Monthly Archives: May 2018

About Employer Identification Number (EIN) and apply for it

An Employer Identification Number (EIN) is also known as a Federal Tax Identification Number, and is used to identify a business entity. Generally, every businesses need an EIN to electronically report their taxes with the IRS. Employer Identification Numbers are issued for the purpose of tax administration and are not intended for participation in any other activities (e.g., tax lien auction or sales, lotteries, etc.). If you don’t have one for your business, apply for it today and allow upto 15 days to get one in your preferred name.

Check here: Do You Need an EIN? 

Determine Your Eligibility

  • You may apply for an EIN online if your principal business is located in the United States or U.S. Territories.
  • The person applying online must have a valid Taxpayer Identification Number (SSN, ITIN, EIN).
  • You are limited to one EIN per responsible party per day.

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Can we just get along?

I recently attended a conference for warehouse professionals.  I was intrigued by one of the sessions titled, “Managing Carrier Friendly Warehouses” and decided to attend.  The facilitator asked the audience how many were from the warehouse industry and how many were from the carrier side.

Apparently, I was the only person in the room interested in how these executives were working on becoming more “carrier friendly.”  I was asked to give them some ideas on how they could better accommodate drivers.

My list included a nice lounge with fresh fruit and snacks, comfortable chairs to sit in and showers and rest rooms for both men and women.  I suggested they include free wi-fi and make available a “courtesy car” if the driver wants to leave the facility while he or she is waiting for a load. Continue reading

Annual exempt organization return: Due date is May 15

Extension of Time to File Exempt Organization Returns

Use Form 8868, Application for Extension of Time To File an Exempt Organization Return, to request a 6-month automatic extension of time to file any of the following returns:

  • Form 990, Return of Organization Exempt from Income Tax
  • Form 990-BL, Information and Initial Excise Tax Return for Black Lung Benefit Trusts and
  • Certain Related Persons
  • Form 990-EZ, Short Form Return of Organization Exempt from Income Tax
  • Form 990-PF, Return of Private Foundation
  • Form 990-T, Unrelated Business Income Tax Return
  • Form 1041-A, U.S. Information Return – Trust Accumulation of Charitable Amounts
  • Form 4720, Return of Certain Excise Taxes on Charities and Other Persons under Chapter 41
  • and 42 of the Internal Revenue Code
  • Form 5227, Split Interest Trust Information Return
  • Form 6069, Return of Excise Tax on Excess Contributions to Black Lung Benefit Trust under
  • Section 4953 and Computation of Section 192 Deduction
  • Form 8870, Information Return for Transfers Associated with Certain Personal Benefit Contracts

An organization will only be allowed an extension of 6 months for a return for a tax year. Continue reading