Sigma Tax Pro Reminds Tax Pros To Enroll Early With Banking Partners To Ensure They Take Full Advantage Of Offerings
DELRAY BEACH, Fla., Nov. 30, 2018 /PRNewswire-iReach/ -- In an industry where the majority of revenue is earned in a 4 month period, it can be difficult to budget for the other 8 months. This leaves many tax professionals in desperate need of cash to get them through the final months leading up to tax season. It is doubly difficult because those final few months, when funds are most scarce, is when they are needed the most to get seasonal tax offices up and running again. Needs can range anywhere from hiring and training a staff, to furnishing an office, to opening a whole new location.
For these reasons, most refund transfer banks have established programs to offer pre-season funding to tax offices, in order to help their customers get over that final hump. Loan amounts can range from $1000 to upwards of $40,000, and sometimes much more for very high volume offices. Exact underwriting is done independently by each lender through a proprietary and confidential process, but qualifications for these loans are loosely based on prior year funded bank product volume, as well as the total amount of preparation fees generated by the office. Interest rates are fairly low, and funding is traditionally issued around December 1st, however some banks are sending deposits as early as November 1st. This early funding date increases the urgency to establish a software and banking partner for the upcoming season, and to begin the enrollment process as soon as possible.
Ian Gardner, of Sigma Tax Pro, explains, "Bank have the traditional loan products for taxpayer to help with cash flow problems, but they recognize that their tax pro customers have the same issues, so they have programs to help with that too." The repayment of this loan is taken from the prep fees once funding begins, and the banks will do their best to ensure that they do not garnish 100% of the fees, but the more programs a tax pro enrolls in, the more will be garnished.
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.
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.
Media Contact: Ian Gardner, Sigma Tax Pro, 561-450-6422, [email protected]
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SOURCE Sigma Tax Pro
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