Showing posts from June, 2016

Uncle Sam Wants You to Get Your Routing Number Right!

Don’t you love going fast? Down the road, pulling the load, everything in line, and arriving on time.

We like that, too. When it comes to paying your heavy vehicle use tax, you can choose three speeds.

Super slow, where you write a check and mail it in.

Then there are two faster options.

One is to pay the IRS directly through their EFTPS (Electronic Federal Tax Payment System). But you have to have a login to do that.

An easy fast way to pay is to use ACH withdrawal. The money will come directly from your checking account. Just enter your Routing and Account numbers. But what if you make a typo in your Routing number? That will definitely slow you down.

To keep you up-to-speed, we implemented a Routing number verification. Every time you enter a Routing number we verify it against the Federal Reserve’s list of valid Routing numbers. If you happen to enter it incorrectly, you will be met with a red X. When you get it right, you will get a green check to continue.

We also give you a…

Avoid IRS Speed Trap with TIN Verification

We see it every day. A trucker needs his Schedule 1 but the 2290 gets rejected. The IRS calls it a “database validation error” – what does that mean?! 
Usually the name of the business doesn’t match the Employer Identification Number (EIN) or the EIN is too new. The trucker has to take more time to re-enter the correct name and re-submit the form. No one wants to waste time. How can you make sure this doesn’t happen to you? Use TIN Verification. What is TIN Verification? It’s a tool to confirm the name and EIN match. We check the information for you with the IRS database. That way you can help avoid rejection.
Can I Do TIN Match Myself? Yes! You can call the IRS EIN hotline at 800-829-4933. Press 1 and then 3. And then wait. Eventually, you can speak with someone to confirm business details such as your EIN, name, and address that you registered the business under. Make sure you have recent tax filing information available as well. The IRS will ask questions to confirm you are who yo…

Pre-File 2016 IRS Form 2290 (Coupon Inside!)

Is July or August your busiest time on the road? Pre-file your Form 2290 now and avoid the headache of scrambling to file before the deadline*! P.S. Keep scrollin' for Conan's driving school clip.  
Save Money by Pre-Filing Form 2290 Now! has the new tax year forms available for July 1st, 2016 to June 30th, 2017! If you pre-file with us now in the month of June you can save 10% on the filing fee by using the discount code: SAVE10NOW. Enter the code at checkout.  
File and Forget About It…. Go ahead and pre-file now and we’ll take care of the rest. Once the tax season starts over on July 1st and the IRS begins accepting the 2290 Forms, we’ll submit yours and then automatically email you the Schedule 1 after the IRS accepts your return.  
Can I get my Schedule 1 before July 1st? A lot of customers that pre-file think they will get their Schedule 1 as soon as they submit the 2290. The fact is: the IRS will not release Schedule 1’s for any 2016 tax year 2290 fili…

The Real Cost & Penalties of IRS Form 2290.

We handle a vast majority of trucker tax filings here at — So after talking to 10,140 or so owner operators, accountants/bookkeepers, and fleet owners over the past 3 years, I got a pretty good collection of road stories and how much a late or missing 2290 really costs, to YOU. Cost #1 — The Cops and Court Fees If you get pulled over, you’re at the mercy of the highway patrol officer (some of you call this guy "Smokey"). Chances of getting off with a warning is probably next to winning the state lotto ticket.

So, what do you do?
Well, let’s take a look here. The very minimal fine would be $145 to start with for “any motor carrier violation not listed,” since in this list not having a 2290 is not explicitly listed, but inferred. But when was the last time you got pulled over and got off with just minimal fine? Let’s be realistic and think about possible scenarios here. No IFTA, failed to register sufficient gross weight, failed to display placard, failed to displa…

IRS Phone Call Scam Grows

Fred and Diane Stevens were getting used to the idea of being trucks drivers, together, husband and wife, on the open road. This job allowed them the opportunity to see the country and make memories along the way. Although they were new to the truck driving industry, they knew this was one of their better decisions. But they didn't know what an IRS phone call scam was... Fast Forward... One early afternoon Diane receives a phone call from someone claiming to be from the IRS. Part of the conversation went as follows: “IRS”: Mrs. Stevens, your payment for Federal Tax Transaction ID 152425658515226 failed to come through. You need to pay your 2290 Heavy Highway Usage Tax and we need your payment immediately. Mrs. Stevens: We did pay our taxes by mailing in a check to the IRS. You must be mistaken. “IRS”: We have received no such payment and require the payment in full, plus penalties for not paying on time. You need to make your payment over the phone today, by debit or credit, or we…

What is Form 8849?

Cameron called us last month. His truck was stolen! How was he going to pay his 2290 tax on his new truck? He just didn’t have the $550 needed to get his truck on the road. I asked if he had submitted an 8849 Credit Request to get some of the money back on the truck that was stolen. He didn’t know he could do that. We were able to get Cameron back on the road the next day by showing him how to file the 2290 and add the 8849 on the same request to apply the credit toward the new truck. He only had to pay a small portion of the tax because it was stolen the month after he got the 2290. It pays to know your options! What is the Form 8849? Use Form 8849 to claim a refund of excise taxes. Attach Schedules 1, 2, 3, 5, and 8 to claim certain fuel related refunds such as nontaxable uses (or sales) of fuels. Attach Schedule 6 for claims not reportable on Schedules 1, 2, 3, 5, and 8, including refunds of excise taxes reported on Form 2290, Heavy Highway Vehicle Use Tax Return.
Who needs to file…