Category Archives: TipOffs

TipOffs

Time to start working with your Income Tax Extension Application

The tax reporting for the tax year 2019 is in full swing, IRS started accepting the tax returns already. The deadline to file a 2019 tax return 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 April 15 tax deadline. When you’re not ready with your tax return, IRS encourages you to file Extension Applications to buy more time to report the taxes. Extension of time is only to report the taxes and not to pay the taxes that you owe. Income taxpayers both Individuals and Businesses can file applications for automatic extension of time that will push the actual deadline from April 15 to October 15. However the deadline for Extension of time application is also falls on the actual deadline, that is April 15th. For certain businesses the due date falls on March 16th (the actual deadline March 15th falls on a weekend, so the next business day March 16th falls as the new due date).

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We’re listening to our members

The Women In Trucking Association board of directors has a goal to be a resource to the industry.  Whether that means trucking companies, drivers, the government or our members, we want to provide you with the best information (tools) to reach your objectives in creating a more gender diverse workforce.

In 2017 we teamed with Sawgrass Logistics to learn about best practices in hiring female drivers. We learned a lot and have changed our programs to reflect these challenges. However, we continue to survey our members to find out what they want from us, their association.

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Gathering records before preparing tax return makes filing go smoother

As taxpayers are getting ready to file their taxes, one of the first things they’ll do is gather their records. To avoid refund delays, taxpayers should gather all year-end income documents before filing a 2019 tax return.

It’s important for folks to have all the needed documents on hand before starting to prepare their return. Doing so helps them file a complete and accurate tax return. Here are some things taxpayers need to have before they begin doing their taxes.

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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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