U.S. Treasury, United Kingdom Sign Bilateral Agreement to Improve Tax Compliance, Combat Offshore Tax Evasion and Implement FATCA

EXPATRIATE TAX – The U.S. Department of the Treasury announced today that it has signed a bilateral agreement with the United Kingdom to implement the information reporting and withholding tax provisions commonly known as the Foreign Account Tax Compliance Act (FATCA). Enacted by Congress in 2010, these provisions target non-compliance by U.S. taxpayers using foreign accounts. The bilateral agreement signed this week is based on the model published in July of this year and developed in consultation with France, Germany, Italy, Spain, and the United Kingdom and marks an important step in establishing a common approach to combating tax evasion based on the automatic exchange of information. For free consultation contact us today.

ABA Tax Accounting

Amare Berhie, International Tax Advisor

amare@abataxaccounting.com

612-282-3200 Toll free 866-936-0430

http://www.abataxaccounting.com

Tax Strategies for Business Owners – Home Office Deduction

The Home Office Deduction – Under the IRS rules, a taxpayer is allowed to deduct expenses related to business use of a home, but only if the space is used “exclusively” on a “regular basis”. To qualify for a home office deduction you must meet one of the following requirements:

  1. Exclusive and regular use as your principal place of business
  2. A place for meeting with clients or customers in the ordinary course of business
  3. A place for the taxpayer to perform administrative or management activities associated with the business, provided there is no other fixed location from which the taxpayer conducts a substantial amount of such administrative or management activities

A separate structure not attached to your dwelling unit that is used regularly and exclusively for your trade or profession also qualifies as a home office under the IRS definition. 

The exclusive-use test is satisfied if a specific portion of the taxpayer’s home is used solely for business purposes or inventory storage. The regular-basis test is satisfied if the space is used on a continuing basis for business purposes. Incidental business use does not qualify. 

In determining the principal place of business, the IRS considers two factors: Does the taxpayer spend more business-related time in the home office than anywhere else? Are the most significant revenue-generating activities performed in the home office? Both of these factors must be considered when determining the principal place of business. If you have any questions, don’t hesitate to contact us for no obligation free consultation!

ABA Tax Accounting

Amare Berhie, Tax Advisor

amare@abataxaccounting.com

612-282-3200

866-936-0430 Toll Free

http://abataxaccounting.com

www.abatax81.blogspot.com

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QuickBooks for Nonprofit

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QuickBooks Accounting – QuickBooks Nonprofit Edition is an all-in-one solution recommended to help nonprofits easily show accountability to the Board of Directors. QuickBooks Nonprofit Edition is recommended if your work involves charity, religious, human service, arts, education, or other tax-exempt groups. 

Key Advantages:

  • Nonprofit Edition organizes your financial information the way your Board of Directors, donors, and the IRS want to see it.
  • Automatically track your organization’s finances with the Nonprofit Chart of Accounts as you enter donations, fund programs, and pay bills. Plus, create a budget automatically.
  • Finish basic accounting tasks faster. Get direct access to bills, bank accounts, pledges, donations, vendors, and reports from the new simplified Home Page.
  • Streamline donation processing and fundraising. Turn pledge forms into thank you letters and receipts with just a few clicks. See contact information, pledge status and contribution history for any donor at a glance in the new Customer Center.
  • Generate any of the 8 nonprofit-specific reports with one click.
    • Start fast and get help when you need it, with in-product Help focused on nonprofit-specific issues, built-in tutorials and FREE QuickBooks callback support for 30 days following registration.

For no obligation free consultation contact us today!

ABA Tax Accounting

Authorized QuickBooks Affiliate

612-282-3200 Toll Free (866) 936-0430

amare@abataxaccounting.com

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QuickBooks Accounting Services

Ability To Refocus On Your Bottom Line

Reliable U.S. Based Outsourcing Solutions – By outsourcing non core activities you are effectively realigning your whole accounting firm’s operations towards activities that help grow your business. Whether this would be product development, sales, services and other activities, having an outsourcing partner that will drive non-core activities for you will help you achieve your targets and improve your bottom line. For more info or to explore possibilities please contact us today.

ABA Tax Accounting

Amare Berhie, Managing Member

amare@abataxaccounting.com

612-282-3200

866-936-0430 Toll free

http://www.abataxaccounting.com

www.abatax81.blogspot.com

Why tax payers should consider hiring an experienced tax professional?

Federal, State, Local and International Taxes – Preparing your own income tax return can be a task that leaves you with more questions than answers. According to a study released by the US Government’s General Accounting Office, most taxpayers (77% of 71 million taxpayers) believe they benefited from using a professional tax preparer. 

Whether we like it or not, today’s tax laws are so complicated that filing a relatively simple return can be confusing. It is just too easy to overlook deductions and credits to which you are entitled. Even if you use a computer software program there’s no substitute for the assistance of an experienced tax professional. 

To automatically receive monthly tax tips from ABA Tax Accounting please click the link and enter your email and click on “Subscribe.” For no obligation free consultation contact us today!

ABA Tax Accounting

Amare Berhie, Senior Tax Accountant

amare@abataxaccounting.com

612-282-3200

866-936-0430 Toll free

http://www.abataxaccounting.com

www.abatax81.blogspot.com

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IRS Payment Plan

Need more time to pay the IRS? – If you don’t qualify for the IRS Offer In Compromise program, a Payment Plan may be the way to resolve your problem. Setting up a payment plan with the IRS gives you a little more time to pay off your tax debts.

Unfortunately, penalties and interest will continue to be charged on your outstanding balance as you pay the debt off. You are required by law to pay the interest on your tax debt.

The good news is that there’s a chance we can get your tax penalties removed. For no obligation free consultation contact us today!

ABA Tax Accounting

Amare Berhie, Senior Tax Accountant

amare@abataxaccounting.com

612-282-3200

866-936-0430 Toll free

http://www.abataxaccounting.com

www.abatax81.blogspot.com

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Business Process Outsourcing

Domestic outsourcing Solutions – In a rapidly changing world, forward-thinking CFOs and managers are looking for innovative strategies and creative collaborations to keep their businesses thriving. More and more, they are turning to third party experts like ABA Tax Accounting for strategic outsourcing of their behind-the-scenes business processing as a way to streamline operations and reduce costs and risk. Click here to learn more about our BPO Solutions that introduce you to our services and shows how your organization will benefit from it.

We offer a full range of Business Processing Outsourcing services:

We work collaboratively to deliver customized, high-quality, and cost-effective outsourcing solutions to our clients, allowing them to lower overhead costs without sacrificing quality or productivity. With a trusted partner supporting their backroom operations, our clients can focus resources on growing their business, generating revenue, and advancing their mission. For more info or to explore possibilities please contact us today.

ABA Tax Accounting

Amare Berhie, Managing Member

amare@abataxaccounting.com

612-282-3200

866-936-0430 Toll free

www.abatax81.blogspot.com

www.abataxaccounting.wordpress.com

http://www.abataxaccounting.com

OUTSOURCED BOOKKEEPING SERVICES

Domestic outsourcing – CPA’s and tax professionals should focus their energy and time on the more complex issues that involve their clients. Tax planning, financial disclosures and strategies to enhance client profitability are where CPA’s show their “added value”. By outsourcing the day to day processing (accounts payable, accounts receivable, bank reconciliations, loan account reconciliations, etc.) and knowing that the product they are reviewing is accurate, CPA’s can provide enhanced services to their clients at little to no additional costs.

For those CPAs and Firms who perform accounting & bookkeeping services and would prefer to spend their valuable time and staffing resources on more profitable services, ABA Tax Accounting can become your back office or work directly with your clients. We offer premier, local outsourcing of tax return preparation and bookkeeping services for tax & accounting professionals, CPA firms and other businesses.

Several benefits of outsourcing bookkeeping functions are:
• Independence is not impaired, allowing you to still perform attest functions
• Processing and quality controls are done by outside experts
• Simplify your year-end
• Provide reconciled bank, credit card and balance sheets accounts
• No dedicated partner required to hire, train and monitor quality within the bookkeeping department
• Clean up and adjust client financial records during your busy season saving you valuable time
• Prepare 1099s and 1096 at year-end
• Assist with additional reporting and accounting services making it easier to service your clients
For more info contact us today.
ABA Tax Accounting
Amare Berhie, Managing Member
amare@abataxaccounting.com
612-282-3200
866-936-0430 Toll free
http://www.abatax81.blogspot.com
http://www.abataxaccounting.wordpress.com
http://www.abataxaccounting.com

Is the IRS threatening to seize your bank account and take your money out of the bank?

IRS LEVIES – Levies can really do a lot of damage and even ruin your life. A levy is the IRS’s way of getting your immediate attention. What they are saying is, we have tried to communicate with you but you have ignored us. Levies are used to seize your wages and whatever other assets you have. If you own it, they can take it. That includes checking accounts, auto’s, stocks, bonds, boats, paychecks, and even Social Security checks!

Imagine waking up one morning and finding all your bank accounts have been cleaned out. They will take every dime. If this amount did not cover what is owed, they’ll keep taking your money until you cover your tax liability. They know that levying your bank account will cause checks to bounce, alerting many people that you have tax problems. But they don’t care! Their sole objective is to collect the taxes owed. Period.

As bad as that is, a worse method is a wage levy (or garnishment). That’s when most of your pay check goes to the IRS, they don’t leave you enough to pay the bills, and most of your check goes to the IRS each and every week until the debt is paid.

If that doesn’t accomplish what they want, they’ll pull out all the stops. They’ll seize your assets, and sell them at auction. That includes everything you own; home, cars, boats, jewelry, motorcycles, insurance policies, retirement funds, anything of value.

We are often able to get those levies released and help you get out of this terrible situation. Our goal is to get you even with the IRS, with what you can afford, and let you start life anew. For no obligation free consultation contact us today!
ABA Tax Accounting
Amare Berhie, Senior Tax Accountant
amare@abataxaccounting.com
612-282-3200
866-936-0430 Toll free
http://www.abatax81.blogspot.com
http://www.abataxaccounting.wordpress.com
www.abataxaccounting.com

Strategic Outsourcing Solutions for CPA and Law firms

ABA Tax Accounting provides low cost 100% U.S. based outsourcing solutions for Tax & Accounting Professionals, CPA & law firms and other businesses from bookkeeping to tax return preparation services.

Our cost-effective outsourcing solutions allow our clients to streamline their day-to-day business operations and lower overhead costs without sacrificing quality or productivity.

ABA Tax Accounting will prepare your tax return and provide you with the finished files. Types of tax returns processed by ABA Tax Accounting include:
Individual Tax Preparation – Form 1040, 1040NR, 2555
Business Tax Preparation – Form 1065, 1120, 1120s, 1120 IC-Disc, 1041, 990, 706

Our accomplished tax professionals are well versed in the leading tax software, including Lacerte, ProSeries, ATX, Pro Systems, and others. Our service comes with an unfailing guarantee of a quick turnaround time and reliable accuracy. Our outsourced tax preparation and bookkeeping services fee will bring an unmatched value proposition to your accounting firm by giving great quality work at extremely affordable rates. If your accounting firm does not offer bookkeeping to your clients, then we can fill in the gap with no overlap in services. You continue to provide the same services as always, and we take care of the tedious day-to-day bookkeeping for your clients. We assist tax professionals and CPA firms to meet client demands, both during tax season and throughout the year.

Our experienced, professional staff of accountants meets all IRS requirements, including current PTIN registration, and is managed by an Enrolled Agent or CPA.

Please click here to review our CPA Practice brochure, and then call or email today to discuss how ABA Tax Accounting can put outsourcing solutions to work for you. For more info, please contact us today.
ABA Tax Accounting
Amare Berhie, Managing Member
amare@abataxaccounting.com
612-282-3200
866-936-0430 Toll free
http://www.abatax81.blogspot.com
http://www.abataxaccounting.wordpress.com
http://www.abataxaccounting.com

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