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What is a CPA Mom?
CPA Moms is trade name given to Accounting and Tax Professionals who chose to work in an “relaxed” environment. Some work from home, other work from personal offices. Not all are moms, there are some dads. Each CPA Mom is independent and licensed by their state CPA agency.
Being in a relaxed environment has many advantages. Lower overhead, faster response time, more availability etc.
To be a member of CPA Moms, the CPA must ALWAYS be in good standing with their state licensing CPA agency, experienced, and must demonstrate a high level of ethics, professionalism and proficiency.
Tax Net Inc, the parent company of the CPA Moms, has developed marketing and on line systems to help qualified CPA’s work from their relaxed environment and offer better service at a lower price to the consumer. Since the CPA Moms do taxes and accounting of all complexities, there is always a CPA Mom available for every level of work.
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How to get your Form 2290 Schedule 1 faster
Mark Pearce
Nobody likes to pay taxes on their truck, but it’s an annual fact of life for OOIDA members. And because you need a stamped Form 2290 Schedule 1 to register your vehicle, you want this process to go as smoothly as possible.
Here are some Form 2290 FAQs from IRS that can make this year’s filing season less aggravating, and get that stamped Schedule 1 back in your hands sooner.
What’s my deadline for this return?
The Form 2290
Tax year runs from July 1 to June 30and the due date for the return is Aug. 31.Unlike most other returns, the Form 2290 is an “upfront” return. When you pay the tax in August, your truck is covered up to the following July.
An exception to the Aug. 31 due date occurs when a vehicle is put on the road in a month after July. When this happens, the Form 2290 is due by the last day of the month following the month you put the truck on the road. So, for example, if you put a new truck on the road in September, your Form 2290 for that vehicle will be due Oct. 31. In this case you won’t owe a full-year’s tax, just the tax for September through June, when you will go on the normal return schedule.
Keep in mind though, that if you buy a used truck on which the tax has already been paid, you don’t have to file until the normal Aug. 31 due date.
You sent me two forms, Form 2290 and Form 2290-EZ, which one should I file, or do you want me to send in both?
We don’t want you to file both, that just makes more work for both of us, and can lead to IRS billing you twice for the same truck.
You can use Form 2290-EZ if:
You have only one taxable truck, which is not a logging or Canadian/Mexican vehicle.
Your truck has a gross weight of more than 75,000 lbs.
You are willing to pay the tax in full, with your return, rather than opting for the installment privilege.
Everybody else needs to file a regular Form 2290.
Why do I need to put my VIN (vehicle identification number) on the 2290 Schedule 1? I’ve paid the right tax, what’s the problem?
The problem is IRS can’t stamp a Schedule 1 without a VIN on it. We’ll send it right back to you. And without the stamped Schedule 1 you won’t be able to register your truck. By writing the VIN on both the top and bottom copies of your Schedule 1, IRS will have a back-up copy on file in case you lose your original. I don’t have employees, so why do I need an Employer Identification Number? Why can’t I just put my Social Security Number on my Form 2290? You don’t want to use your SSN because your SSN is for your Form 1040 account, and you don’t want your Form 2290 payment to go to your Form 1040 account.
By putting your EIN on both the Form 2290 and the 2290 Payment Voucher you keep your money and your return moving in the same direction. And you reduce that likelihood that IRS will send you a bill for something you’ve already paid.
If you don’t remember your EIN, you can call the Form 2290 help line at 1-866-699-4096 and we will look it up for you.
If you are new to the business, and you don’t have an EIN, you can apply for one on-line. Go to IRS.gov, click on Businesses, then click on Employer Identification Numbers (it’s on the left hand side of the page under “Topics”) for more information.
If you had an EIN in the past, but you’re not sure if it’s still good, call first. Having more EINs than you need can cause IRS to send you a lot of unnecessary paperwork.
Truckers need an Employer Identification Number even if they don’t have employees. Technically this is because the Form 2290 is considered a business tax return, and the IRS computer system keeps business taxes and individual (1040) taxes separate.
The deadline to register my truck is next week. How can I get my stamped Schedule 1 on short notice?
Editor’s
note: This article was provided by Mark Pearce, a tax information
specialist with the Internal Revenue Service
Disclamer: On this pages of this web site you will find resources concerning the trucking industry. This information was collected from many independent sources. The opinions expressed by each source is their opinion and is not necessarily the opinion of Denise or the CPA Moms. Each article or news item offers a different point of view and the source of each. This information is for general information only.
If you want a specific opinion, please contact me.
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Form 2290 Related News
Fiesta Time (Exeter News-Letter)Too many parents have spent the week balancing work and child-care chores. And if you have a child heading to college or already in college, you added filing tax forms and college financial aid forms by the March 1 deadline to the mix.
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