Bare-Minimum Tax Break Extension

House Votes For Bare-Minimum Tax Break Extension Reports Sigma Tax Pro The House of Representatives voted to keep lapsed tax breaks for 2014 but no agreement has been reached for 2015.

The so-called bare minimum package was finally agreed upon by the House of Representatives. This will avoid delaying tax refunds and disadvantaging taxpayers in the coming tax season. The House voted 378-46 to approve the measure, which provides $42 billion in relief to taxpayers. The Senate will not amend the bill so there will be a simple up or down vote to decide. This also comes as a welcome relief to tax professionals across America who have been waiting to hear the outcome of this decision.

However, as Jody Dovich at Sigma Tax Pro explains, this still leaves uncertainty in the future for taxpayers and tax pros alike. “Many of our clients are relieved that they now know what the 2014 tax season will look like, but they still want a long-term solution to the problem,” states Jody Dovich. President Obama has said he is also open to the short-term bare minimum option but has not confirmed whether or not he will sign the bill if the Senate votes in favor.

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 that 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 Reports That IRS Needs To Take Action To Resolve Frozen Credit Accounts

The Treasury Inspector General for Tax Administration (TIGTA) states that the IRS needs to resolve frozen credit accounts and update systems in line with current procedures.

The so-called frozen credit accounts are accounts that are in a pending status contingent on some future event. These are typically monies that are owed to taxpayers but cannot be released for various reasons. The Treasury Inspector General for Tax Administration (TIGTA) proposes that the IRS is not only responsible for collecting taxes but should also provide excellent customer service and ensure any delays are minimized. This also prevents the payment of unnecessary interest to taxpayers because credit accounts were delayed.

The TIGTA uncovered individual and business tax modules with credits due. There were 156 individual modules with $46.4 million and 128 business modules with $1.6 billion in credits that could have been resolved sooner. The TIGTA offered the IRS 10 recommendations on how to improve their existing processes regarding frozen credit accounts. Jody Dovich at Sigma Tax Pro confirms that many tax professionals report frustrations from clients when they experience long delays in receiving refunds that are owed.

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 that their EFIN and PTIN numbers are up to date for the coming tax season.

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