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About admin

An e-tax professional at http://www.tax2290.com, a product of Think Trade Inc., A BBB accredited, IRS authorized E-file service provider for all kinds of Excise taxes like Form 2290, Form 720, Form 8849 etc, my articles will reflect friendly ideologies of my company just like how friendly our e-file tax application is to them. For any queries, reach us @ 866-245-3918 or email us on support@taxexcise.com or info@thinktradeinc.com

What if My Form 2290 not filed in time to the IRS?

A 2290 can be filed with the IRS at any time after the deadline [August 31st] has passed but the tax due may be subject to penalties and interest. Other points to remember about the 2290 Heavy Use Tax, the 2290 tax is due the next month after the truck is put in service. For trucks on the road in July 2010, the tax is due by August 31, 2010.
For trucks that aren’t put into service until sometime in the month of August, 2010, the tax is due by Sept 30, 2010. And So forth. Also, the tax is pro-rated for trucks that are not in service for the full tax period. The details on the pro-rated tax are in the 2290 instructions. Continue reading →

Tax Credit for Form 2290 Heavy Vehicle Use Tax payers

If you are paying the Heavy Use Tax (IRS Form 2290) and plan to sell your truck during the tax period, you can apply for a credit – meaning you’ll get a pro-rated portion of the tax back.

Sold Truck Credit:

In previous years, you had to pay the $550 tax and if you sold your truck during the tax period, you did not get anything back. You could provide the form to the person you sold the truck to so that they didn’t have to pay the tax in addition to what you already paid. But once you paid the tax, your money was gone. Continue reading →

Tax credits for Hydrogen fuel from IRS.

IRS Updates Alternative Fuel Excise Tax Forms

The Internal Revenue Service (IRS) has updated several tax forms used to claim the Alternative Fuel Excise Tax Credit. As a result of these updates, taxpayers claiming a rebate or payment for the $0.50 per gallon credit mustfile Form 8849, Schedule 3 (PDF 189 KB). Additionally, corporations and businesses may use Form 8849, Schedule 3 to claim a quarterly credit instead of using Form 4136 (PDF 263 KB) to claim an annual credit. According to the IRS, claimants that intend to file Form 8849, Schedule 3 must file no later than the end of the quarter following the quarter in which the fuel was used or sold.

Do You Need to Make the Switch to EFTPS?

IRS has issued proposed regs designed to expand the making of electronic tax deposits. The regs would eliminate the use of paper-based federal tax deposit (FTD) coupons after 2010. The existing rules for making electronic deposits would otherwise generally remain unchanged.

Currently, taxpayers whose aggregate annual deposits of certain taxes exceed $200,000 are generally required to use Electronic Funds Transfer (EFT) to make FTDs. Taxes taken into account in determining whether the $200,000 threshold has been met include withheld income and FICA taxes, corporate income and estimated taxes, certain taxes imposed on tax-exempt organizations, taxes withheld on nonresident aliens and foreign corporations, estimated taxes of certain trusts, FUTA taxes, and excise taxes, as well as others. Once taxpayers exceed the $200,000 threshold, they have a one–year grace period before being required to use EFT, and then they are required to use EFT in all later years even if their deposits fall below the threshold. The Electronic Federal Tax Payment System (EFTPS) is the EFT system currently used by IRS to collect FTDs. Continue reading →

Excise Tax Form 720 – Quarterly Federal Excise Tax reporting.

In the United States, it is mandatory that Individuals and companies doing business need to file taxes with the Federal Government. Based on the circumstance of the company or taxpayer there are a multiplicity of forms available for filing tax. Another way Form 720 is Quarterly Federal Excise Tax Return.

What is the purpose for filing IRS Form 720?

 

IRS form 720 is utilized to file and disburse excise taxes due on a quarterly basis in order to keep liabilities well under control. Depending on their business model, select companies are requisite to pay excise tax to the federal government. Businesses involving trade of gasoline or tobacco or in services including indoor tanning are required by law to file an excise tax return. Continue reading →