Tax Services – IRS Fresh Start Initiative

Tax Services – ABA Tax Accounting

IRS Fresh Start Initiative - In 2011, the IRS announced a new program, called the Fresh Start Initiative, to help distressed taxpayers. The IRS adjusted its lien policies, increased the dollar threshold when liens are generally issued, made it easier for taxpayers to obtain lien withdrawals, and extended the streamlined offer-in-compromise program.  Previously, the IRS had given its employees greater authority to suspend collection actions in certain hardship cases where taxpayers are unable to pay. This includes instances where a taxpayer has recently lost a job, is relying solely on Social Security, or is paying significant medical bills.

If you are experiencing hardship, the most important thing you can do is to remain in compliance with your tax obligations. If you owe back taxes, now is the time to pay them, if possible, or enter into an installment agreement, if you qualify, with the IRS. The IRS wants to see you making a good faith effort to pay your taxes. In this process ABA Tax Accounting can assist you! For a Free Consultation call or email:

ABA Tax Accounting

Amare Berhie, Senior Tax Advisor

Abatax81@gmail.com

612-282-3200

Toll free 866-936-0430

www.abataxaccounting.com

Small Business Tax Accountant

Small Business Tax Accountant – www.abataxaccounting.com

The IRS has a program for employers who want to voluntarily reclassify their workers as employees Watch this. We can assist! If you have any questions about this or preparing any tax return for prior years or for the 2012 filing season, please contact us:

ABA Tax Accounting

Amare Berhie, Senior Tax Accountant

Abatax81@gmail.com

Direct 612-282-3200

Toll free 866-936-0430

www.abataxaccounting.com/CustomJ.htm

Small Business Tax Accounting

Small Business Tax Accounting – www.abataxaccounting.com

Social security and Medicare tax for 2012. The employee tax rate for social security is 4.2% on wages paid and tips received for 2012. The employer tax rate for social security remains unchanged at 6.2%. The social security wage base limit is $110,100. The Medicare tax rate is 1.45% each for the employee and employer, unchanged from 2011. There is no wage base limit for Medicare tax. Social security and Medicare taxes apply to the wages of household workers you pay $1,800 or more in cash or an equivalent form of compensation. Social security and Medicare taxes apply to election workers who are paid $1,500 or more in cash or an equivalent form of compensation. If you have any questions about preparing any prior years or for the 2012 filing season, please contact us:

ABA Tax Accounting

Amare Berhie, Senior Tax Accountant

Abatax81@gmail.com

Direct 612-282-3200

Toll free 866-936-0430

www.abataxaccounting.com/CustomJ.htm

Non-Profit Tax Accountant

Non-Profit Tax Accountant – www.abataxaccounting.com

Form 990 - Return of Organization Exempt From Income Tax – Form 990 is an annual information return required to be filed with the IRS by most organizations exempt from income tax and nonexempt charitable trusts. If you have any questions about preparing any prior years or for the 2012 filing season, please contact us:

ABA Tax Accounting

Amare Berhie, Senior Tax Accountant

Abatax81@gmail.com

Direct 612-282-3200

Toll free 866-936-0430

www.abataxaccounting.com

International Tax Services

International Tax Services – www.abataxaccounting.com

Repatriating Foreign Earnings - U.S. based multinationals must understand the complexities of the foreign tax credit before repatriating earnings. For many businesses, repatriation through dividends, with prior planning, may permit tax effective repatriation at little or no incremental cost or possibly even reducing the U.S. tax burden. If you have any questions about preparing any prior years or for the 2012 filing season, please contact us:

ABA Tax Accounting

Amare Berhie, Senior International Tax Advisor

Abatax81@gmail.com

Direct 612-282-3200

Toll free 866-936-0430

www.abataxaccounting.com