Category Archives: Other Tax Products

Are you putting your Heavy Vehicle for Sale?

Putting your Truck Sales for Sales?

If you sell a heavy vehicle while under suspension, a statement must be given to the buyer and must show the seller’s name, address, and EIN; VIN; date of the sale; odometer reading at the beginning of the period; odometer reading at the time of sale; and the buyer’s name, address, and EIN. The buyer must attach this statement to Form 2290 and file the return by the last day of the month following the month the vehicle was purchased.

If, after the sale, the use of the vehicle exceeds the mileage use limit (including the highway mileage recorded on the vehicle by the former owner) for the period, and the former owner has provided the required statement, the new owner is liable for the tax on the vehicle. If the former owner has not furnished the required statement to the new owner, the former owner is also liable for the tax for that period.

Form 2290 is due November 30th, 2010 if used first in October 2010.

Tax2290.com – Reminder, Heavy Vehicle Tax (IRS Form 2290) is due November 30th, 2010 if first used in October.

Have you used your vehicle first time in October since July 1st?
If YES, then you need to file form 2290 by end of this month and get your Schedule 1 copy instantly at www.Tax2290.com

Is your gross weight Increased? Is your Vehicle Mileage Limit exceeded since the recent tax return?
If YES, then you now need to file an Form 2290 Amendment to get the reviced Schedule 2 in minutes. Also you can claim your refund from IRS by filing Form 8849 Schedule6 at www.TaxExcise.com

Have you down-sized the number of Vehicles? Is your Vehicle reported Low Mileage from the last filed return?
If Yes, then IRS owe!!! Yes you need to claim a credit back on a Sold / Destroyed / Stolen Vehicle or Low Mileage Vehicle or any other claims at www.taxexcise.com and get it accepted instantly Continue reading →

Happy Thanksgiving from TaxExcise.com

Special Thanksgiving Wishes from ThinkTrade, Inc. you have a wonderful Thanksgiving with your family!! and friends!!!

Ah! On Thanksgiving day… We would like to sincerely thank our Customers, Truckers and everyone we serve for all of your support this year. The year 2010 has been a wonderful year and we could not have done it without all your support.

You have a wonderful Thanksgiving with your family!! and friends!!! Happy Holidays!!!

Treat yourself this Holiday! efile your Excise Tax forms [Form 2290, Form 8849 and Form 720] and win iPod Touch.  read more @ http://www.TaxExcise.com/holiday2010/

IRS Form 2290 [HVUT] is due November 30th, 2010 if your vehicle first used in October since July 2010.

Know more about your Form 2290 filing with IRS

Disregarded entities and qualified subchapter S subsidiaries.

Qualified subchapter S subsidiaries (QSubs) and eligible single-owner disregarded entities are treated as separate entities for excise tax and reporting purposes. QSubs and eligible single-owner disregarded entities must pay and report excise taxes, register for excise tax activities, and claim any refunds, credits, and payments under the entity’s employer identification number (EIN). These actions cannot take place under the owner’s taxpayer identification number (TIN). Some QSubs and disregarded entities may already have an EIN. However, if you are unsure, please call the IRS Business and Specialty Tax line at 1-800-829-4933. Continue reading →

Failing to file returns or pay taxes when due?

Penalties and Interest:

The law provides penalties for failing to file returns or pay taxes when due. There are also penalties for filing false or fraudulent returns. These penalties are in addition to the interest charge on late payments. The penalty for filing a return late or paying the tax late will not be imposed if you can show reasonable cause for not filing (or paying) on time. If you file after the due date (including extensions), attach an explanation to the return to show reasonable cause.

The penalty for failing to file IRS Form 2290 by August 31st is equal to 4.5 percent of total tax due, assessed on a monthly basis up to five months. Late filers not making an HVUT payment also face an additional monthly penalty equal to 0.5 percent of total tax due. Additional interest charges of 0.54 percent per month accrue as well. An HVUT liability that was originally $550 would climb to over $700 by the end of the five-month period of delinquency. In addition to these federal penalties, many states suspend the registrations of vehicles for which proof of HVUT payment has not been provided.

The Secretary of Transportation has the authority to withhold up to 25 percent of the state’s Interstate Maintenance funds [23 U.S.C. 104(b)(5)] if it fails one of its periodic compliance reviews.

Any information regarding filing Form 2290 – HVUT please call our Help Desk 1-866-245-3918 or simply write to us your queries support@taxexcise.com.