Sigma Tax Pro Highlights Treasury Inspector General for Tax Administration’s Report on Income Levels
Delray Beach, FL (PRWEB) December 28, 2015 -- The IRS has traditionally used a threshold of $200,000 as the benchmark for categorizing high-income taxpayers. This may soon be updated to reflect current economic trends. This initiative comes from a report by the Treasury Inspector General for Tax Administration, who examined the IRS’s efforts to ensure the tax compliance of high-income taxpayers. Sigma Tax Pro's Jody Dovich affirms that many tax pros are not aware of the increased risk of audit faced by their wealthier clients, "There is often a false perception that wealthier individuals are not looked at so closely by the IRS, which is not the case." The need to establish an income level stems from the need to know at what point individuals are more likely to own complex financial products that are more likely to lead them into noncompliance.
This is not the only measure the IRS has taken to reduce noncompliance among wealthier taxpayers. The recent High-Income and High-Wealth strategy's goal was to audit more tax returns related to these individuals and as a result, audits of high-income taxpayers have improved.
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 offers an audit assistance product can provide professional support in the event of an audit.
Jody Dovich, Sigma Tax Pro, https://www.sigmataxpro.com/, +1 561-450-6422, [email protected]
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