Deadlines are constant reminders that allow you to get tax returns completed on time and also stay compliant with the IRS. Paying taxes before the due date always gives you the upper hand.
Form 2290: The Federal Excise Tax Form 2290 also known as Heavy Vehicle Use Tax (HVUT) is due by November 2nd for any new vehicle that was purchased or first put into service in the month of September.
IFTA: International Fuel Tax Agreement is due by November 2ndfor the third quarter of 2020. IFTA is filed for vehicles that travel in at least 2 or more IFTA jurisdictions. All reports will have the amount of fuel used and mileage covered under each state jurisdiction traveled. IFTA fuel reports are due four times a year, the last day of the month after each quarter closes. Prepare this report for the third quarter of 2020 before the November 2nddeadline.
In general, an excise tax is a tax is imposed on the sale of specific goods or services, or on certain uses. Federal excise tax is usually imposed on the sale of things like fuel, airline tickets, heavy trucks and highway tractors, indoor tanning, tires, tobacco and other goods and services.
Businesses that are subject to excise tax generally must file a Form 720, Quarterly Federal Excise Tax Return to report the tax to the IRS. Excise taxes are imposed on a wide variety of goods, services and activities. The tax may be imposed at the time of
Import
Sale by the manufacturer
Sale by the retailer
Use by the manufacturer or consumer
Many excise taxes go into trust funds for projects related to the taxed product or service, such as highway and airport improvements. Excise taxes are independent of income taxes. Often, the retailer, manufacturer or importer must pay the excise tax to the IRS and file the Form 720. They may pass the cost of the excise tax on to the buyer.
The Federal Heavy Vehicle Use Tax Form 2290 needs to be completed by owner-operators and business owners alike who are registered or are required to register a heavy highway motor vehicle. Electronically filing Form 2290 enables you to receive your Schedule 1 in a few minutes rather than waiting a few months on forms mailed in. This filing deadline is not the same as the Vehicle Registration date, Irrespective of the vehicle registration renewal, form 2290 has to be completed for any vehicle used during a tax period by the last day of the month following the month the vehicle was first used on public highways. Form 2290 is due by September 30 for vehicles first put into service in the month of August 2020.
The moment we have all been waiting for is here and it’s about time we roll out the Red Carpet. This year’s National Truck Driver Appreciation Week falls between September 13-19 and most certainly takes on a special significance considering the crucial role truck drivers played during the recent COVID-19 pandemic. A shout out to all our heroes who have kept our country running by transporting the most essential goods and services.
The pandemic has been tough on all of us and it really takes a true hero to beat the odds and transport much-needed life’s essentials. Our truck drivers have always been the backbone and lifeline of our Great Country and We at Taxexcise.com would like to take this opportunity to applaud and congratulate all the amazing souls that have been keeping our country running during these difficult times.
We would also like to keep you reminded to stay compliant
with upcoming tax deadlines. Form 2290 is due on September 30, 2020 for
vehicles that were first put into service in the month of August.
For users who have questions on
your tax returns do reach our help desk for added support. To have maximum
outreach in terms of customer service feel free to use our three-way line of
communication, you can reach us at 866 – 245 – 3918 or write to us at support@taxexcise.com, LIVE CHAT support
is also available that allows you to connect with our agents and get your
questions answered instantly.
Electronically filing returns has always been a savior to many, and with all the ongoing delays and unprecedented circumstances receiving much needed Stamped copies is the need of the hour. As the tax season has come to an end and with the COVID situation weakening we at TaxExcise.com would like to keep you informed about a few recent updates. The Internal Revenue Service has sent a notice to states regarding a delay in processing Form 2290 payments. The notice stated that due to the ongoing situation taxpayers who filed a paper Form 2290 to report and pay the highway use tax for the current tax year period July 1, 2020, through June 30, 2021, can expect a significant delay in receiving their IRS-stamped Form 2290 Schedule 1. This means owner-operators and businesses alike who paid by check won’t be getting their Schedule 1 proof anytime soon.
Though there
is a delay, filers and preparers alike who have mailed in payments and filed
through paper can still breathe a sigh of relief. Any documentation such as a
photocopy of the check or any proof of already payments can be used by truckers
who are needing to renew the registration of a vehicle during July, August and
September. For further detailed information filers who filed through paper can
also visit https://www.irs.gov/newsroom/irs-operations-during-covid-19-mission-critical-functions-continue
That being said we would also not like you to miss out on the upcoming September 30 deadline, E-file form 2290 now for vehicles first used or put into service in the month of August. Though there is a delay in receiving paper-filed returns the IRS E-file service are active and returns filed online have a faster turnaround time with Stamped copies being made available in a few minutes. Being the only IRS Authorised E-File Service Provider that’s over a Decade-Old it is important that we stand up to your expectations and provide you with continuous support, guidance, and undisrupted service. What sets us apart as a company is our vast knowledge gained over the years and unmatched customer service.
For any tax-related questions feel free to reach our fully operational help desk. We’re available on all Business days between 9:00 AM to 6:00 PM Central Time. Our three-way line of communication allows you to speak to us by phone @ 866-245-3918 or write to us at support@taxexcise.com, to have your questions answered instantly do also try out the LIVE CHAT option available on the Website.
