Monthly Archives: March 2019

IRS revises EIN application process; seeks to enhance security

IRS seems to revised the application processing for Employer Identification Number and here is the new Issue Number: IR-2019-58 that outline the changes.

WASHINGTON — As part of its ongoing security review, the Internal Revenue Service announced today that starting May 13 only individuals with tax identification numbers may request an Employer Identification Number (EIN) as the “responsible party” on the application.

An EIN is a nine-digit tax identification number assigned to sole proprietors, corporations, partnerships, estates, trusts, employee retirement plans and other entities for tax filing and reporting purposes.

The change will prohibit entities from using their own EINs to obtain additional EINs. The requirement will apply to both the paper Form SS-4, Application for Employer Identification Number, and online EIN application. Continue reading →

All taxpayers will file using 2018 Form 1040; Forms 1040A and 1040EZ no longer available

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As the April filing deadline approaches, IRS reminds taxpayers that Form 1040 has been redesigned for tax year 2018. The revised form consolidates Forms 1040, 1040A and 1040-EZ into one form that all individual taxpayers will use to file their 2018 federal income tax return.

Forms 1040-A and 1040-EZ are no longer available to file 2018 taxes. Taxpayers who used one of these forms in the past will now file Form 1040. Some forms and publications released in 2017 or early 2018 may still have references to Form 1040A or Form 1040EZ. Taxpayers should disregard these references and refer to the Form 1040 instructions for more information. Continue reading →

Before visiting an IRS office, taxpayers should call to make an appointment

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Before visiting an IRS Taxpayer Assistance Center for in-person help with their tax issues, a taxpayer needs to call 844-545-5640 to schedule an appointment. All TACs provide service by appointment. The Contact Your Local Office tool on IRS.gov helps taxpayers find the closest IRS TAC, the days and hours of operation and a list of services provided.

Once they make an appointment , taxpayers will receive an automated email to the address they provide. The email will confirm the day and time of their appointment. Taxpayers should consider the self-service options on IRS.govbefore calling for an appointment. Taxpayers can resolve many questions online without taxpayers having to travel to a Tax Assistance Center. Continue reading →

Tomorrow March 15 is the deadline for Form 7004 Business Tax Extension

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The Business Income Tax Extension Form 7004 is due for certain business types by March 15th; Corporations, including S-corporations, operating on the calendar year for tax purposes must file for their business tax extension on the 15th day of the 3rd month. Some other business types like Partnerships, LLCs, and sole proprietorships have until April 15th for the due date to file for their tax extension. Don’t wait till the last minute to efile an extension form, file early to get it done right away. Electronic filing is simple, easy and quick; as easy as 1-2-3!

Form 7004 can be e-filed through http://ExtensionTax.com. All the returns shown on Form 7004 are eligible for an automatic extension of time to file from the due date of the return. However, Form 7004 cannot be filed electronically for Forms 8612, 8613, 8725, 8831, 8876, or 706-GS(D). Form 7004 must be filed on or before the due date of the applicable tax return. The due dates of the returns varies with the calendar or fiscal year filing deadlines. File a separate Form 7004 for each return for which you are requesting an extension of time to file. Continue reading →

Business taxpayers should take another look at their estimated tax payments

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IRS in their latest issue (Issue Number: Tax Reform Tax Tip 2019-23) has alerted the business taxpayers to double check the estimated tax payments, and here it from the alert…

Taxpayers who pay quarterly estimated tax payments may want to revisit the amount they pay. The Tax Cuts and Jobs Act changed the way most taxpayers calculate their tax. These taxpayers include those with substantial income not subject to withholding, such as small business owners and self-employed individuals. The tax reform changes include:

Revised tax rates and brackets
New and revised business deductions
Limiting or discontinuing deductions
Increasing the standard deduction
Removing personal exemptions
Increasing the child tax credit

Continue reading →

A little history….

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March is Women’s History Month, so I thought this blog should be about the history of the Women In Trucking Association through my experience as the founder. I am repeatedly asked the question of why I started the organization, so here is my story.

First, I’ll go back many years to “set the stage.” I was one of the lucky people whose mom told me I could do anything I wanted, and there were no “girl” careers. She encouraged me when I took shop class instead of home ick (okay, home ec). I learned woodworking, welding, drafting and auto mechanics. Continue reading →

Extension From 7004 is due in Another 10 Days!

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“The difference between death and taxes is death doesn’t get worse every time Congress meets” – Will Rogers

March 15^th will be the deadline to file your business income tax return and if you need more time to file, it’s not too late to e-file an extension with www.Extensiontax.com . Missing your tax deadline can incur hefty penalties & Interests. Extensiontax.com is your one-stop e-filing solution for IRS tax extensions. E-filing an extension for your business tax return is quick and easy… Continue reading →

Taxpayers should be ready to verify their identity when calling the IRS

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Taxpayers and tax professionals who call the IRS will be asked to verify their identities.. Being prepared before a call or visit can save taxpayers time by avoiding having to make multiple calls.

Before calling, taxpayers and tax professionals should instead consider using IRS.gov to access resources like the IRS Service Guide to get faster answers to their tax questions.

If a taxpayer decides to call, they should know that IRS phone assistors take great care to only discuss personal information with the taxpayer or someone the taxpayer authorizes to speak on their behalf. To make sure that taxpayers do not have to call back, the IRS reminds taxpayers to have the following information ready: Continue reading →

Relief from Addition to Tax for Underpayment of Estimated Income Tax by Individual Farmers and Fishermen

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The IRS is granting an extension of the March 1st deadline for farmers and fishermen to make their estimated tax payment before being subject to estimated tax penalties – as long as they file and pay the full amount of tax reported on their 2018 return by April 15, 2019 (or by April 17, 2019, for those taxpayers who live in Maine or Massachusetts).

• To claim the waiver of the estimated tax penalty, farmers and fishermen must attach Form 2210-F, Underpayment of Estimated Tax by Farmers and Fishermen, to their 2018 tax return. The taxpayer’s name and identifying number should be entered at the top of the form, and the waiver box (Part I, Box A) should be checked. The rest of the form should be left blank. Continue reading →