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.

Ten Things Tax-Exempt Organizations Need to Know About the Oct. 15 Due Date

A crucial filing deadline of Oct. 15 is looming for many tax-exempt organizations that are required by law to file their Form 990 with the Internal Revenue Service or risk having their federal tax-exempt status revoked.  Nonprofit organizations that are at risk can preserve their status by filing returns by Oct. 15, 2010, under a one-time relief program.

The Pension Protection Act of 2006 mandates that most tax-exempt organizations must file an annual return or submit an electronic notice, with the IRS and it also requires that any tax-exempt organization that fails to file for three consecutive years automatically loses its federal tax-exempt status. Continue reading →

Heavy Vehicle Use Tax (Form 2290) is due September 30th 2010 if used in August

Efile Form 2290 HVUT anytime from anywhere at www.Tax2290.com. Heavy Vehicle Use Tax (Form 2290) is due September 30th 2010 if first used your vehicle in August.

Time to file, it is less than a week. Try e-filing this year. It is Simple, Safe, Secured, Quick and Easy only at www.Tax2290.com. Tax2290.com specialized in e-filing and makes your filing experience easier. Taxpayers who filed with us stated high about our service and ranked #1. Continue reading →