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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IRS People First Initiative provides relief to taxpayers facing COVID-19 issues

Taxpayers have until July 15 to file and pay their taxes

The federal income tax filing deadline has been extended to July 15. Taxpayers also have until July 15 to make any federal income tax payments that were originally due on April 15, without penalties and interest, regardless of the amount they owe. This extension applies to all taxpayers.

There’s no need to file any additional forms to qualify for this automatic federal tax filing and payment relief. Taxpayers expecting a refund should file electronically. Many taxpayers used Free File last year. The benefits of filing electronically include:

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Low-income people are eligible to get an Economic Impact Payment

Low-income individuals are eligible to receive an Economic Impact Payment. Those who do not have a regular filing requirement can use the free, online tool Non-Filers: Enter Payment Info to quickly and easily register to receive their payment. There is also a Spanish language version of the tool available.

The Non-Filers tool is for married couples with incomes below $24,400 or single people with income below $12,200. This includes couples and individuals who are homeless. Usually, married couples qualify to receive $2,400 while single people qualify to get $1,200. People with dependents under 17 can get up to an additional $500 for each child.

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Common errors to avoid when filing for advance payment of employer credits

Employers who are filing Form 7200, Advance Payment of Employer Credits Due to COVID-19 should read the instructions carefully and take their time when completing this form to avoid mistakes.

Using a reputable tax preparer – including certified public accountants, enrolled agents or other knowledgeable tax professionals – can also help avoid errors. Mistakes can result in a processing delay, which means it may take longer to get the advanced payment.

Here are some common errors to avoid when filling out Form 7200:

Missing or inaccurate Employer Identification Number. Each EIN should be exact. Taxpayers must complete this box.
Check only one box for the applicable calendar quarter. Only one box should be checked for the correct quarter.
Check only one box for Part 1, Line A.
Make sure to complete Part 1, Line B. In Part 1, Line B check either Yes or No.
Complete Part II, Lines 1-8 using actual dollar amounts. Part II should be completed using dollar amounts, not the number of eligible employees. All lines in Part II should be completed with an actual dollar amount.
Check the math. Taxpayers should make sure they check the math on lines 4, 7 and 8.
Sign the form. Taxpayers should remember to sign the form. Failure to sign the form will result in an automatic rejection.

More information:
Form and Instructions for 7200
Coronavirus tax relief
Employer credits
FAQs

Women In Trucking Facebook group celebrates ten years!

Ten years ago, Facebook was emerging as one of the top social media websites and Women In Trucking member, Sandy Long, recognized its potential. She reached out and asked if she could start a WIT group on the site. She wanted a place for female drivers to be able to ask questions, network and find new friends. She saw the value in connecting drivers with technology.

Although Sandy passed away a few years ago, her legacy remains in the WIT Facebook group, which now includes nearly 11,000 individuals in the trucking industry. Both men and women visit the group to talk about things that affect their roles as professional drivers. While the majority are truck drivers, there are others who are on the site to learn or to network.

You may be surprised to learn that the page is moderated by professional drivers. They take turns watching the site for compliance. In fact, while WIT staff check in on the site, the admins are vigilant in ensuring the posters follow the rules, which they must agree to before approval is granted into the closed group.

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