Tuesday, July 25, 2017

Form 941 and Schedule B

Last week, we called your attention to the fact that your second quarter 941 Forms are due at the end of this month! Now, we’re back to remind you that the deadline’s even closer and to provide you with some information on an attachment you may be required to submit with your 941 Form.

What is Schedule B?
Schedule B is an addendum used with the quarterly tax return for businesses, Form 941, to report additional information to the IRS. Depending on how you deposit the employer taxes associated with Form 941 determines whether or not you’re required to submit Schedule B.

Schedule B is filed by employers who deposit their employment taxes reported on Form 941 on a semi-weekly basis. It’s also required by employers who report more than $50,000 in employment taxes during the previous period and by those who have accumulated $100,000 or more in tax liability in the current or past calendar year.

Where Can I File Form 941 & Schedule B?
When you e-file Form 941 with ExpressIRSForms (also known as ExpressTaxFilings), our system will help you complete and include Schedule B if, based on the information you enter, you’re required to submit it with your return at no additional cost!

You’ll also be able to e-sign your return (using your Online Signature PIN or with Form 8453-EMP) and pay any taxes before securely e-filing your Form 941 and Schedule B with the IRS.

It’s no secret that e-filing is the easier, faster, and safer way to complete your IRS returns, including Form 941. Create your account with us or log in today to see just how much better e-filing really is!

And if you have any questions, don’t hesitate to reach out to our all-star, US-based customer support team! We’re available by phone and live chat Monday through Friday, 9:00 a.m. to 6:00 p.m. EST and by email 24/7.

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Thursday, July 20, 2017

Second Quarter 941 Forms Are Due Soon!

Wow-wee where did July go?!

Seems like we were just filing first quarter taxes and now it’s almost time to have second quarter 941 Forms in! So, are you ready?

About Form 941
Many of you are already very familiar with Form 941, but it’s always good to have a refresher course before diving into the form. Form 941, the Employer’s Quarterly Tax Return, reports income taxes, social security tax, and Medicare tax required to be withheld from your employee wages. It’s also used to calculate and submit the employer portion of social security and Medicare taxes.

And since Form 941 is a quarterly form, it must be submitted to the IRS the month following the end of each fiscal quarter. So with the deadline we have coming up on July 31, you’ll need to report financial details from April through June (the second quarter).

E-filing Form 941
Of course, the easiest and fastest way to complete and submit Form 941 is by e-filing. Just keep in mind you’ll need to electronically sign your form with either an Online Signature PIN (assigned by the IRS) or by completing Form 8453-EMP. And with ExpressIRSForms, completing and e-signing Form 941 couldn’t be simpler! You can even make online payments to the IRS when you e-file Form 941 through your account.

But you’d better hurry - there are officially less than two weeks left to complete and submit Form 941 for your business’s second quarter return. If you need any help getting started or have a question, don’t hesitate to reach out to us - we’re glad to help!

Happy filing, everyone!

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Tuesday, July 11, 2017

Heads Up: Your Nonprofit's Tax Form May Be Due

Hey! Do you work with a nonprofit? Know someone who does?

Did you know that it may be time for that nonprofit to file its tax form with the IRS to remain a tax-exempt organization?

The Tax-Exempt Tax Form
When a nonprofit becomes a tax-exempt organization, they agree to report certain financial details to the IRS each year on a Form 990. The form and its information let the IRS know that the organization is still operating within the regulations required to remain tax-exempt. How big the organization is - and how much money it brings in for its tax-exempt purpose - determines which 990 Form is filed with the IRS:
  • Form 990-N, the e-Postcard, is e-filed by organizations that receive less than $50,000 in gross receipts annually.
    • Note: As an electronic form, Form 990-N cannot be paper filed and can only be e-filed.
  • Form 990-EZ is filed by organizations that receive between $50,000 and $200,000 in gross receipts annually and/or have more than $200,000 in total assets.
  • Form 990, the Long Form, is filed by organizations that receive more than $200,000 in gross receipts annually and/or have more than $500,000 in total assets.
  • Form 990-PF, Private Foundation, is filed by tax-exempt organizations classified by the IRS as Private Foundations, regardless of total income.

Who Needs to File July 15
Here’s how the deadline for Form 990 works: it’s due to the IRS the 15th day of the 5th month following the organization’s tax year end date. For organizations that follow a normal calendar year tax schedule - January 1 through December 31 - this deadline is May 15th each year.

But not every tax-exempt organization is created the same way or even on the same timeline. Since some nonprofits become tax-exempt mid-year or work closely with industries that may follow other tax schedules, they’re able to set their tax year with the IRS to be any consecutive 12-month period. Of course, they can’t change it all willy-nilly; once they’ve set a tax year, that’s their tax year. But all of this does mean that Form 990 can pretty much be due any month of the year.

And for organizations who operate on a fiscal tax year that runs from March 1st to February 28th/29th, that month is July!

Where to File Your 990 Form
So, you’ve established that your tax-exempt organization operates on a fiscal year starting in March and ending in February. What’s next?

Well, first things first: your deadline (July 15) falls on a Saturday this year, so it’s automatically extended to Monday, July 17. But if you still don’t think you’ll be able to get everything together in time (Form 990 is known as the Long Form), you can e-file Form 8868 before then to get an automatic 6-month extension of time to file.

The best place to e-file your 990 Form is, of course, with our sister product ExpressTaxExempt. They’re the leader in the nonprofit e-filing industry because they make e-filing Form 990, 990-N, 990-EZ, 990-PF, and even Extension Form 8868, super easy - and fast! You can finish Form 990-N or 8868 in just a few minutes and their simplified, Q & A style format makes finishing the longer forms a much less daunting task. So check ‘em out: create an account and e-file your nonprofit tax return over at www.ExpressTaxExempt.com.

And if you have any questions at all about tax-exempt forms or e-filing, don’t hesitate to give them a call!

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Tuesday, June 27, 2017

It's Time to File Your Form 2290 (HVUT)!

Do you know a truck driver? Are you a truck driver? Well, then have we got some info for you!

Truckers & Their Taxes
Chances are, you or someone you know is a part of the trucking industry. The Department of Transportation registers over 40,000 commercial drivers licenses each month, and there are roughly 350,000 owner-operators up and running in the US. While this means that technically only about 7% of traffic on highways is made up of big trucks, truckers pay around 36% of the taxes and fees that go into the Highway Trust Fund.

In this way, truckers are the backbone of our highways as well as the circulatory system of our economy. Basically every commodity you can think of - particularly those that require special handling - is transported to different locations around the country by truck drivers.

It’s no surprise, then, that truckers getting their taxes filed is quite a big deal.

Heavy Vehicle Use Tax (HVUT), Form 2290, & Schedule 1
Form 2290, the Heavy Highway Vehicle Use Tax Return, is filed by truck drivers and owner-operators whose vehicles have a taxable gross weight of 55,000 pounds or more. This is applicable for any and all taxable highway motor vehicles required to be registered under state, federal, Canadian, or Mexican law. The main function of Form 2290 is to figure and pay any tax due for these vehicles, but it can be used to report a variety of other information as well.

Form 2290 must be filed with a Schedule 1 which, once the return has been approved by the IRS, will be sent back stamped to the trucker who filed. This Schedule 1 is especially important because it’s used as proof that the vehicle’s taxes were paid and it can, therefore, continue operating until it’s time to file again a year later.

E-filing Form 2290
It’s no surprise one of the easiest ways to file Form 2290 is e-filing, but did you know ExpressIRSForms’s sister product, ExpressTruckTax, is the #1 IRS-authorized e-filer for HVUT Form 2290?? Thousands of truckers and owner-operators e-file through ExpressTruckTax each year not only because it’s fast, simple, and cost-effective, but also because they have the fastest return time for that stamped Schedule 1! Now, during 2290 pre-filing, you can get your Schedule 1 back in as little as just a few minutes after you pay and e-file. And with ExpressTruckTax, you can also pay any heavy vehicle taxes directly from your account through an electronic funds withdrawal (or direct debit).

But don’t dawdle: the time to file is now! The official filing season for 2290 forms due August 1, 2017, begins July 1 and the longer you wait now, the busier the IRS gets, and the longer you’ll have to wait later for your stamped Schedule 1.

So head on over to ExpressTruckTax to get started or download their 2290 e-filing app to file on the go! And if you need any help or have any questions, the ExpressTruckTax US-based customer support team is more than happy to help by phone, live chat, or e-mail!

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Wednesday, June 21, 2017

How to E-Sign Form 941 Without a Signature PIN

It’s no secret the easiest way to complete Form 941 is by e-filing. E-filing is faster and more secure and, with IRS-authorized e-filers like ExpressIRSForms, more accurate than paper filing. The only catch to e-filing Form 941 is that you must e-sign the form, and the IRS is very particular about how they make sure your e-signature is actually yours. So let’s dive right in, shall we?

Form 941 E-Signing & E-filing
When you e-file Form 941, there are two ways to e-sign your report: with an Online Signature PIN designated to you by the IRS or by completing Form 8453-EMP. If you’re going to be filing a lot of 941 Forms - say 4 a year for the rest of your business’s life - it’s probably good to go ahead and get an Online Signature PIN so you’re don’t always have to fill out two forms whenever you file your quarterly taxes.

But getting an Online Signature PIN can be quite the process, so let’s talk about what to do if you don’t have that PIN.

Form 8453-EMP
If you don’t have an Online Signature PIN given to you by the IRS, you’ll need to complete and submit Form 8453-EMP, Employment Tax Declaration for an IRS e-file Return, along with your 941 Form. When you e-file with ExpressIRSForms, to do this, all you need to do is select the Form 8453-EMP option when it comes time to e-sign your 941 Form. You’ll be able to securely e-sign the form with our e-signature portal and submit your return right away!

Getting an Online Signature PIN
You can easily get an Online Signature PIN through ExpressIRSForms too! Just keep in mind that the process takes up to 45 days to complete. All you’ll do is select the option for applying for an Online Signature PIN, fill out a little information, and submit your request. The IRS will take it from there, evaluating your application before sending your PIN to you in the mail. Once you receive your PIN, you’ll have 10 days to sign the form sent to you by the IRS and return it to them.

The IRS won’t send you a confirmation that they received your letter back, but your PIN should activate within 20-30 days of receiving it and mailing back the IRS form. This means if you’ve just gotten your PIN, it likely won’t be activated for you to e-sign any IRS forms. If it’s been at least 45 days since you first applied for your PIN but you’re still having activation issues, you’ll need to contact the IRS directly.

And if you have any questions about completing your Form 941 and e-signing it with ExpressIRSForms, don’t hesitate to reach out to us! We’re available by phone, live chat, and email to answer any and all of your e-filing questions!

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Wednesday, June 14, 2017

De-Stress at Work with a Little Office Yoga

While summer doesn’t officially start for another week or so, between the longer days, warm weather, and schools letting out, it’s sure felt like summer for a bit now! And while we can’t give you the summer break your kids are getting, we can give you the tools for a much-needed mini-work break to destress and realign yourself to be ready and alert for the rest of your day.

Stress is no joke: it negatively affects your body, mood, and behavior, which, in turn, can seriously affect your work and productivity. So what’s something you can do to de-stress? Office yoga! Yoga has been shown to help reduce stress in those who practice it. And now we’ve got a little yoga sequence you can do at your desk so you can get right back to helping your clients with their taxes and feel more at ease.

  1. First, assume the position by sitting straight in your chair, feet flat on the ground, hands on your thighs. Start to pay more attention to your breath and how your body feels now.
  2. Inhale your arms up and over, bringing your hands together above your head. Use your back muscles to keep your chest and upper body lifted. Breathe here for five seconds.
  3. Keeping your arms raised, loop your left hand around your right wrist and lean to your left for a side stretch. Gaze up if you can and hold this for five breaths before repeating on the other side.
  4. Arms still over your head, place each palm on the opposite elbow and imagine you’re pulling your arms apart, but keep them held together. Hold this pose for five breaths.
  5. Next, extend both arms out in front of you and cross your left arm over your right. Bend your elbows 90° and try to touch your palms together. Lift your arms up to rest your chin on your left arm and hold for 3-5 breaths. Cross your arms the other way and repeat.
  6. Next, stand for a forward fold (if you need to stop to explain to your coworkers what you’re doing here, feel free and maybe even invite them to join!). While standing, inhale to straighten your spine then, as you exhale, hinge at the hips and slowly fold downwards. Let your arms hang or grab opposite elbows for a frame like we did before. If you need, keep your knees bent here, and stay like this for 3-5 breaths.
  7. Release your arms if you need, then slowly roll up to standing. Keep your chin at your chest and place your left, then right hand on top of your heart. Breathe here for a few moments, listening to your heart and body.
  8. Now sit back down, making sure to keep your back straight and feet flat on the floor. Place your hands on your thighs and as you inhale, round your back and tuck your chin to your chest. On each exhale, lift your face, bring your shoulders back, and lift your chest. Do this for 3-5 rounds of breath.
  9. Next, place your right hand in front of you on your desk or chair and twist to place your left hand behind you. Keep your spine tall and breathe here for 3-5 breaths. Repeat on the other side.
  10. Now take one last big stretch - however feels best in your body - and smile! Because now you’re ready to take on the rest of your day with a little (or a lot) less stress!

We know filing tax returns can be stressful. That’s why we’re here with the best de-stress tips and the best e-filing software around to help you get your 1099, W-2, ACA, and 941 filing done as quickly and easily as possible! Just stay tuned with ExpressIRSForms and feel free to contact us if you have any questions about your e-filing!

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Wednesday, June 7, 2017

All About Form 1099-S

Form 1099-S, the newest 1099 Form available with ExpressIRSForms, is a very important form indeed! Form 1099-S, also known as Real Estate Transactions, is used to report the sale or exchange of real estate administered by a real estate agent during the tax year being reported. Unlike some other 1099 Forms that total everything throughout the year, a separate 1099-S Form must be filed for each real estate transaction that took place.

Who Files Form 1099-S
Basically, if you oversee a sale or exchange of real estate, you’re required to file Form 1099-S to report that transaction. For IRS regulation purposes, reports must be made for transactions that consist in whole - or in part - of selling any present or future ownership interest in any of the following:
  • Improved or unimproved land, including air space
  • Residential, commercial, or industrial buildings/structures deemed to be inherently permanent
  • Condominium units, including land, appurtenant fixtures, and all other common elements
  • Cooperative housing corporation stock
  • Non-contingent interest in standing timber

When to File Form 1099-S
A copy of Form 1099-S must be mailed to the transferor(s) of the property/properties by the real estate agent by February 15 of the year following the year in which the transaction occurred. If paper filing Form 1099-S with the IRS, the return must be mailed by February 28 or 29; and when e-filing Form 1099-S, your return must be transmitted by March 31.

Where to File Form 1099-S
Of course, you can always easily e-file Form 1099-S with us! We’ll talk more on that later. But if you absolutely have your heart set on paper filing, first make sure you have fewer than 250 forms to file; if you have more than 250, the IRS requires you to e-file. Then, if you’re able to paper file, all you need to do is mail your return to
Department of the Treasury
Internal Revenue Service Center
Austin, TX 73301

if your principal business or legal residence is in Alabama, Arizona, Arkansas, Connecticut, Delaware, Florida, Georgia, Kentucky, Louisiana, Maine, Massachusetts, Mississippi, New Hampshire, New Jersey, New Mexico, New York, North Carolina, Ohio, Pennsylvania, Rhode Island, Texas, Vermont, Virginia, or West Virginia.

If your principal business is in any other state, including Washington, D.C., mail your 1099-S return to
Department of the Treasury
Internal Revenue Service Center
Kansas City, MO 64999

How to E-file Form 1099-S
Now for the fun part! If you want to go the easier, more secure route, you can e-file your Form 1099-S return with ExpressIRSForms. Well, once you log in, you’ll be filing with ExpressTaxFilings, but that’s just a technical distinction for the IRS; we’re all still the same e-file provider you know and trust.

Anyway, all you have to do to e-file Form 1099-S with us is create or log into your account and select the Start New Form button. Choose Form 1099-S from the 1099 options listed on the next screen. Next, you’ll just add your filer, transferor, and transaction details and review your form(s)! Before you transmit, you can select whether you’d like us to mail your transferor copies for you, then just pay the one-time transmittal fee and securely send your forms off to the IRS. Easy as pie!

You can find more detailed instructions for completing a Form 1099-S return from the IRS here. And if you have any questions about e-filing your 1099-S return, don’t hesitate to reach out to us! We’re available by phone, live chat, and email to help with any e-filing needs you have!

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