The IRS released a notice (Notice 2020-48) automatically extending the due date for excise tax returns reporting federal sporting goods excise taxes until Oct. 31, 2020 for returns that are generally due July 31. Further, the period from Aug. 1 through Oct. 31 will be disregarded for purposes of calculating any penalties or interest for the second quarter returns that are not paid by Oct. 31. The penalties and fees will begin to accrue on Nov. 1, 2020 if the taxes are not paid or the returns are not filed.
The Federal Excise Tax returns for the 2nd Quarter of 2020 is now due and July 31 is the due date to report and pay the taxes with the IRS. Electronic filing is the best way to prepare your excise tax returns and to report it with the IRS. Electronic filing guarantees safe and secure filing, fast and quick processing, economic and simple pricing. You never miss out anything that is needed to complete your return and the IRS would be able to process it immediately. PCORI Fee that is reported in the Federal Excise Tax Form 720 along with the 2nd Quarter Returns is due now. July 31, 2020 is the due date and it can be reported and paid online using TaxExcise.com.
Unclaimed income tax refunds worth more than $1.5 billion await an estimated 1.4 million individual taxpayers who did not file a 2016 federal income tax return, according to the Internal Revenue Service.
“The IRS wants to help taxpayers who are owed refunds but haven’t filed their 2016 tax returns yet,” said IRS Commissioner Chuck Rettig. “Time is quickly running out for these taxpayers. There’s only a three-year window to claim these refunds, and the window closes on July 15. To claim the refund, a return for tax year 2016 must be filed by July 15, 2020.”
During this unprecedented crisis, while families and employees are staying safe home, the trucking industry is there to ensure the most critical goods are delivered to U.S. communities. Truckers making it possible to deliver essentials across the country knowing that they are getting exposed. The nation’s 3 million truck drivers are unsung heroes of the coronavirus crisis, working overtime to keep the critical supply chain moving. We salute them for the Selfless Service and helping all the Front Liners equipped with essentials. Let this July be a new beginning for us to move forward from crisis to recovery.
This July we’re celebrating our independence and we wish every one a Happy 4th of July. It is also the time of the year, the federal vehicle use tax form 2290 for this new tax year July 2020 through June 2021 is up for renewal. The Form 2290 and Schedule 1 has to be reported and get it stamped to show that as a proof of payment to have the vehicles registered under your authority with the federal agencies.
This is the same time of the year to report or renew your Form 2290 heavy motor vehicle use tax with the IRS and to receive the stamped Schedule -1 proof. Because you need to renew and register your vehicles with the states authorities. This year we’re going through tough time fighting the pandemic and thanks to the Truckers who still on the wheels when the world is staying at home. We’re with you and we wish everything come to an end and the industry recovers faster than before. Let us all fight it together as an unit.
Prefile 2290 for July 2020 – June 2021 Tax Period
Why you wait till July or August to report your Heavy Vehicle Use Tax Form 2290 for Tax year 2020 – 2021, we at TaxExcise.com made it simple and prefiling 2290 is now available exclusively at a discount of 10% from the e-file service fee.
