Professional Tax Articles

How a Tax Preparer Should Best Field Questions About BOI

Tax preparers are often the first point of contact for clients needing clarification about regulatory requirements and Beneficial Ownership Information (BOI) Reporting is a requirement that certainly may raise a few questions. The goal is to create more transparency in business ownership and control and learning about BOI reporting requirements is critical to helping clients avoid regulatory issues.

Here’s how tax preparers may address the most common questions about BOI reporting.

Beneficial Ownership Information (BOI) Reporting: Frequently Asked Questions

BOI reporting plays a critical role in preventing financial crimes such as money laundering. A BOI report requires entities to disclose information about the people who ultimately own or control them. Tax preparers must be ready to explain what BOI reporting requires and why it’s essential. The report aims to make financial dealings more transparent and secure, which is necessary in today’s work environment.

Who Must File a BOI Report?

A common question asked is ‘who falls under the requirement to file a BOI report?.’ Generally, most corporations, limited liability companies (LLCs), and other organizations created by a filing with a state office or a similar form abroad, must submit their beneficial ownership information. The details required include identifying information regarding the owners who meet specific criteria of ownership percentage or control leverage.

Who is Exempt from BOI Reporting?

Not all businesses need to file a BOI report. The exemptions include certain entities that already have clear ownership transparency, such as publicly traded companies or entities that operate under extensive federal regulation. Additionally, entities such as trusts, except certain statutory trusts, are exempt. Tax preparers should help clients understand if their business structure qualifies for these reporting exemptions.

When are BOI Reports Due?

Meeting reporting deadlines is a requirement to avoid penalties. The initial deadline for existing entities to file is January 1, 2024. After this date, new entities must file their BOI reports within 90 days of formation. Existing or newly formed entities that are making changes in beneficial ownership must update their information within 30 days. Being aware of these deadlines helps businesses to stay compliant and to avoid potential fines.

How to File a BOI Report?

Filing a BOI report involves completing the FinCEN BOI Report form. Tax preparers should ensure that their clients gather all necessary information, including the full legal names, addresses, and dates of birth of beneficial owners, along with an identification number such as a Social Security number or passport number. Such data must be accurately reported to FinCEN through the designated electronic filing system.

What Are the Penalties for Non-Compliance?

Failure to comply with BOI reporting requirements can lead to significant penalties, including substantial fines or criminal charges due to the neglect of reporting obligations. Tax preparers must emphasize the importance of accurate reporting to their clients in order to mitigate the risk of such consequences.

Additional Tips for Tax Preparers

Tax preparers often add value to their services by providing continuous education on changes in BOI reporting requirements. Preparing a compliance checklist for their clients also makes reporting compliance easier. Staying proactive by learning about and keeping updates in legislation and technological filing tools top of mind may help clients file BOI reports without experiencing any issues at all.

Closing Thoughts About a BOI Report

Attempting to file a BOI report can often feel overwhelming for many people. A tax preparer can make this process easier by guiding clients through each step of the BOI reporting process. Ultimately, a tax preparer can help file a BOI report to ensure that the report remains compliant, and by answering usual questions, may also minimize the chance of mistakes being made, therefore helping clients to avoid BOI reporting penalties.

Professional Tax Articles

How Integrated Automation Features Speed Up Tasks for Tax Preparers and Clients Alike

Tax preparation can often be a time-consuming experience. One approach to make doing so easier is to use professional tax software with automation features. Automation in tax preparation software streamlines the entire workflow while improving accuracy and security. Using professional tax software is an excellent choice for business, professional and regular clients.

Improve Your Tax Preparation Workflow through Automation

Manually preparing taxes often takes a great deal of time, and it’s easy to make mistakes. Using tax preparation software makes this task much faster with the help of automation. Tasks that traditionally took hours, such as data entry, calculations, and form generation, can now be completed in a fraction of the time.
Another benefit of tax automation is that it minimizes human error. Tax filings are more likely to be accurate and compliant with the latest tax laws. Integrated automation allows professionals to focus more on strategic aspects of tax planning instead of getting bogged down with repetitive tasks.

Remote Signature Features

Signing various tax forms can quickly become cumbersome for anyone. Remote signature features make it possible for tax preparers and clients to finalize documents without the need for in-person meetings. Using this technology is much more convenient for all involved and saves lots of time.
When using tax preparation software with automated features, many tasks can be managed online without the need for worry about scheduling numerous meetings or facing time management issues. The convenience of the remote signature feature is just one of the many reasons why using tax preparation software for tax professionals is such a popular choice.

Integrated Mobile App Features

Tax preparation automation services are not limited to just computers, as smartphones can easily access these features as well. These integrated mobile app features typically allow clients to snap photos of their tax documents and upload them directly to their tax preparer.
Notifications, status updates, and even preliminary reviews can be managed through the app, making these tasks much more accessible and less time-consuming. Using this technology improves communication and efficiency throughout the entire process.

Secure File Transfer and Storage Features

Keeping sensitive information safe and secure is a top priority for all when preparing taxes. One error can lead to a devastating breach and cause personal information to fall into the hands of criminals. Encryption is essential with secure file transfer, as it helps to protect the sending and receiving of documents with the data securely stored in the cloud. Clients can access this information while knowing that all of it is being kept confidential and safe. The entire tax preparation workflow is much more secure with the help of automated technology.

Better Client Communication Tools

Tax preparers and clients must remain in communication to maintain a smooth process. Modern tax software includes various communication tools, such as secure messaging software, video conferencing, and real-time notifications.
These tools make it easy for the involved parties to stay in communication. Clients can reach out to their tax preparer at just about any time if they have questions or need to make changes. Access to these communication tools makes tax preparation software even more convenient.

Advanced Analytics and Reporting

Automated tax preparation software can easily manage a large amount of data. These tools can analyze trends, track the progress of filings, and create detailed reports. Using this technology allows tax preparers to work more efficiently and can help clients save money.
On the other hand, not using automated tax preparation software for professionals makes tax preparation more complex and makes it almost impossible to access advanced analytics. Gaining access to this data-driven approach for tax preparation is a win-win for everyone.

Final Thoughts About Tax Workflow Automation

Integrating automation for any tax preparation workflow saves the preparer and the client time and often improves efficiency with advancement to enhance accuracy, security, and client satisfaction.
Remote signature, secure file transfer software, and integrated mobile app features are just a few of the available software options. With this type of innovative tax software, tax preparers can offer more efficient, dependable, and client-friendly services.


Professional Tax Articles

Benefits of Web-Based Software for Tax Preparers

Managing clients’ tax returns can often be time-consuming and complex. One way to streamline this process is to invest in tax preparation software where all the information is kept in cloud storage, which makes it easy to use from any location with access to the internet. Learning more about the advantages of web-based or cloud-based tax software for preparers is well worth your time if you are undecided.

Here are the best reasons to consider tax preparation software that is cloud-based:

Better Security and Reliability

Making sure to keep all your client data secure is a top priority. Just one data breach can cause a wide range of problems for any client, as well ashurt your reputation. Cloud-based tax preparation software provides top-notch security with the help of encryption and access protocols for the best protection and peace of mind.

Streamline Workflow Process

An added benefit of using tax preparation software is the use of automation. Using this technology can simplify complex calculations and automate repetitive tasks. Tax preparation automation saves time and dramatically reduces the chance of making a mistake, so that with the help of web-based tax software, tax preparers can be much more productive.

Convenient to Use

Attempting to manage client taxes without access to the right software can be challenging. However, having the right web-based software can make performing tax preparation tasks a breeze. Cloud storage allows tax professionals to access client data and work on saidfiles from virtually anywhere. Using tax software increases efficiency, making tax preparers much more productive.

User-Friendly Design

The best tax software for tax preparers offers a user-friendly interface. Keeping things simple often makes this software easy to use, even for those who are not the most tech-savvy. Simplified data entry and an intuitive design let tax professionals focus more on their work and less on figuring out how to effectively use the software. User-friendly designed software is also much less stressful to use than software that’s overly complicated.

Real-Time Collaborative Approach

Working together in real time is another significant advantage of cloud-based tax software. Changes and updates can be made and viewed instantly, which helps both parties to be on the same page – quite literally. Working in real-time saves everyone lots of stress and worry, making tax preparation much easier for tax professionals as well as their clients.

Customization Options

The needs of each tax preparer are different, which is why customization options are essential. Some of the best tax software for tax preparers offer various customization options. Tax professionals can easily modify the software to suit their specific requirements. Implementing these changes can make a tax preparer’s job seem effortless.


Scalability is another benefit of cloud-based tax software. You can easily add new accounts and manage much more tax volume with a few clicks of a button. This flexibility means that tax preparers don’t need to switch systems as their list of clients grows. The ability to scale up or down also saves time and resources.


Investing in web-based software is a cost-effective choice that can lead to significant savings. The reduced need for physical storage and IT infrastructure isn’t only convenient, but also much cheaper. Cloud-based tax preparation software makes tax preparation more efficient, which in turn translates to additional cost savings.

Choosing the Best Cloud-Based Tax Software

Choosing the right cloud-based tax software requires careful consideration. Tax preparers must consider various features and the cost-effectiveness of the software. Not all tax preparation software options are the same, so it’s vital to do some research in advance to help you choose the best option to meet your needs.

Final Thoughts

Investing in cloud-based tax preparation software is an excellent choice for about everytax professional, as cloud-based storage makes it much easier to store all the client’s information. Taking the time to compare your software options can help you choose the best cloud-based software for your situation. As technology continues to evolve, using the cloud is a terrific option to stay up to date on newer technology, and solve many of your tax preparation woes. Check out Sigma Tax Pro’s tax preparer software options by visiting us online with a simple click here.

Professional Tax Articles

Benefits of Purchasing and Reviewing Your Tax Software Early

Choosing the right tax software for tax preparers is a big decision that will impact your entire business. Starting early with the right tax software is a great way to save you from dealing with lots of headaches, and it can keep your stress levels to a minimum. Tax season 2024 is rapidly approaching, as now is one of the best times to consider all the benefits of purchasing tax software early. Finding the right tax software to meet your needs will help simplify the process.

Be Prepared for Tax Season 2024

Investing in tax software now is an excellent way to set you up for success. Tax season 2024 will arrive before you know it, and having the best software for tax preparers at your fingertips means you’ll be well-prepared. It also gives you plenty of time to familiarize yourself with its features. Being well-prepared also means that you can plan your workflow better to manage client expectations and deadlines, as well as your own.

Get Familiar with All the Ins and Outs of Your New Software

Tax software for tax preparers can sometimes seem complicated if you aren’t familiar with its attributes and how it works. Taking the time to learn the various aspects of the software makes it possible to leverage all its capabilities to benefit your clients. This proactive approach lets you hit the ground running while delivering top-quality service. Becoming familiar with the software beforehandalso allows you to provide quicker turnaround times to keep your customers happy.

Stay Up to Date on New Tax Laws

Tax laws are notoriously complex and often change from year to year. Keeping up with these changes is essential to being prepared for tax season. Tax preparation software will include updates on new tax laws, keeping you informed and compliant. Reviewing your software early also gives you time to understand how these changes affect your clients. Being aware of new tax laws helps you stay compliant and avoid any potential issues.

Access All the State and Federal Forms You Need

The best tax software gives you access to all the federal and state tax forms you’ll need for the upcoming tax season. Getting your software in advance can ensure that you have everything required to manage just about any tax scenario. Early access to forms allows you to familiarize yourself with new or revised items, as you can easily do your job confidently.

Sigma 1040 SR

If you are searching for tax software, Sigma 1040 SR stands out. The software is designed for tax professionals who seek a streamlined and efficient way to handle 1040 tax preparation. Sigma 1040 SR simplifies the process of completing and submitting forms and offers top-notch support. Using this tax software is an excellent way to manage a large number of clients in a short amount of time.

The simple user interface also makes the software easy to use, and you can always reach out to support if you need help. Sigma 1040 SR software allows you to navigate various tax codes and regulations with only a few clicks of a button. Whether dealing with the nuances of 1040 SR forms for seniors or the standard 1040 forms, this software can support your professional needs.

Choose Professional Tax Preparation Software Now

Preparing early for tax season 2024 by purchasing tax software for tax preparers now is a wise strategy. Sigma 1040 SR software makes it easy to keep up with new tax laws and gives you access to all necessary forms. A customer service representative is only one call away if you have questions or need assistance. Sigma 1040 tax preparation software streamlines the entire process, and you’ll find that it’s a worthwhile investment.

Reach out to Sigma Tax Pro today to learn more about using the best software for tax preparers.

Professional Tax Articles

New Tax Laws for 2024 of which Tax Preparers Should Be Aware

New Tax Law for 2024 of which Tax Preparers Should Be Aware


The landscape of taxation in the United States continues to evolve with the Inflation Reduction Act, and the upcoming changes for 2024 are particularly important for tax preparers. One of the main goals is to simplify the filing process for everyone involved. Creating a more efficient system will make the online tax filing process much more manageable while decreasing the chance of costly mistakes being made.


Here are some of the most significant changes with the new tax laws in 2024:


Expansion of Electronic Filing Mandate


The IRS e-filing requirements have been expanded to include additionalvariations of tax returns. This move aligns with the broader “Taxpayer First Act” and aims to promote electronic tax filing over traditional paper filing. Organizations with ten or more returns must file electronically under these new rules. Not only does this make the process more time-efficient, but it also improves accuracy. The transition to electronic tax filing is designed to make things much more manageable.


Paperless Processing Initiative


The push towards digital filing is evident in the new IRS Paperless Processing Initiative. One of the primary goals behind this initiative is to be eco-friendlier and more efficient. The IRS is encouraging a paperless workflow, which can significantly reduce paper waste. This could substantially impact tax filing options, especially those traditionally relying on paper documents. It’s recommended for tax preparers to use tax software that has this feature integrated.The move toward digital tax filing aims to streamline processing times and make it much easier for taxpayers to receive updates on their filings.


Free File Program Launch


The IRS free file program allows for free tax filing, especially for those in lower income brackets. Online tax filing may become even more accessible with this program. A pilot program for free tax filing began in 2023 and is expected to continuein 2024. Tax preparers should familiarize themselves with this free tax filing program, especially since not all taxpayers are eligible, to offer the best guidance to their clients.


Tax Cuts for Working Families Act Deduction Increase


The deduction ceiling for the Tax Cuts for Working Families Act has been raised, which is a move that will significantly benefit working families. This increase aligns with the broader Inflation Reduction Act. The guaranteed deduction will be extended to $2,000 for single filers and $3,000 for head-of-household filers. Joint filers will be raised to $4,000. This can result in substantial savings for many families, and tax preparers need to be well-versed in these changes to provide accurate advice.

How Will These Changes Impact Taxpayers and Tax Preparers?


These upcoming changes in tax laws for 2024 are set to impact taxpayers significantly. The shift towards electronic filing under the expanded IRS e-filing requirements is designed to make the entire process quicker, but it could also require some adjustment for those who need to become more tech-savvy. The Paperless Processing Initiative will further promote digital workflows, leading to quicker return processing times. The Free File Program Launch also promises to make tax filing more affordable.Additionally, the increase in deductions due to the Tax Cuts for Working Families Act offers increased financial relief.

Overall, the changes will likely streamline the taxation process while introducing new savings opportunities. However, they will require taxpayers to become more informed and adjust their traditional filing methods. Tax preparers who stay ahead of these changes will play a significant role in helping their clients navigate this evolving landscape.


Final Thoughts


Understanding the Inflation Reduction Act and the new tax laws for 2024 is crucial for any tax preparer who aims to provide up-to-date services. Whether it’s the drive towards electronic and paperless systems or the introduction of free tax filing programs and deduction adjustments, there’s a lot to take in for tax preparers. The earlier you familiarize yourself with these changes, the better positioned you’ll be to guide your clients through a smooth and efficient tax season.

Professional Tax Articles

How to Help Clients Establish Residency in a Low-Tax State

How to Help Clients Establish Residency in a Low-Tax State

In the ever-changing tax landscape, a hot topic among financially conscious individuals is relocating to states with lower taxes. Whether due to retirement plans or a desire for a change of scenery, moving to states without income tax or those considered low state tax states can significantly aid in reducing tax burdens. However, the transition process could be more complex than it initially appears. Understanding state residency tax rules and establishing domicile is critical to making this transition process easy.

Identifying Low-Tax and High-Tax States

A crucial first step involves identifying states with the highest taxes and comparing them to low-state tax states or states without an income tax. While many states offer tax advantages, the nine states with no income tax are Alaska, Nevada, Florida, New Hampshire, South Dakota, Texas, Tennessee, Washington, and Wyoming. It’s also crucial to consider property and sales taxes, as these taxes can offset the absence of state income tax.

Understanding Residency Requirements

Each state has different residency requirements for taxes. Most states consider you a resident if you spend more than 183 days there during the tax year. This is often referred to as the 183-day rule. However, some states have additional criteria, such as owning a home or maintaining a permanent place of abode, having immediate family members in the state, or even where you’re registered to vote.

Establishing Domicile in Low-Tax States

Establishing a domicile in a low-tax state involves more than buying a property there. It means you’re making the state your permanent home and have no plans to leave. Actions such as obtaining a state driver’s license, registering to vote, moving family and belongings, updating your address on important documents, and spending significant time in the new state to demonstrate your intention to make it your permanent residence.

Dual Residency: An Intricate Aspect

When transitioning from one state to another, you might find yourself in a situation of dual residency. This implies that you have ties to two states, typically the original one (high tax state) and the new one (low tax state). Being a dual resident can complicate tax situations, as both states may claim you as a resident for tax purposes. In such a case, keeping careful records of where and when you spend your time can be invaluable to make sure your residency is clear.

Navigating Dual Residency in Two States

In the case of dual residency in two states, meeting the 183-day rule in your new state of choice is a good starting point. However, if you maintain substantial connections there, your former high-tax state might still claim you as a resident. Reducing ties with your former state can help establish residency in the new one. This may involve selling property, closing bank accounts, or changing healthcare providers.

Making the Transition Smooth

Understanding how to facilitate a smooth transition and minimize tax complications is critical to avoid any issues. Creating a clear break from your old state while establishing connections with the new one is also essential. This often requires careful planning and consultation with a tax advisor who understands the intricacies of state tax laws and residency requirements.

Yes, You Can Escape Your State’s High Taxes

Opportunities to reduce tax burdens are abundant in this evolving tax landscape, but it can sometimes be challenging. The first step is to understand and meet state residency rules for taxes and to establish a domicile in a low-tax state. Successfully navigating the complexity of dual residency allows you to fully reap the benefits of living in low-state tax states or even states without an income tax. It’s always a great idea to consult a tax professional for advice that’s tailored to your situation. Ultimately, your quest for a less burdensome tax life is just a strategic move away.



Sigma Tax Pro, LLC and their affiliates and subsidiaries (hereinafter collectively referred to as “Sigma Tax,” “us,” “we,” “our,” or “Company”) has created this Privacy Policy to apply to all users of this website,www.sigmataxpro.com ,and all digital assets contained or offered therein(collectively , our “Services”). This Privacy Policy describes, among other things, the types of information we collect from users when you use our Services, how we use it, and how you can access your information.

This Privacy Policy is integrated into our Terms & Conditions of U se (“Terms & Conditions”).

By using the Services and providing us with your personal Information (defined below), you agree to the practices described in this Privacy Policy and Terms & Conditions referenced below and to the updates to these policies posted here from time to time.


We may collect the following types of information about you which are described in more detail below: (A) information you provide to us, (B) information we may automatically collect, and (C) information we may receive from third parties. All of the information listed in (A)-(C) above, are detailed below, and hereinafter referred to as “Information.”

      A. Information You Provide to Us

In using our Services, you may provide us with Information, including, without limitation:

  • Individual identifiers such as name, contact information such as mailing address, phone number, and email address;
  • Payment and transactional information such as products purchased. Note that we use third party payment processors to facilitate your payments and do not store your payment information;
  • Communications with us, preferences, and other Information you provide to us such as any messages (including via online forms), opinions and feedback that you provide to us, your user preferences (such as in receiving updates or marketing information), and other Information that you share with us when you contact us directly (such as for customer support services); and
  • Additional Information as otherwise described to you at the point of collection or pursuant to your consent.
     B. Information We May Automatically Collect About You

Our Services may automatically collect the following categories of usage and technical Information about you. This Information is used by Sigma Tax for the operation of the Services, to maintain quality of the Services, and to provide general statistics regarding use of the Services. This Information may include:

  • IP address, which is the number associated with the service through which you access the Internet, like your ISP (Internet service provider);
  • Date and time of your visit or use of our Services;
  • Domain server from which you are using our Services;
  • Type of computer, web browsers, search engine used, operating system, or platform you use;
  • Data identifying the web pages you visited prior to and after visiting our website or use of our Services;
  • Your movement and activity within the website, which is aggregated with other information; and
  • Mobile device information, including the type of device you use, operating system version, and the device identifier (or “UDID”).
     C. Cookies & Technologies Used to Collect Information About You

We and/or certain service providers operating on our behalf may collect information about your activity, or activity on devices associated with you over time, on our sites and applications, and across non-affiliated websites or online applications.We may collect this Information by using certain technologies, such as cookies, web beacons,embedded scripts, pixels, software developer kits, third-party libraries, and other similar technologies. Third-party service providers, advertisers, and/or partners may also view, edit, or set their own cookies or place web beacons.

  • Cookies (or browser cookies). A cookie is a small file placed on the hard drive of your computer.  You may refuse to accept browser cookies by activating the appropriate setting on your browser.  However, if you select this setting,you may be unable to access certain parts of our Services.  Unless you have adjusted your browser setting so that it will refuse cookies, our system will issue cookies when you direct your browser to our website.
  • Web Beacons. Website pages may contain small electronic files known as web beacons (also referred to as clear gifs, pixel tags, and single-pixel gifs) that permit us, for example, to count users who have visited those pages and for other related statistics (for example, recording the popularity of certain content and verifying system and server integrity).  We also use these technical methods to analyze the traffic patterns, such as the frequency with which our users visit various parts of the Services.  These technical methods may involve the transmission of Information either directly to us or to a third party authorized by us to collect Information on our behalf.  Our Services use retargeting pixels from Google, Facebook, and other ad networks.  We also use web beacons in HTML emails that we send to determine whether the recipients have opened those emails and/or clicked on links in those emails.
  • Analytics. Analytics are tools we may use, such as Google Analytics, to help provide us with information about traffic to our website and use of our Services, which Google may share with other services and websites who use the collected data to contextualize and personalize the ads of its own advertising network.  You can view Google’s Privacy Practices here: Privacy Policy – Privacy & Terms – Google.
  • Mobile Application Technologies. If you access our website and Services through a mobile device, we may automatically collect Information about your device, your phone number, and your physical location.
     D. Information We May Receive from Third Parties

We may collect additional Information about you from third-party websites, social media platforms and/or sources providing publicly available information (e.g., from the U.S. postal service) to help us provide services to you, help prevent fraud, and for marketing and advertising purposes.

This Privacy Policy only applies to Information collected by our Services.  We are not responsible for the privacy and security practices of those other websites or Social Media Platforms or the Information they may collect (which may include IP address).  You should contact such third parties directly to determine their respective privacy policies.  Links to any other websites or content do not constitute or imply an endorsement or recommendation by us of the linked website, Social Media Platform, and/or content.

     A. Use and Purpose of Processing Your Information

We use and process your Information for things that may include, but are not limited to, the following:

  • To provide you with the Services and information you request;
  • To respond to your inquiries and questions and provide customer service;
  • For general or targeted marketing and advertising purposes, including sending you promotional material, or special offers on our behalf or on behalf of our marketing partners and/or their respective affiliates and subsidiaries and other third parties, provided that you have not already optedout of receiving such communications;
  • To fulfill contracts we have with you;
  • To manage, improve and foster relationships with third-party service providers, including vendors, suppliers, and parents, affiliates, subsidiaries, and business partners;
  • Maintain, improve, customize, or administer the Services, perform business analyses, or other internal purposes to improve the quality of our business, the Services, resolve technical problems, or improve security or develop other products and services;
  • Comply with our Terms & Conditions;
  • Analytics for business purposes and business intelligence;
  • Comply with any applicable laws and regulations and respond to lawful requests; and/or
  • For any other purposes disclosed to you at the time we collect your Information and/or pursuant to your consent.

We may also use Information that has been de-identified and/or aggregated for purposes not otherwise listed above.

     B. Sharing Your Information

We may share your Information as set forth in the Privacy Policy and in the following circumstances:

  • Third-Party Service Providers.  We may share your Information with third-party service providers that perform certain functions or services on our behalf (such as to host the Services, manage databases, perform analyses, process credit card payments, provide customer service, or send communications for us). These third-party service providers are authorized to use your Information only as necessary to provide these services to us.  In some instances, we may aggregate Information we collect so third parties do not have access to your identifiable Information to identify you individually.
  • Disclosure of Information for Legal and Administrative Reasons.  We may disclose your Information without notice: (i) when required by law or to comply with a court order, subpoena, search warrant, or other legal process; (ii) to cooperate or undertake an internal or external investigation or audit; (iii) to comply with legal, regulatory or administrative requirements of governmental authorities (including, without limitation, requests from the governmental agency authorities to view your Information); (iv) to protect and defend the rights, property or safety of us, our subsidiaries and affiliates and any of their officers, directors, employees, attorneys, agents, contractors and partners, and the website Service users; (v) to enforce or apply our Terms & Conditions; and (vi) to verify the identity of the user of our Services.
  • Business Transfers. Your Information may be transferred, sold, or otherwise conveyed (“Conveyed”) to a third party where we: (i) merge with or are acquired by another business entity; (ii) sell all or substantially all of our assets; (iii) are adjudicated bankrupt; or (iv) are liquidated or otherwise reorganize.
  • De-Identified or Aggregated Data. We may share your Information on an aggregated basis for any purpose in which your specific personal Information is blinded, masked, or otherwise not identifiable.
  • With Your Consent. We may share Information consistent with this Privacy Policy with your consent.

Our Services may contain links to other websites or services that are not owned or controlled by us, including links to Social Media Platforms such as Facebook, Instagram , Twitter, LinkedIn, or YouTube, or may redirect you off our website away from our Services.

This Privacy Policy only applies to Information collected by our Services.  We are not responsible for the privacy and security practices of those other websites or Social Media Platforms or the Information they may collect (which may include IP address).  You should contact such third parties directly to determine their respective privacy policies.  Links to any other websites or content do not constitute or imply an endorsement or recommendation by us of the linked website, Social Media Platform, and/or content.


We use commercially reasonable and appropriate administrative, physical, and technical security measures to provide our Services and safeguard your information.  However, no data transmitted over the Internet or stored or maintained by us or our third-party service providers can be 100% secure.  Therefore, we do not promise or guarantee, and you should not expect, that your Information or private communications will always remain private or secure.  We do not guarantee that your Information will not be misused by third parties.  We are not responsible for the circumvention of any privacy settings or security features.  You agree that we will not have any liability for misuse, access, acquisition, deletion, or disclosure of your Information.

If you believe that your Information has been accessed or acquired by an unauthorized person, you should promptly Contact Us so that necessary measures can quickly be taken.


We will retain your Information for as long as needed to provide you Services, and as necessary to comply with our legal obligations, resolve disputes, and enforce our policies.  In accordance with our routine record keeping, we may delete certain records that contain Information you have submitted to us.  We are under no obligation to store such Information indefinitely and disclaim any liability arising out of, or related to, the destruction of such Information.

  1. Marketing Communications. If you do not want to receive marketing and promotional emails from us, you may click on the “unsubscribe” link in the email to unsubscribe and optout of marketing email communications or see How to Contact Us below for more information.
  2. Opting Out of Direct Marketing by Third Parties. To exercise choices regarding the marketing information you receive, you may also review the following links:
  • You may optout of tracking and receiving tailored advertisements on your mobile device by some mobile advertising companies and other similar entities by downloading the App Choices app at aboutads.info/appchoices.
  • You may optout of receiving permissible targeted advertisements by using the NAI Opt-out tool available at http://optout.networkadvertising.org/?c=1 or visiting About Ads at http://optout.aboutads.info.
  • You can optout of having your activity on our Services made available to Google Analytics by installing the Google Analytics opt-out add-on for your web browser by visiting: https://tools.google.com/dlpage/gaoptout for your web browser.

Our Services are targeted to individuals located in the United States.  As such, the Services collect Information and process and store that Information in databases located in the United States.  If you are visiting the Services from a country outside the United States, you should be aware that you may transfer personally identifiable Information about yourself to the United States, and that the data protection laws of the United States may not be as comprehensive as those in your own country.  By visiting the Services and submitting any personally identifiable Information you consent to the transfer of such personally identifiable Information to the United States.


To the extent certain state laws provide users with data subject rights, such as the right to opt out, access, or delete their personal Information, those rights may be honored by the Company following proper authentication and verification.  Please see the How to Contact Us section below for more information.


The Services are intended only for users over the age of sixteen (16).  If we become aware that a user is under sixteen (16) (or a higher age threshold where applicable) and has provided us with Information, we will take steps to comply with any applicable legal requirement to remove such Information.  Contact us if you believe that we have mistakenly or unintentionally collected Information from a child under the age of sixteen (16).


Individuals with disabilities who are unable to usefully access our Privacy Policy online may contact us to inquire how they can obtain a copy of our policy in another, more easily readable format.


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We reserve the right to change, modify or amend this Privacy Policy at any time to reflect changes in our products and service offerings, accommodate new technologies, regulatory requirements, or other purposes.  If we modify our Privacy Policy, we will update the “Effective Date” and such changes will be effective upon posting.  It is your obligation to check our current Privacy Policy for any changes.


If you have any questions about this Privacy Policy or the Information we have collected about you, please contact us at the following:

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Professional Tax Articles

Benefits of Offering Bank Products Through Tax Preparation Businesses

Benefits of Offering Bank Products Through Tax Preparation Businesses


Only a portion of clients have access to a bank, so offering bank products along with tax preparation services can be a great option. According to the FDIC, more than 6 percent of American households don’t use a bank, and an even larger percentage use financial products outside the banking system. Providing additional products for underbanked clients can be a win-win situation for tax preparation businesses and customers.


What is Considered a Tax Bank Product?


Tax bank products are any software that provides fee payments without needing a client to have a bank account and are specifically available through tax preparation businesses. Many of these products offer refunds in several ways, whether electronic refund deposits, prepaid debit cards, or electronic refund checks.


These financial products allow clients to use your tax preparation services without paying upfront fees. For example, the tax prep fees are automatically removed from the client’s refund, and the money is routed from the IRS to another tax bank. Software vendors often work with various tax banks, so it’s a good idea to do some research before deciding on a service.


How to Offer Tax Bank Products?


The first step in providing tax bank products is to apply to be an authorized e-file provider. Once approved, you can choose from different bank products for tax preparers. Tax preparation businesses can then finalize the process by setting up the software to offer clients financial products.


How Tax-Refund Bank Products Benefit Both You and Your Clients


Providing financial products is beneficial to both tax preparation businesses and your clients. By offering these bank products, tax professionals qualify for additional programs to help them grow their business. These programs include pre-season loans to get their business up and running in November/December, in-season prep fee advances to help the preparer get paid sooner, and to pay staff before funding starts, as well as taxpayer advances to help attract new customers to the tax preparer’s office and to be able to compete with the big chain preparation franchises. Additional advantages of providing tax bank products include the following:


Convenience: Clients can easily schedule tax preparation services, and they don’t have to worry about incurring any out-of-pocket fees.


Faster Process: Another benefit of tax bank products is that it’s a much quicker process for receiving a tax refund payment.


Variety of Payment Options: Many different options are available for clients to receive their tax refund payment, whether it’s a debit card, direct deposit, or check.


Here are the primary ways tax preparation services can benefit from bank products. 


Simple Payment Process: You will receive payment for your services much more quickly, and you don’t have to worry about tracking down payments.


Gain a Competitive Edge – Another benefit of using bank products for tax preparers is that offering these services often give you an edge over other tax preparation services that don’t offer these products.


Attract More Clients: You can also attract more clients that want to avoid paying for tax preparation services upfront.


Here are some of the bank products available from Sigma Tax Pro



PayDash makes it easy to provide cash advances to help tax professionals grow their companies. A strong customer service team is also available if you ever need assistance.


Tax Products Group

Tax Products Group offers a variety of financial products to match your customers’ needs best. These financial products are great for tax preparation services and independent tax professionals.


EPS Financial

EPS Financial provides flexible electronic payment systems for tax preparation services. Keeping things simple while staying up to date with the latest regulations makes EPS Financial a popular choice for tax preparation businesses.


Refund Advantage

Refund Advantage allows you to customize your account in several ways while making managing your tax preparation services easy. Creating the best experience possible is always a priority.


Republic Bank Tax Refund Solutions

Republic Bank Tax Refund Solutions has over 25 years of experience in helping clients receive their refunds quicker. Using these services is a great way to keep things simple and convenient.


Closing Thoughts

Expanding your offered services by providing tax bank products is an excellent choice for growing your business. These services offer many benefits, such as providing clients with a variety of payment options, as well as providing convenience. Offering these financial products is especially beneficial for the underbanked, as it gives access to their tax refund even if they don’t have bank access.


Now is the best time to begin applying for these tax bank products! 

Professional Tax Articles

Keeping Your Tax Preparation Firm Relevant with Automated Services

Keeping Your Tax Preparation Firm Relevant with Automated Services

Choosing to invest in automation services is a great option for tax professionals. Tax preparation automation offers a wide range of benefits, such as improving efficiency, reducing costs, and keeping mistakes to a minimum. Many distinctive features are also available with tax automation software. These automated services make it much easier to improve accuracy and develop the best tax strategy for tax preparation firms.

Automated Formats Are a Must for Tax Prep Firms

One of the biggest selling points of tax automation software is that it improves efficiency. Many tax professionals spend the vast majority of their time entering data, as tax automation is an excellent way to streamline this entire process. Tax preparation firms can spend more of their valuable time on finding ways to better serve their clients without spending hours entering manual data.

An additional benefit of using tax automation services is that it makes it easier for tax professionals to maintain compliance with all of today’s regulations. More time can be spent focused on developing the best tax strategy for each client, no matter if it’s identifying valuation issues, finding errors, or implementing more effective solutions. Tax professionals can focus more on high-value tasks, while automation software will handle basic tasks to save time and improve efficiency.

Cost-Effective Option

Looking at ways to reduce costs is always a priority for businesses. Using tax preparation automation software is one of the most effective ways to improve accuracy, which helps to keep expenses to a minimum. Tax automation software also helps to reduce the amount of time it takes to prepare taxes. Tax professionals can spend more of their time looking at ways to develop the best tax strategy for saving their clients’ money without having to get bogged down with tedious work.

Improve Accuracy with Tax Automation

Keeping everything working smoothly and minimizing mistakes is essential to optimizing the tax return workflow process. Tax automation allows tax preparers to access information instantly without having to spend hours searching for any particular set of information. Using tax automation helps to reduce mistakes, and it also decreases the chance of burnout by reducing repetitive work. Ultimately, using these services to automate tax work paper preparation is a win-win situation for both tax professionals and clients.

What Are the Available Software Features?

Automation software gives tax professionals access to a wide variety of features. These features are designed to improve accuracy and streamline the entire process. For example, features such as remote signature makes it possible for clients to sign from anywhere without the need for paper. Clients should also be able to communicate with the tax preparer in real time through the software, with conversations being recorded and safely secured.

Automated systems also allow you to reduce worry regarding how to keep up with countless pieces of paperwork, as these documents can be safely kept in the cloud. Using tax automation software makes it much easier to stay organized, and greatly reduces the chance of making worrisome errors. Tax software also integrates with banks to automatically handle fees and refunds, which eliminates the need for additional software to manage these tasks. Overall, using tax preparation automation software is an excellent way to gain access to many helpful features to make the tax prep process much more streamlined and efficient.

How to Evaluate Tax Software Providers?

Not all tax preparation automation services are equal, which is why it’s essential to do your research before making a decision about which to choose. Looking at past reviews from clients and learning how many years they have been in the business is always important. Understanding the onboarding process is also key in making sure all goes smoothly with minimal interruptions. Asking about their customer support is another critical part of determining if a tax preparation automation service is the right fit for your firm or if you should consider other options. The price of these services is also important, as you will need to consider upfront costs as well as ongoing maintenance.

Closing Thoughts

Learning all about the benefits of automated services is essential for tax professionals. Investing in tax automation helps to reduce costs, improve accuracy, and it makes it easier to develop a robust tax strategy. These automation services also provide a wide range of software features, such as bank product integrations, remote signatures, real-time communications, and secure file transfers. Now is an excellent time for tax professionals to check out these services and experience the many benefits of tax preparation automation.

Professional Tax Articles

Growing Your Tax Preparation Business Through Referrals


One way to grow your business is through customer referrals. A tax preparation business can greatly expand its outreach and reach many new customers through referral marketing. Implementing a referral incentive program is especially beneficial, and it’s a much more affordable choice as compared to traditional marketing options. Start by learning more about the benefits of a referral network – It’s an excellent way to help your tax preparation business grow throughout the entire year.


Implementing a Referral Incentive Program in 2023

A referral incentive program can help you gain and retain many new customers. You can implement a referral incentive program in a variety of ways, such as offering incentives for existing clients that refer you to new customers. For example, you might offer a gift card for clients that provide customer referrals, or you may decide to offer a discount on the client’s next tax-preparation service. You can also experiment with different rewards to see which are the most effective options for your business.


Should You Consider Limits on Your Referral Incentive Program?

Developing a terms and conditions document for your referral marketing program is always recommended, whether it be available for review on- or offline. Depending on your budget, you may want to consider limiting the number of compensated customer referrals per client, or maybe not since all new business is good business. It’s also important to precisely define what your clients are required to do to earn the incentive. Clearly defining all the rules of your referral incentive program is essential to ensure that all terms are easy to understand and to follow.


What is an Effective Way to Market Your Referral Program?

Understanding how to market your tax preparation referral program is key to maximizing your outreach. Fortunately, you can promote your referral incentive program using various marketing strategies, whether it’s through your website, social media pages, desk cards, or even with wall posters in your office. You can also grow your business by marketing your referral program using on-hold prompts/messages on your telephone system. The biggest key here is to market your referral program through several different avenues to reach as many people as possible.


Here are a few tips on how to create an effective referral network to grow your business.


Build Your Ideal Client Profile

One of the first steps to developing any referral network is to create your ideal client profile. You can also create numerous client profiles, such as businesses in specific industries, gig workers, or high net-worth clients. Developing a well-defined client profile is key in making it easier to focus on growing your referral incentive program. You can also update your client profile over time to better match the evolving needs of your business. Discussing your ideal client profile with your referral partners can help increase the success of your referral marketing program.


Keep Your Clients Happy

Attempting to grow your business through a referral network is next to impossible if you are unable to keep your clients happy with your tax preparation services. On the other hand, happy clients are one of the most effective marketing tools to help you gain new customers. You can keep your existing clients happy by meeting their needs, helping them solve their tax problems, and making sure they stay in compliance with various tax laws.


Taking a proactive approach by focusing on the unique needs of your clients can help you earn their trust and make it much more likely for them to recommend you to others. Keeping in touch with your clients throughout the year is also important to making sure your clients are well-satisfied with your tax preparation services. You can stay connected with customers in various ways. For example, send a handwritten note thanking each client for their business or send them each a (handwritten, computer generated, or online, etc.) monthly newsletter which provides a monthly opportunity for your business to stay top of mind.

Encouraging clients to leave online reviews about your tax preparation business is also a great way to reach more people – especially since so many of us rely on reading positive reviews before making a decision to switch preparers, and also because good news & great reviews travel real fast.


Closing Thoughts

Preparing for tax season can be stressful, especially if you are short on clients. Fortunately, a tax preparation business can reach more new clients by creating a referral incentive program. Growing your business through a referral network takes time, as it doesn’t happen overnight. Creating an ideal client profile, keeping your existing customers happy, and staying in touch with them are all key aspects of building a successful referral incentive program. Over time, you will begin to gain more clients through referral marketing, as all the hard work is well worth the effort in helping you grow your business all year long.