The deadline is approaching to file Form 2290, the Highway Heavy Vehicle Use Tax Return, with the Internal Revenue Service.

The federal highway use tax is paid annually to the IRS on vehicles operating on public roads with a gross weight of 55,000 pounds or more.

The tax period runs from July 1 to June 30 of each year. For trucks and other taxable vehicles used in July, Form 2290 and payments are due August 31. State governments require proof of payment of the highway use tax as a condition of vehicle registration.

OOIDA has created a video discussing Highway Use Tax and Form 2290.

Fee structure and due dates are covered in the video.

Anyone who registers a heavy road vehicle in their name with a taxable gross weight of 55,000 pounds or more must complete Form 2290 and pay the tax.

For trucks operated with a gross combined weight of 75,000 pounds or more, the charge is $550.

For newly purchased trucks, the fee is due on the last day of the month following the first month of use.

The federal government distributes the funds to the states for highway construction and maintenance projects.

The following documentation is required when you deposit your Form 2290which can be done by mail or online:

• Company name and address.
• Employer Identification Number (EIN).
• Vehicle Identification Number (VIN).
• Taxable gross weight of your truck.
• First month of using your truck.

Fleets of 25 or more vehicles must pay Form 2290 online through an IRS-approved software provider. Smaller fleets have the option of paying by postal check or money order or online. You must have had an Employer Identification Number for at least 14 days before you can file electronically.

The IRS offers answers to these frequently asked questions.

OOIDA can help you file

If you need assistance, the OOIDA Permits and Licenses Department can help members complete Form 2290 and provide you with a copy of your paid Schedule 1 for a service fee. OOIDA must receive your completed documents and payment no later than August 19 to ensure that the deposit and payment are made on time. Dial 816-229-5791.

OOIDA also offers a Form 2290 information webpage that contains a 2290 HVUT worksheet.

Additionally, the Association has partnered with 2290s.com to make it easier to file Form 2290.

To take advantage of the service, go to Members.2290s.com/OOIDA from any computer to fill out the form. You’ll receive your Schedule 1 within minutes and can file VIN corrections electronically for free. For more information, contact 2290s.com by calling 909-833-2290 or by e-mail info@2290s.com. L

Other economic news is available on LandLine.Media.

If you are save for retirement with an individual -retirement- formula, you receive Form 5498 annually.

Your Individual Retirement Account must declare your contribution to the IRS during the tax year.

There are several retirement accounts. However, depending on your IRA You might need Form 5498 report your contributions.

What contributions does Form 5498 report?

According to Turbotax, “the rollover or conversion of assets from a retirement plan to an IRA is not deductible.”

However, they are considered contributions and must be declared Form 5498.

-The amount you have contributed to a traditional IRA.

-Amounts contributed to an Employee Savings Incentive Plan (SIMPLE) IRA.

-Amounts you put into a Roth IRA.

What transfers are not reported on Form 5498?

– A traditional IRA to another traditional IRA or a SEP IRA,

-A SIMPLE IRA to another SIMPLE IRA,

-A SEP IRA to another SEP IRA or a Traditional IRA

-A Roth IRA to another Roth IRA.

Turbotax also mentions that direct trustee-to-trustee transfers are generally not reported on Form 5498.

Can I deduct my contributions?

Depending on your eligibility, you can deduct your contributions to a traditional IRA.

when you start make withdrawalsyou must declare the exact amounts as income on your tax returns.

All the limits of possible deductions appears in box 1 of form 5498.

Every year there is a new maximum contribution amount subject to the taxpayers required by law.

However, depending on your workplace pension plan and your spouse’s contributions to another IRA account, you may not be eligible for take a full deduction.

The latest payroll software ezPaycheck 2022 is suitable for small business owners as a faster way to process payroll and tax form processing in one quality application. Get the details by visiting halfpricesoft.com

SAVANNAH, Ga., May 12, 2022 /PRNewswire-PRWeb/ — Halfpricesoft.com’s ezPaycheck 2022 software is now available to speed up the filing of payroll and tax forms for business owners and HR personnel. Streamline payroll processing and mid-year forms with a simple, low-cost software package.

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ezPaycheck business payroll software is an innovative, low-cost application for small and medium-sized business owners who are new to payroll processing. The graphical interface allows human resources and business owners to print payroll checks as well as W2, W3, 940, 941 forms in a single software application.

New and seasoned business owners are encouraged to visit https://www.halfpricesoft.com/index.asp

and download ezPaycheck for up to 30 days at no cost or obligation. The download includes the full version of the paycheck software as well as a sample database. The sample database allows new customers to try out all the great features of ezPaycheck, including the intuitive GUI, without wasting time entering data. (Please note that TRIAL appears on checks and forms until the purchased license key is entered).

Here are some features available in ezPaycheck payroll software:

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• Three popular print formats: check-in-middle, check-on-bottom or check-on-top
• Print forms W2, W3, 940 and 941 (copy A W2 and W3 required)
• Hides employee social security numbers on pay stubs
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At the price of $139 per install and released every calendar year for a single install, ezPaycheck payroll software is affordable for businesses of all sizes. To start the 30 day no obligation test drive today, please visit https://www.halfpricesoft.com/index.asp

About Halfpricesoft.com

Halfpricesoft.com is a leading provider of small business software including online and desktop payroll software, online employee attendance tracking software, accounting software, check printing software business and personal, W2, software, 1099 software, accounting software, 1095 forms. software and ezACH direct deposit software. Halfpricesoft.com’s software is trusted by thousands of customers and will help small business owners simplify payroll processing and streamline business management.

Media Contact

T.Bernard, halfpricesoft.com, 502-259-0936, services@halfpricesoft.com

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SOURCE halfpricesoft.com

The Affordable Care Act created new tax forms, including Form 1095-A, Form 1095-B, and Form 1095-C. These forms are sent to individuals and the Internal Revenue Service (IRS) at the beginning of each year, to report details of coverage the person had (or was offered) during the previous year.

Although there is no longer a federal penalty for not having health insurance, these forms are still a necessary part of the tax filing process for some Americans.

This article explains the three versions of Form 1095, which version you can expect to receive (if any), and how these forms are used for tax reporting purposes.

Form 1095-A

Anyone covered by the health insurance exchange/market will receive Form 1095-A. You will get this form even if you have only been covered by the exchange for a month or two during the year.

By 2022, over 14.5 million Americans had market coverage. This represents less than 5% of the US population, so most Americans will not receive Form 1095-A. But for most market-covered people, Form 1095-A is a crucial part of the tax filing process.

Form 1095-A is used to reconcile the premium tax credit (premium subsidy) or to claim it in full on your tax return if you paid the full price for your market coverage (note that you cannot not claim the premium tax credit if you obtained your cover outside the exchange).

The Form 1095-A will be sent to you by the exchange, which is either HealthCare.gov or a state-run exchange, depending on where you live. It will display:

• Which family members were covered by the exchange plan
• Months coverage was in effect
• The monthly premium amount for the plan you had
• The monthly cost of the referral plan
• The amount, if any, that was paid on your behalf as an early premium tax credit (in other words, the amount of subsidy that was sent to your insurance company each month to offset your premium costs)

You will use the information from Form 1095-A to complete Form 8962. This is the form used to reconcile your early premium tax credit.

If your premium tax credit was too large, you may have to repay some or all of it to the IRS. But if it was too small, you can claim the rest with your tax return. And if you paid full price for a market plan but ended up qualifying for a premium tax credit, you’ll use Form 8962 to claim it.

Form 1095-B

Form 1095-B is sent to registrants and the IRS by various entities that provide minimum essential coverage, including:

• Health insurance companies for small group plans and off-exchange coverage (exchange coverage is reported on Form 1095-A, as explained above)
• Small self-insured businesses (less than 50 employees),
• Government entities that provide health coverage, such as Medicaid and CHIP (Children’s Health Insurance Program)

The official deadline for entities to send Form 1095-B to their covered registrants is January 31 (prior year reporting coverage), but this has always been extended by at least one month. The IRS has proposed a permanent extension through March 2, which would continue to apply in future years.

Form 1095-B generally does not need to be used during the tax filing process unless you are in a state that has its own requirement that residents maintain medical coverage. There is no longer a federal penalty for not having health coverage, and Federal Form 1040 no longer asks if you had health coverage during the year.

The IRS allows entities to do not send Form 1095-B to their enrollees, which means you may not receive a Form 1095-B even if you had health coverage during the year and used to receive the form 1095-B.

Entities that choose this option are required to post a notice on their website, telling people how they can request and receive Form 1095-B if they choose. Colorado’s Medicaid program (Health First Colorado) is an example of an entity that used to send Form 1095-B to members but currently does not.

Form 1095-C

Form 1095-C is used by large eligible employers (those with 50 or more full-time equivalent employees) to report coverage and coverage offers. The form is sent to full-time employees (30 hours or more per week) and to the IRS. It is sent by large employers who buy health coverage for their employees and those who self-insure.

The official deadline for employers to send Form 1095-C to full-time employees is January 31. But just like Form 1095-B, this has always been extended for at least one month, and the IRS has proposed that the one-month extension be made permanent.

As is the case with Form 1095-B, most people do not need Form 1095-C to file their taxes. But if you’re in a state with a penalty for not having health coverage, a 1095-C will be your proof of coverage if you received your coverage from a large employer.

There is another scenario in which Form 1095-C can be an important part of the tax filing process. If you had market coverage (and therefore received Form 1095-A) and you also had an offer of coverage from an applicable large employer (and therefore received Form 1095-C), you will need to pay close attention to Form 8962 details and premium tax credit reconciliation process.

You may have received both forms simply because your circumstances changed during the year. Perhaps you had employer-sponsored coverage for the first few months of the year, but then quit your job to become self-employed and switched to market coverage at that time. In this case, you may receive Forms 1095-A and 1095-C, but they will apply to different months of the year.

However, if you received an offer of coverage from your employer and rejected it and purchased market coverage instead, it could be more complicated. If the employer’s coverage offer was considered affordable and offered minimal value, you would not have qualified for premium tax credits in the marketplace.

The market application asks about an employer’s coverage offers, but it is possible to misunderstand this, especially in cases where family issue is involved and therefore family members are not eligible for premium tax credits.

If you end up with a Form 1095-C and a Form 1095-A showing that market premium tax credits were paid for months when you were also eligible for employer-sponsored coverage, you’ll want to consult an accountant before completing your tax return. to return to.

Summary

Forms 1095-A, 1095-B, and 1095-C are tax forms used to report health insurance coverage to registrants and the IRS. These forms emerged as a result of the Affordable Care Act.

For most people who had market/exchange coverage during the year, Form 1095-A is an essential part of the tax filing process, as it is needed to claim or reconcile the tax credit for market premium.

But most Americans don’t get their health coverage through the exchange and will receive Form 1095-B, 1095-C, or nothing at all. For most of them, these forms are not necessary to file a tax return.

A word from Verywell

If you didn’t get your health coverage through your state’s stock exchange/marketplace (most people don’t), you probably don’t have to worry about 1095 tax forms. you may receive one, but you probably won’t need it to file your tax return.

But if you had market coverage, you’ll have to wait to receive Form 1095-A before you file your taxes. You will need this form to reconcile or claim your premium tax credit, if you were eligible for it. If you don’t receive it by post or email, you can log into your Exchange account and get a copy.

Tax season is made transparent for organizations and donors using the Engiven platform

SAN DIEGO, March 29, 2022 /PRNewswire/ — Engiven, Inc., a pioneer in cryptocurrency donations, announces the release of its IRS tax form and assessment service for cryptocurrency donations. The Engiven platform now saves time and adds tremendous value by automatically generating the required IRS Form 8282 for nonprofit organizations and IRS Form 8283 for crypto donors. In addition, Engiven will provide a free evaluation to all donors who donate $5,000 of crypto or more to non-profit organizations using the Engiven platform.

James Lawrenceexplains the CEO of Engiven, “With tax season approaching, we want to make sure donors and nonprofits on the Engiven platform have the pre-populated tax forms needed to comply with IRS regulations for crypto donations. By automating the process of creating tax forms, we hope to bring value to donors and enable charities to save time and focus on their mission.”

Engiven’s IRS tax form and assessment service works as follows. If a cryptocurrency donation of $500 or more is exchanged for USD, it is necessary for the nonprofit to file IRS Form 8282 for the donation. The Engiven platform automatically enters donation information into Form 8282 and sends the completed form to the nonprofit for signature and filing. If a donor makes a cryptocurrency donation of $500 or more, the donor must file Form 8283 with their tax return for the donation. If the donation is $5,000 or more, the donor must also obtain an appraisal, which can be a significant expense for the donor. The Engiven platform now automatically sends the donor a contribution receipt with a secure link allowing the donor to generate their 8283 form and the expertise. The expertise is free for the donor.

According to Amy FoxChief Financial Officer of Players Philanthropy Foundation, “Engiven understands what nonprofits and their donors need when it comes to processing crypto donations. Their new tax forms service saves us a lot of time and provides the donor with a turnkey solution, which until now was time-consuming and expensive.”

Engiven believes that cryptocurrency will continue to provide an exceptional tax gifting opportunity for donors who hold crypto long-term, and managing the creation of tax forms for nonprofits and their donors provides the next level. service to the crypto community.

About Engiven

Founded in 2018, Engiven is a leading provider of cryptocurrency donation services to nonprofits and faith-based organizations. The Engiven platform provides a highly automated crypto donation solution that includes blockchain monitoring, auto-exchanges, gift receipts, bank deposits, IRS tax form creation, custody options and a suite full of developer APIs. Engiven’s nonprofit clients include some of the most respected charities and government departments in United States including the Salvation Army, US Figure Skating, Compassion International, Texas A&Mand North Point Ministries. Engiven does not provide tax advice. Please consult your tax advisor before filing your return. For more information about Engiven, visit https://engiven.com

SOURCE Engiven, Inc.

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