Author: Sigma Tax Pro

It’s no secret that tax time is the busiest time of the year for accountants and tax preparers. While it’s important to get some much needed rest and relaxation during the off season, it’s also the best time to evaluate what’s working for your tax business and what’s not. One important consideration is the current…

There are many different ways that cyber criminals attempt to gain information, and lately tax professionals have been a target. With such a large amount of sensitive taxpayer data being stored in offices, it is more important than ever to make sure that you have the proper safeguards in place. As the saying goes, “You…

If you ask most business owners, they would say one of their main goals is growth. In the professional tax preparation industry it can be more challenging, due to the complex nature of the work, and the specific training required to do it correctly. Many tax pro’s state that they cannot find someone they can…

Every year more and more taxpayers choose to use a self-prep DIY software to prepare their tax returns. As a tax professional, it may seem hard to compete against something so easy and inexpensive. It’s important to remember that tax professionals are able to offer much more than just tax preparation. Keep in mind that…

With the Tax Cuts and Jobs Act in action this tax season, the IRS has continually been offering guidance as to the new tax laws taking effect.  This time around the IRS is offering further guidance on the TCJA’s current modifications to the previous tax law, which limits losses from all sorts of business for…

The TCJA has imposed new rules aimed to assist nonprofit organizations in the calculation of nondeductible parking expenses that were once deductible before the passage of the new act.  The IRS has issued interim guidance related to the treatment of qualified transportation fringe benefit expenses compensated or incurred after December. 31st, 2017. This interim guidance may also…

In light of the Tax Cuts and Jobs Act passed last December, the IRS has issued proposed regulations for both businesses and individuals in regards to foreign tax credits.  The TCJA includes several significant changes on how the government taxes foreign activities. The proposed regulation issued earlier this week includes information and rules to help…

After deciding to delay changes to Form W-4 until 2020, the Internal Revenue Service released Notice 2018-92, which offers interim guidance on income tax withholding for 2019.  The IRS did release a draft version of a new Form W-4 earlier this year, however it was received with heavy criticism from accountants and professional tax preparers alike. Groups such…