VOLUME 15 – SPRING 2016

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sigma-1Sigma Tax Pro Reminds Tax Pros About EIC Notifications From IRS

Sigma Tax Pro encourages tax pros to proactively reach out to clients who may have received an EIC letter or notice from the IRS.

Delray Beach, Florida March 9th, 2016

As tax season is winding down, Sigma Tax Pro wants to remind tax pros to proactively reach out to their clients who applied for the Earned Income Credit this year, but have not yet received their refund. There is a chance that the taxpayer received a letter from the IRS that will delay the refund, and by reaching out to those clients and letting them know to be on the look-out for that letter, tax pros can reduce the delay as much as possible. Taking this action will not only help your client receive their refund, but if you elected to use a Refund Transfer product, it will ensure you receive your preparation fees in a timely manner as well.

Ian Gardner, of Sigma Tax Pro, encourages tax pros to think of the situation from the perspective of the taxpayer: “Many clients receive these letters from the IRS, and they either panic, or ignore them completely. As a tax pro, you can let them know the necessary steps to get their refund, as well as remind them you are available to help.” A client may receive a letter or notice from the IRS for a number of reasons: if they qualify for EITC but have not claimed it on their return; if they need to verify their EITC claim; or if the client’s previous EITC claim was reduced or disallowed and they need to file Form 8862 to claim EITC.

Taxpayers and tax pros alike are reminded to be wary of anyone posing as an IRS agent, and should always report any suspicious activity. More information regarding fraud, identity theft, and phishing can be found on the IRS website.

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-2Sigma Tax Pro Reminds Tax Pros Of Nearly $1 Billion In Unclaimed Refunds

Sigma Tax Pro urges tax pros to be diligent in reviewing their clients previous year returns to verify if they are among the more than one million taxpayers who did not file a 2012 tax return.

Delray Beach, Florida March 10, 2016

Under the current law, taxpayers are allowed a three-year window to claim their refund. For those who did not participate in the 2012 filing season, this is their last chance to claim the money to which they are rightfully entitled. Taxpayers are reminded that, in order to claim their prior year refund, all subsequent years must also be filed. If taxpayers are having issues obtaining prior year forms they can use the IRS tool “Get My Transcript by Mail.” The deadline to file for 2012 is April 18th, 2016, or April 19th for those in Maine and Massachusetts.

Ian Gardner, of Sigma Tax Pro, reminds tax pros that, “…Taxpayers may be missing out on more than just their refund amounts. Many individuals also qualify for EITC, which provides aid to families below certain income thresholds.” The IRS has published total potential refund amounts for each state, with the highest potential refund amounts coming from Texas, California, Florida, and New York. Tax pros in these areas are encouraged to be more diligent in ensuring their clients file, and do so within the allotted window. To contrast, Vermont, North and South Dakota, and Wyoming had the lowest potential amounts.

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.

 


 

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