DELRAY BEACH, Fla., Feb. 20, 2019 /PRNewswire/ -- This tax season, the IRS is predicting that the first batch of returns with Earned Income Tax Credit and Additional Child Tax Credit will receive refunds on February 27th. Since December 18th, 2015, all returns claiming these credits are required by law to be placed on hold and are not available for review until February 15th. For individuals claiming these credits, their tax refund is often the largest single payment they receive all year, so they are obviously eager to receive funding.
For many preparers, this will signal the largest influx of refunds at a single time. In order to prepare for this mid-season spike, ERO's are encouraged to evaluate the total number of taxpayers expecting a return during this time, and make sure they have enough checks on hand to print for their clients using a bank product. Ian Gardner, of Sigma Tax Pro says, "There is nothing worse than a client who knows their refund has been sent, but they are unable to get their money due to poor planning on the part of the preparer. No one wants that situation in their office."
In order to order additional supplies, tax pros can log onto their RT bank website and place an order themselves. Banks usually have limits in place to avoid overstocking an office, and if an ERO is unable to order the amount of supplies they feel they'll need, they can contact the bank or call their service provider and place a larger order manually on the phone. Tax pros will be charged for any expedited shipping, so they are encouraged to plan ahead to avoid these unnecessary costs.
It is also likely that tax professionals are being bombarded with questions from their clients regarding expected refund dates. Up to this point, some clients were not able to see their status on the IRS Where's My Refund page, but the majority of those taxpayers should now be able to see their status. This update will hopefully reduce the number of calls into the tax office, and allow preparers to focus on completing returns.
About Sigma Tax Pro
Sigma Tax Pro provides a full range of essential tax software services for tax professionals. 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.
SOURCE Sigma Tax Pro
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