IRS has come up with some relief for taxpayers across Tennessee who were kit badly by the recent tornadoes and released a detailed it in the Issue Number: IR-2020-51 and more information is available here.
WASHINGTON – Victims of this week’s tornadoes and severe storms in parts of Tennessee, including Nashville, will have until July 15, 2020, to file various individual and business tax returns and make tax payments, the Internal Revenue Service announced today.
Continue readingThe tax reporting for the tax year 2019 is in full swing, IRS started accepting the tax returns already. The deadline to file a 2019 tax return and pay any tax owed is Wednesday, April 15, 2020. More than 150 million individual tax returns for the 2019 tax year are expected to be filed, with the vast majority of those coming before the April 15 tax deadline. When you’re not ready with your tax return, IRS encourages you to file Extension Applications to buy more time to report the taxes. Extension of time is only to report the taxes and not to pay the taxes that you owe. Income taxpayers both Individuals and Businesses can file applications for automatic extension of time that will push the actual deadline from April 15 to October 15. However the deadline for Extension of time application is also falls on the actual deadline, that is April 15th. For certain businesses the due date falls on March 16th (the actual deadline March 15th falls on a weekend, so the next business day March 16th falls as the new due date).
As taxpayers are getting ready to file their taxes, one of the first things they’ll do is gather their records. To avoid refund delays, taxpayers should gather all year-end income documents before filing a 2019 tax return.
It’s important for folks to have all the needed documents on hand before starting to prepare their return. Doing so helps them file a complete and accurate tax return. Here are some things taxpayers need to have before they begin doing their taxes.
Continue readingThe Internal Revenue Service confirmed that the nation’s tax season will start for individual tax return filers on Monday, Jan. 27, 2020, when the tax agency will begin accepting and processing 2019 tax year returns.
The deadline to file 2019 tax returns and pay any tax owed is Wednesday, April 15, 2020. More than 150 million individual tax returns for the 2019 tax year are expected to be filed, with the vast majority of those coming before the traditional April tax deadline.
Continue readingElectronic filing is the fastest way to get your returns processed by the IRS. For many owner operators and trucking businesses, 2290 tax reporting is crucial and IRS watermarked Schedule 1 proof is required to register the vehicle with the state authorities and to renew their permits. You don’t want to wait the whole day at a taxpayer assistance center to report 2290 taxes? then move on and choose efile for convenient and comfortable filing.
Remember IRS is encouraging every trucker and 2290 tax filer to choose eFile for faster and accurate filing, and also to receive back the IRS watermarked schedule 1 proof in minutes. Those days are long gone. Today 50% of the 2290 tax filers choose electronic filing, where IRS mandates efile for carriers reporting 25 or more trucks in a return.
eFile allows you to spend time with your business fortune and we take care of your 2290 filing needs. There are four best practices to get ready and maximize the chance of obtaining IRS watermarked Schedule 1 proof in one go.
Continue readingTax preparers who cannot attend the IRS Nationwide Tax Forums in person can do so online. They can visit IRS Nationwide Tax Forums Online anytime to earn continuing education credits. The website offers courses based on recorded seminars from previous forums. The courses can be watched for free or purchased for continuing education credits.
To receive credits, preparers will need to create an account. The frequently asked questions on the website have details about how to do this. Once preparers have an account, they can take courses on a wide variety of topics to help them serve their individual and business clients.
Continue readingWhen a taxpayer files their tax return, they need to know their filing status. What folks should remember is that a taxpayer’s status could change during the year. So, any time is a good a time for a taxpayer to learn about the different filing statuses and which one is best for them.
Knowing the correct filing status can help taxpayers determine several things about filing their tax return:
The Electronic Federal Tax Payment System has features that can help small business employers meet their tax obligations. Treasury regulations require employment tax deposits be made electronically. Whether employers prepare and submit payroll taxes themselves or hire a payroll service provider, payments should be made using EFTPS.
This system is secure, accurate, easy to use and provides immediate confirmation of each transaction. Anyone can use EFTPS. The service is free of charge and allows employers to make and verify federal tax payments electronically 24 hours a day, seven days a week online or by phone.
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When it’s time to file a federal excise tax return for your business, there are various ways you can do it, depending on whether you want to do it online or manually. However this Quarterly Federal Excise tax has to be reported and paid on time, now it is due for 3rd Quarter of 2019 and October 31 is the last date.
Excise taxes are narrowly based taxes on consumption, levied on specific goods, services, and activities. They can be either a per unit tax (such as the per gallon tax on gasoline) or a percentage of price (such as the airline ticket tax). Generally, excise taxes are collected from producers or wholesalers, and are embedded in the price paid by final consumers. The excise taxes on the service or products will be collected from the buyers and paid to the IRS.
Continue readingIt’s almost here…the filing deadline for taxpayers who requested an extension to file their 2018 tax return. This year’s deadline is Tuesday, October 15.
Even though time before the extension deadline is dwindling, there’s still time for taxpayers to file a complete and accurate return. Taxpayers should remember they don’t have to wait until October 15 to file. They can file whenever they are ready.