Category Archives: TipOffs

TipOffs

IRS opens 2019 tax filing season for individual filers on January 27

The 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.  

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2020 New Year’s Resolutions

If you’re like many of us, you probably made at least one New Year’s resolution recently.  According to TheQuint.com, the most common new year’s resolution is to get in shape, or at least, to make an effort to work out.  That’s probably why January is the top month for sales of exercise gear and clothing. 

Why is January 1st such a popular time for us to try and make changes in our lives?  A new year offers us a fresh start, and a way to put our past behaviors to rest.  In 1740, John Wesley, an English clergyman, held the first Covenant Renewal Service on New Year’s Eve.  The service was a time for thinking about past mistakes and resolving to do better in the coming year.

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Tax preparers can take classes online to earn CPE credits

Tax 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.

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Why it’s important for taxpayers to know their filing status

When 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:

  • Is the taxpayer required to file a federal tax return or should they file to receive a refund?
  • What is their standard deduction amount?
  • Is the taxpayer eligibility for certain credits?
  • How much tax they should pay?
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EFPTS helps employers keep an eye on tax responsibilities

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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Quarterly Excise Tax reporting for 2019 3rd Quarter October 31 is the deadline


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.

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The filing deadline for extension filers is almost here deadline is Tuesday, October 15

It’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.

Taxpayers who did not request an extension and have yet to file a 2018 tax return can generally avoid additional penalties and interest by filing the return as soon as possible and paying the amount owed.

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IRS announces waiver of dyed fuel penalty in Florida due to Hurricane Dorian and also the 2290 HVUT returns falls Due Today

WASHINGTON – To minimize or prevent disruptions to the supply of fuel for diesel-powered highway vehicles because of Hurricane Dorian, the Internal Revenue Service announced today it will not impose a penalty when dyed diesel fuel is sold for use or used on the highway in the State of Florida.

This relief is effective immediately. Consistent with the Environmental Protection Agency waiver for Florida allowing the sale, distribution, and use of red dyed Non-Road Diesel Locomotive and Marine fuel in the State of Florida for use in highway diesel vehicles, this relief will remain in effect through Sept. 15, 2019.  

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Truckers should e-file highway use tax return by Sept. 3

IRS recently shared a release (Issue Number: IR-2019-138) covering the due date for reporting and paying the Federal Vehicle Use Tax form 2290. Yes, September 3rd is the due date this year (Tax Year 2019-20). the usual deadline is August 31 and it falls on a weekend, so the deadline is pushed to the next business day. Here it is from the IRS release…

WASHINGTON — The Internal Revenue Service today issued a reminder for owners of most heavy highway vehicles that the time to file Form 2290, Heavy Highway Vehicle Use Tax Return, began July 1, 2019.

The highway use tax applies to highway motor vehicles with a taxable gross weight of 55,000 pounds or more. This generally includes large trucks, truck tractors and buses. The tax is based on the weight of the vehicle and a variety of special rules apply. These special rules are explained in the instructions to Form 2290.

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July 31 Deadline for 2nd Quarter Federal Excise Tax Returns time to know the penalties and interest rates

The federal excise tax returns reported on IRS Tax Form 720 is now due for the 2nd Quarter of 2019, this July 31. You just have couple of days left to have this reported and paid, never wait further or you might end up paying more than the tax amount.

Enough talked about the Federal Excise Tax reporting, this is the time to know what it would be the penalties and interest rated for missing the filing and paying deadline. With taxexcise.com, you can sit back and relax; we’re protected with Thawte SSL certificate, a leading Global Certificate Authority and McAfee Secure, making sure to serve you with the best and the secured website to file your return online.

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