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SIGMA TAX PRO REPORTS 2015 TAX FILING SEASON VOLUME GREATER THAN PREVIOUS YEAR

In contrast to last year’s delayed tax season beginning at the end of January, this years January 20th start has seen an increase in e-files and refunds over 2014 numbers. The IRS has received more than 14 million tax returns as of January 31st, and more than 13 million of those returns were filed electronically. This is a testament to the success and efficiency of the e-filing process. On February 6th IRSCommissioner John Koskinen affirmed their commitment to this process: ”We encourage taxpayers to e-file their returns since it is the quickest, safest and most accurate way to file and the fastest way to get a refund.”

Tax professionals should also be aware of the increase in the use of the IRS’ direct deposit option for taxpayer refunds. To date the IRS has issued 7.6 million refunds worth $26.8 billion with the average refund worth $3,539 during the 2015 tax season. 7.3 million of these refunds worth $26.2 billion have been directly deposited to taxpayer accounts. Jody Dovich at Sigma Tax Pro confirms that these new options are here to stay, “It is clear that e-filing tax returns and receiving refunds via direct deposit is the way of the future for taxpayers and tax pros alike.”

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 also offers its audit assistance product to protect tax pros and taxpayers in the event of an IRS audit.

Read the full story at http://www.prweb.com/releases/software/taxes/prweb12565369.htm

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SIGMA TAX PRO ADVISES TAXPAYERS TO LOOK OUT FOR IDENTITY VERIFICATION LETTERS

Tax professionals should advise their clients that they may receive a letter from the IRS requesting them to verify their identity. There is a website that taxpayers can visit to complete the process, idverify.irs.gov. The IRS does not send the letter because of any wrongdoing on the taxpayer’s behalf but only when they have indications that identify theft may be taking place. The communication they will receive from the IRS will be Letter 5071C. When they access the verification site, they will have to answer a series of questions that only the taxpayers themselves could answer. They will then be asked to confirm that they submitted the return. If they did not, the IRS can then take action to protect the taxpayer.

The letter will be mailed via the U.S. Postal Service; the IRS will not communicate this information through emails or phone calls. If taxpayers receive phone calls regarding the letter from someone claiming to be the IRS, they can be assured it is not a legitimate call. The letter will contain a toll-free number that can be called if the individual does not wish to use the idverify.irs.gov site to complete the process. Jody Dovich of Sigma Tax Pro reminds taxpayers that there may be long hold times on the toll-free line during peak hours, so the website will always be the fastest and easiest option.

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 also offers its audit assistance product to protect tax pros and taxpayers in the event of an IRS audit.

Read the full story at http://www.prweb.com/releases/taxes/new-tax-id-verification/prweb12626230.htm

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HOUSE VOTES FOR BARE-MINIMUM TAX BREAK EXTENSION REPORTS SIGMA TAX PRO

This article was originally distributed via PRWeb. PRWeb, WorldNow and this Site make no warranties or representations in connection therewith.

SOURCE:

The House of Representatives voted to keep lapsed tax breaks for 2014 but no agreement has been reached for 2015.

Delray Beach, Florida (PRWEB) December 12, 2014

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.

Get more information at SigmaTaxPro.com.

For the original version on PRWeb visit: http://www.prweb.com/releases/tax-software/professional/prweb12390486.htm

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SIGMA TAX PRO ANNOUNCES PTIN RENEWAL PERIOD UNDERWAY FOR TAX PROFESSIONALS

DELRAY BEACH, Fla.–(BUSINESS WIRE)– The Internal Revenue Service has issued a reminder to more than 690,000 federal tax return preparers nationwide that they must renew their Preparer Tax Identification Numbers (PTINs). All current PTINs expire on December 31st, 2014 and anyone planning to prepare tax returns in 2015 must have a valid PTIN number from the IRS. The PTIN number has to be entered on all tax returns prepared, and failure to have a valid PTIN may result in penalties.

Jody Dovich at Sigma Tax Pro urges all tax pros to complete their PTIN renewal process as early as possible, “It’s easy to get distracted during the holiday season and leave it until too late.” Any preparer who already has a 2014 PTIN can complete the renewal process quickly and easily online at www.irs.gov/ptin. For first-time applicants, the PTIN application fee is only $64.25 and this process can also be completed on the IRS website. However, for those wishing to complete a paper application, the process can take 4 to 6 weeks.

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

Sigma Tax Pro
Jody Dovich, 561-450-6422

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SIGMA TAX PRO ADVISES TAX PROS TO BE AWARE OF POTENTIAL CHANGES TO W-2 DEADLINES

The issue of refund fraud is always a topic of great importance to tax pros and is never far from the headlines. The GAO is pushing the IRS to move the deadline for filing W-2s up to January 31st and also to increase electronic filing of W-2s in an effort to stop fraudulent refunds from being filed. The logic behind this is that if the IRS had earlier access to W-2s they would be able to verify income amounts reported on tax returns. Currently employer wage data is not available until months after refunds are issued making it impossible to verify reported income amounts.

In the aforementioned report the GAO recommends Congress provide the Treasury with authority to lower the annual threshold for e-filing W-2s and evaluate the impact of moving the W-2 deadline forward. The GAO states that Congress “neither agreed nor disagreed with GAO’s recommendations, and it stated it is determining how these potential corrective actions align with available resources and IRS priorities.” The GAO’s stated goal is to reduce the amount of refund fraud which they explain is largely unquantifiable at the current time.

Sigma Tax Pro provides a full range of essential services for tax pros. This includes industry-leading professional tax 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. Tax preparers can also become resellers of Sigma’s 1040-CL software and increase their revenue during tax season.

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REFORM TO CHILD TAX CREDITS APPROVED BY HOUSE, CONFIRMS SIGMA TAX PRO

Sigma Tax Pro has confirmed that new legislation approved by the house will tighten up child tax credits to reduce fraud and will impact tax preparation businesses.

Delray Beach, FL (PRWEB) August 12, 2014

The Child Tax Credit Improvement Act, known as H.R. 4936,would adjust the amount of the refundable tax credit, currently set at $1,000, for inflation. Sam Johnson, R-Texas put forward the bill with a view to reduce commonplace fraud associated with the child tax credits and also protect taxpayers. The act would require anyone claiming the credit to provide their social security numbers to be able to benefit from the tax credit. This requirement is already mandatory for the Earned Income Tax Credit and was used as a fraud prevention measure in the 1996 Welfare Reform law. Jody Dovich from Sigma Tax Pro hopes that adjusting the credit for inflation will provide an extra benefit for couples who file joint returns and also eliminate the marriage penalty in the current version of the child tax credit.

A report by the Treasury Inspector General for Tax Administration highlights the potential for fraud that exists with child tax credit. The report pointed out that the number of individuals filing for the Additional Child Tax Credit without a Social Security Number increased exponentially from 62,000 filers in 2000 to 2.3 million filers in 2010. Jody Dovich, of Sigma Tax Pro states, “there is a need to reduce fraud but many are concerned as the expanded refundable portion of the Child Tax Credit expiring in 2017 is not addressed in the bill.” This typically affects the lowest income families and would potentially increase the number of families living below the poverty line. It is certain that all tax professionals will need to be well versed in the new act as it will affect a number of their clients.

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. Clients can already renew their software licenses for next year’s tax season and ensure the lowest pricing available in the industry.

 

For the original version on PRWeb visit: http://www.prweb.com/releases/software/taxes/prweb12064740.htm

Information contained on this page is provided by an independent third-party content provider. WorldNow and this Station make no warranties or representations in connection therewith. If you have any questions or comments about this page please contact[email protected].

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SIGMA TAX PRO REPORTS NEW IRS PENALTY RELIEF FOR SMALL BUSINESS RETIREMENT PLANS

THE INTERNAL REVENUE SERVICE RECENTLY ANNOUNCED IT WILL PILOT A ONE-YEAR PROGRAM TO HELP SMALL BUSINESSES WHO OWE PENALTIES FOR THEIR RETIREMENT PLANS.

Delray Beach, Florida (PRWEB) May 27, 2014

Many small businesses have been saddled with penalties for not filing reporting documents pertaining to their retirement plans. The Internal Revenue Service announced this week that it will begin a pilot program to help small businesses in this position. During this pilot one-year period, small businesses will be able to file current and prior year forms to avoid penalties. The details of the program can be found on the IRS website at Revenue Procedure 2014-32.

The penalties that small businesses can face in this situation can be up to $15,000 per return. Moreover, many businesses were unaware that this filing requirement even existed. The Internal Revenue Service hopes that the new program will allow good-intentioned business to come into compliance with the filing requirements. Pension plan administrators must file an annual Form 5500; however, this program is only available to certain small businesses such as owner-spouse arrangements.

It is an attempt to simplify the process for businesses owners and retirement plan administrators’ multiple plan returns will be allowable in a single submission. Furthermore, if returns are delinquent for more than one year, relief may still be granted and there will be no filing fee during the first-year pilot phase.

Sigma Tax Pro provides a full range of essential services for tax professionals.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. Clients can already renew their tax software licenses for next year’s tax season and ensure the lowest pricing available in the industry.

For the original version on PRWeb visit: http://www.prweb.com/releases/tax-information/software/prweb11885855.htm

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TAX PREPARERS CLAIM FINAL VICTORY OVER IRS IN LICENSING PLAN, ANNOUNCES SIGMA TAX PRO

THE CONCLUSION TO A CASE THAT HAS TAKEN OVER TWO YEARS WAS FINALLY REACHED AS THE IRS DECLINED TO FILE A PETITION TO THE SUPREME COURT

DELRAY BEACH, Fla. — The case that began in 2012 when three tax preparers decided to take on the IRS reached its conclusion this month when the IRS did not exercise its option to seek a review of the case by the Supreme Court. Now that the deadline has passed, the issue can finally be put to rest and tax preparers around the country can breathe a sigh of relief. The IRS will not be able to require independent tax preparers to go through a licensing program which many within the industry perceived to be onerous.

The background to the case is interesting; the IRS proposed that it had the authority to regulate tax preparers under the “Horse Act” of 1884. This statute was created to regulate compensation claims for dead horses brought by civil war veterans but was used a means to put forward licensing requirements for tax preparers in the 21st century. The three tax preparers who took on the IRS—Sabina Loving of Chicago, Ill., Elmer Kilian of Eagle, Wis., and John Gambino of Hoboken, N.J. argued that the IRS could not use this 19th century legislation without the approval of Congress.

The proposed licensing would have affected hundreds of thousands of tax preparers across the United States and it was argued that it would have benefited special interests over independent tax preparation offices. Ultimately the IRS did not obtain congressional approval and declined their opportunity to take the case to the Supreme Court.

Sigma Tax Pro provides a full range of essential services for independent tax preparers. 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. Clients can already renew their software licenses for next year’s tax season and ensure the lowest pricing available in the industry.

Read more here: http://www.miamiherald.com/2014/05/30/4147104/tax-preparers-claim-final-victory.html#storylink=cpy

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SIGMA TAX PRO ADVISES TAXPAYERS AND TAX PROS TO BE AWARE OF PHONY IRS CALLS

Delray Beach, FL (PRWEB) April 25, 2014

The Internal Revenue Service (October 31, 2013) warned taxpayers late last year of what is purported to be the largest IRS phone scam in history. Criminals have been calling taxpayers and demanding immediate payments for taxes owed. The fraudsters claim to be IRS agents and tell the victims they owe thousands of dollars to the IRS. They demand immediate payment which must be in the form of prepaid debit cards or wire transfers. Thousands of victims have already lost over $1 million through this elaborate ruse which often preys on recent immigrants to the United States.

The Washington Post (April 16th, 2014) recently covered the issue and posted a recorded conversation of one of the scam phone calls. They also report that the reason for immigrants being targeted in the scam relates to the threat of deportation that the criminals use to force the victim into paying whatever they demand. However, they also report that the scam has now spread to any taxpayer that can be conned into believing that they are indeed IRS agents. Furthermore the scam involves the use of VOIP (Voice Over Internet Protocol) technology so it appears the call is coming directly from the IRS. The call will show up on the victim’s caller ID as 1-800-829-1040 which is the main IRS phone number.

The IRS has warned taxpayers of several ways to tell if a phone call they receive could be a scam. The first sign is if you have not received notification in the mail prior to the phone call. The IRS will always communicate any past due taxes via mail first. Also if the caller becomes threatening or tries to intimidate you this is also a sign that it is a scam. Perhaps the simplest advice to follow is always to call the IRS first at 1-800-829-1040 to check if you do indeed owe taxes. If this is the case then payments arrangements can be made via the legitimate IRS call centers.

Sigma Tax Pro provides a full range of essential services for tax professionals.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. Clients can already renew their software licenses for next year’s tax season and ensure the lowest pricing available in the industry.

For the original version on PRWeb visit: http://www.prweb.com/releases/taxes/professional-software/prweb11794203.htm

Information contained on this page is provided by an independent third-party content provider. WorldNow and this Station make no warranties or representations in connection therewith. If you have any questions or comments about this page please contact[email protected].

 

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IRS HAS $760 MILLION IN REFUNDS AVAILABLE FOR TAXPAYERS WHO DID NOT FILE IN 2010

SIGMA TAX PRO RECENTLY LEARNED THAT THE IRS JUST ANNOUNCED IT HAS $760 MILLION FOR TAXPAYERS WHO DID NOT FILE A TAX RETURN IN 2010, BUT RETURNS MUST BE FILED BY APRIL 15, 2014.

A recent announcement by the IRS should be of interest to tax professionals across the United States. IRS commissioner John Koskinen advises any taxpayer who has not filed their return for 2010 to do so before April 15th of this year. He notes that it is often students and part time workers who have not filed their returns. Sigma Tax Pro advises tax professionals to check with their clients to ensure they filed a return for 2010 and if not to file before the upcoming deadline.

The law provides taxpayers with a three year window in which to claim refunds, the 2010 tax return deadline was originally April 15th, 2011 for this reason the window will close this year on April 15th marking exactly three years. Often taxpayers who earned relatively small amounts of money do not realize they may be eligible for a refund. However the IRS estimates that half of the outstanding refunds are more than $571 and there are close to one million refunds still waiting to be claimed. Furthermore there is no penalty for claiming a late refund, many taxpayers may be under the impression that they will incur penalties for filing late.

Tax pros should advise their clients that their 2010 refund checks can be withheld if they have not filed returns for 2011 and 2012. Moreover if the taxpayer has unpaid child support, outstanding student loans or other federal debt the refund can also be withheld. For low income taxpayers the potential loss is even greater as they will be unable to claim any Earned Income Tax Credit (EITC) which can be as much as $5,666.

Sigma Tax Pro provides a full range of essential services for tax professionals.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. Clients can already renew their software licenses for next year’s tax season and ensure the lowest pricing available in the industry.