Unlike many other tax return deadlines, the deadline on the Heavy Vehicle Use Tax Form 2290 has not been extended. Every truck driver who travels in and around America will need to file new returns before the actual due date of August 31st. During recent months due to the sudden surge of filings taking place, the IRS has also issued certain guidelines to make this process less cumbersome.
The following are a few key points issued by the IRS for Form 2290.
The Senate Environment and Public Works Committee unanimously approved the Surface Transportation Extension Act of 2012, which funds highway programs at current levels through Jan. 31, 2012. It is the eighth extension of the Safe, Accountable, Flexible, and Efficient Transportation Equity Act: A Legacy for Users that expired in 2009.
Transportation interests feared the gas tax would be the next standoff between Democrats and Republican in Congress. Continue reading →
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 →
WASHINGTON — As year end approaches, the Internal Revenue Service today strongly encouraged paid tax return preparers to register now for their new or renewed Preparer Tax Identification Numbers (PTINs) to avoid any last-minute rush.
Starting Jan. 1, 2011, use of the PTIN will be mandatory on all federal tax returns and claims for refund prepared by a paid tax preparer. Individuals who, for compensation, prepare all or substantially all of any federal tax return or claim for refund must use PTINs. Paid preparers must apply for a new or renewed PTIN through the new sign-up system at www.irs.gov/taxpros. Continue reading →