July 31 is just around the corner Form 720 falls due for second quarter filing!

The Quarterly Federal Excise Tax Form 720 deadlines for the 2nd Quarter of 2020 is July 31, 2020 and just couple of more days to go. All the businesses that has collected excise taxes through the services offered or goods sold has to be reported and paid in Form 720 by July 31. Electronic filing can keep your tax deadline straight and on-time. You can do it by yourself in 3 simple steps at http://TaxExcise.com.

Form 720 – Quarterly Federal Excise Tax – 2nd Quarter – July 31 – Deadline!

Federal Excise Tax Form 720 and attachments are to report to the IRS at end of every quarter listing the liabilities and pay the taxes collected. The federal government charges an excise tax on specific types of products and services, which has to be collected and paid to IRS at regular intervals, quarterly.

E-file is the most preferred option of reporting excise taxes with the IRS. However you can also take a print out of the complete Form 720 PDF and file it manually or mail it across to the IRS as specified in the form.

Your business needs to fill out IRS Form 720 if you deal in the goods or services for which excise taxes are due. These products and services can include, but are not limited to: Telephone communications, Air transportation, Gasoline, Passenger ship transportation, Coal, Fishing equipment, Indoor tanning services, Bows and arrows, Tires, Vaccines etc.

Electronic filing is by and large the best way of reporting Quarterly Federal Excise Tax Form 720 returns with the IRS and get the best available resources. The most trusted and top rated website since 2007.

Get Started with Form 720 – Quarterly Federal Excise Tax Returns at

Federal Excise Tax eFiling

IRS reminder: File and pay 2019 business taxes by July 15; 2020 estimated tax also due

The Internal Revenue Service today reminded business taxpayers that their 2019 tax returns and tax payments, as well as their first two 2020 estimated tax payments, are due on Wednesday, July 15.

The July 15 due date generally applies to any tax return or tax payment deadline that was postponed due to COVID-19. In April, the IRS said that this postponement applied to all taxpayers that had a filing or payment deadline falling on or after April 1, 2020, and before July 15, 2020. No late-filing penalty, late-payment penalty or interest will be due for payments prior to July 15.

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HERoes of the Highway

Do you remember when you were a child and someone would ask you what you wanted to be when you grew up?  The typical elementary school response was firefighter, police officer, teacher, doctor, pilot, or even astronaut cited by children.

For many of you reading this blog, perhaps you already knew you wanted to drive a truck or work in supply chain when you were older.  I’m guessing you were in the minority.  Most of the occupations children mentioned had high profiles and were considered more glamorous than working in the trucking industry.

Professional drivers have often been the “invisible” ones on the road.  When you do your job well and are operating in a safe and efficient manner, no one seems to notice you.  It’s only when a motorist thinks you are going too fast, too slow, or driving erratically when they seem to pay attention to the eighteen wheelers alongside them.

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2290 Electronic filing: WHAT, WHEN, WHERE, WHY…?

Tax 2290 is the federal vehicle use tax form reported across the states with the IRS in a year between July and June. The tax year starts from July 2020 to June 2021 and IRS watermarked Schedule 1 proof is the valid document to show that it is been paid for the listed vehicle. Here let us see what it is is, when it is reported, how it is paid and many.

WHAT:

  • The IRS tax form 2290 is used to prepare and report the highway heavy vehicle use taxes on motor vehicles with a taxable gross weight of 55,000 pounds or more.
  • Form 2290 and Schedule -1 could be prepared and reported electronically with the IRS, anyone who requires to file 2290s can use TaxExcise.com to file it electronically.
  • Electronic filing is safe, secured and fast; quickest way of filing 2290 returns with the IRS.
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IRS offers additional retail partners that accept cash payments for federal taxes

The Internal Revenue Service today announced additional retail partners are accepting cash payments for federal taxes. This cash payment option is for individual and business taxpayers.

The IRS’ continuing partnership with ACI Worldwide’s OfficialPayments.com and the PayNearMe Company allows taxpayers to make a payment without a bank account or credit card at participating 7-Eleven stores, Ace Cash Express and Casey’s General Stores nationwide.


Federal Excise Tax eFiling
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Taxpayers should file by July 15 tax deadline; automatic extension to Oct. 15 available

IRS has easy ways to help taxpayers who need more time or payment options 

The Department of the Treasury and IRS announced the tax filing and payment deadline of July 15 will not be postponed. Individual taxpayers unable to meet the July 15 due date can request an automatic extension of time to file until Oct. 15.

Due to COVID-19, the original filing deadline and tax payment due date for 2019 was postponed from April 15 to July 15.

The IRS reminds taxpayers filing Form 1040 series returns that they must file Form 4868 by July 15 to obtain the automatic extension to Oct. 15. The extension provides additional time to file the tax return – it is not an extension to pay any taxes due.

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IRS provides tax relief for the low-income housing credit and bonds for qualified residential rental projects

In response to the ongoing COVID-19 pandemic, the Internal Revenue Service on July 1, 2020 issued Notice 2020-53 (PDF) to provide tax relief to issuers, operators, owners, and tenants of qualified low-income housing projects or qualified residential rental projects financed with exempt facility bonds, and state agencies that have jurisdiction over these projects.

For certain time-sensitive actions scheduled to be performed and requirements to be met on or after April 1, 2020 and before December 31, 2020, owners and operators now have until December 31, 2020 to perform the actions and satisfy the requirements.



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Heavy Vehicle Use Tax Form 2290 Electronic Filing for Tax Year July 2020 – June 2021

This year 2020 turned to be unprecedented year for the trucking industry with COVID-19 pandemic spreading across the world, pulling all the strings back and worse then they where. Freight networks faced major disruptions as businesses temporarily closed and people stayed home to help contain the spread of the virus, bringing much of the economy to a standstill. Truckers and trucking kept rolling and transporting the essentials to combat COVID19. This time of the year the Federal Vehicle Use Tax also falls due for renewal and IRS is already gearing up for it. We’re an IRS authorized provider and got the alert to set up 2290 filing for the new tax year 2020 – 2021.

The IRS Tax Form 2290 is to report the federal heavy highway vehicle use taxes, that can be prepared online using Tax2290.com by yourself in 3 simple steps. The most experienced and top rated IRS Authorized E-file service provider (since 2007), is all set and now accepting 2290 returns from our users who has asked for it. You asked and we made it…

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IRS extends July 15, other upcoming deadlines for tornado victims in parts of the South; Provides other relief

Victims of the April tornadoes, severe storms and flooding that took place in parts of Mississippi, Tennessee and South Carolina will have until Oct. 15, 2020, to file various individual and business tax returns and make tax payments, the Internal Revenue Service announced today.

The IRS is offering this relief to any area designated by the Federal Emergency Management Agency (FEMA) as qualifying for individual assistance. Currently, this includes Clarke, Covington, Grenada, Jasper, Jefferson Davis, Jones, Lawrence, Panola and Walthall counties in Mississippi, Bradley and Hamilton counties in Tennessee and Aiken, Barnwell, Berkeley, Colleton, Hampton, Marlboro, Oconee, Orangeburg and Pickens counties in South Carolina.

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Supporting Drivers During Tough Times

The trucking industry has long been a male-dominated environment, and although things are changing, it’s still predominantly men behind the wheel, in the corner office, and the shop.  As women are drawn to the industry, they are often unprepared to deal with some of the issues they may face, specifically when it comes to coping with diversity challenges.

Many of the women who are seeking tuition funding from the Women In Trucking Scholarship Foundation cite negative reasons for getting a CDL.  Often, they are survivors of domestic abuse, spousal harassment, or worse.  Yet, when we offer them a scholarship, education doesn’t include topics to include needed coping skills.

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