“This is a very new concept where the act of opening a bank account can really improve someone’s livelihood. These accounts have the standard features of any other bank account but work specifically to help manage self-employment income and reporting.”
RoamHR is working with CPA firms, Real estate brokers and other businesses to help launch the Roam Gig Suite banking product for 1099 workers. The Roam Gig Suite is an application that works with bank accounts opened at Somerset Trust Bank*, a hundred and thirty-year-old community bank that opens accounts in Pennsylvania, Maryland and the District of Columbia. RoamHR encourages organized tax preparation and accurate tax withholding for 1099 earnings. https://www.roamhr.com/referral/
Working directly with the Somerset Trust FDIC Insured bank accounts, the RoamHR mobile application can process incoming payments that the worker receives, calculate tax withholdings and automatically move them to a tax withholding account set up for the worker. In addition, the new no-fee banking suite offers automated expense and mileage tracking as well as invoice creation and payments.
“Our goal is to keep them caught up on their taxes throughout the year and make conversations with their CPAs go smoothly at tax time.” Said Rick Gonzalez, RoamHR CEO.
The referral program allows businesses that work with self-employed workers to help promote the free product and earn fifty dollars for each activated customer referral.
The no-fee account suite is targeted at individuals like real-estate agents who get paid and then have to manage their own withholdings, quarterly tax payments and business deductions.
“This is a very new concept where the act of opening a bank account can really improve someone’s livelihood. These accounts have the standard features of any other bank account but work specifically to help manage self-employment income and reporting.” Gonzalez said.
By making a referral, businesses can help their clients and contractors find a cost-free resource to improve their financial management practices. CPA firms, Real-estate brokers and other businesses can register for the simple referral program at https://www.roamhr.com/referral/
- *Somerset Trust Company Member FDIC, An Equal Housing Lender