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Sigma Tax Pro Reminds Tax Professionals to Close Out Tax Season Correctly

Sigma Tax Pro Reminds Tax Professionals to Close Out Tax Season Correctly

 

Posted:  Apr. 18, 2018, 07:30 AM

DELRAY BEACH, Fla.April 18, 2018 /PRNewswire-iReach/ — As tax season comes to a close this week many offices are in a mad dash to file extensions, while others have already gradually slowed to a stop. For those tax offices that stay open year round, the official end of tax season is nothing more than a date on a calendar, but for the seasonal offices that close their doors after April 17th, this date is a finish line.

For those seasonal offices it is not just as simple as locking the doors and waiting for next January. There are certain things that need to be done to ensure the office remains compliant throughout the off-season, as well as maintains a high level of service for their customers. Circular 230 requires all preparers keep a copy of clients records on file for a minimum of three years. Offices using bank products are required by the banks to keep records on file for five years. Individual states may have certain regulations as well which should be consulted on a case by case basis.

Another step to take for the seasonal offices using bank products is to inform the bank that the office will be closing. Each bank has a slightly different process, but basically what they will do is stop the flow of taxpayer checks to the preparers software, and instead print the checks at their headquarters and mail them out to the taxpayers directly. Since they will be using the taxpayers address on file from the return, it is a good idea for taxpayers to review the list of unfunded clients who have requested a check disbursement option, then reach out to them and verify their address. If it has changed, tax pros can be proactive and complete an Address Update Form, which they can then send to the bank with the appropriate supporting documentation. Ian Gardner, of Sigma Tax Pro reminds tax pros that “Any time you can anticipate a problem and be proactive, rather than reactive, means you’re providing great service for your clients, and they will see that and reward you with referrals and loyalty.”

One final step is to make sure that the contact information for the tax office is checked regularly. This means if there is an office phone that would normally ring inside the office, then it should be forwarded to a personal cell phone, or answering service that is checked regularly. Update the outgoing message on the phone to ensure realistic expectations. For example, if messages are checked once a week on Tuesdays, make that clear so a client doesn’t call on a Wednesday and expect a callback right away. Also be sure to continue to check email, and have that forwarded accordingly.

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.

 

Press Contact

Name: Ian Gardner
Phone: 561-450-6422
Email: [email protected]
Website: https://sigmataxpro.com

For the original version on PRWeb visit: http://markets.businessinsider.com/news/stocks/sigma-tax-pro-reminds-tax-professionals-to-close-out-tax-season-correctly-1021493583

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Sigma Tax Pro Urges Tax Professionals To Follow Up Now With Outstanding Accounts

Sigma Tax Pro Urges Tax Professionals To Follow Up Now With Outstanding Accounts

 

Posted: Mar 28, 2018 10:06 AM EDT

Many preparer write off unpaid preparation fees as a loss, but that is not always the case

Delray Beach, FL (PRUnderground) March 28th, 2018

When taxpayers elect to use a refund transfer product, and then the refund is offset by the IRS or garnished for any reason before being funded, most preparers count those prep fees as lost, since they weren’t paid by the bank product. However, that’s not the case and those fees can and should still be collected.

Each professional tax software and refund transfer bank offers reporting to see which clients have funded, and which clients are still unpaid. This is a good time of year to reach out to those clients who have not funded and find out if there is anything that can be done to rectify the situation. Some clients may have gotten a letter from the IRS that scared them and they never reported it, which can be fixed easily and allow the refund to come in which means the prep fees come in as well. Also, if the taxpayer purchased audit assistance then they can contact their audit protection company and they will have specialists that can walk the taxpayer through the case.

It’s also prudent to keep in touch with clients around this time since scammers are very active when they know that the IRS will be sending letters. Often times they will copy the format of correspondence which can be difficult to identify. Ian Gardner, of Sigma Tax Pro reminds preparers that, “You are the one they trust with their taxes and they should know you’re not just there for them one month a year, but even after the season is over.” By making yourself available, clients are more likely to use the knowledge and training of a professional to prevent unwanted scams.

Another reason to attempt to get unfunded clients funded is to raise the preparers funding rate, which is a calculation used by refund transfer banks to determine eligibility for certain programs. In addition to funding rate, banks also consider the amount of prep fees earned by an office, which is increased when additional returns are funded. These programs include pre-season loans, in-season fee assistance, and taxpayer refund advances.

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.

 

Press Contact

Name: Ian Gardner
Phone: 561-450-6422
Email: [email protected]
Website: https://sigmataxpro.com