*Disclaimer: we are not medical professionals. Please consult your doctor immediately if you believe you have COVID-19.*
It’s a crazy time. While the rest of the world has shut down because of COVID-19, truckers are still working are hard to make sure our shelves are stocked.
Like the other essential workers such as doctors, nurses, and law enforcement, truckers run a great risk for contracting COVID-19.
So, what do you do if you contract the Coronavirus while on the road?
Here are the top tips from the CDC and a trucker who actually got COVID-19 while on the road.
How the CDC recommends quarantining
If you have mild to moderate symptoms, you should be able to stay in your truck while you recover. However, if you develop any of the following symptoms, you should immediately seek medical attention:
Trouble breathing
Persistent pain or pressure in the chest
New confusion or inability to arouse
Bluish lips or face
Check out this infographic for more tips for quarantining.
Handling COVID-19 from your truck
In an article from Overdrive, author Gary Buchs relates the story of a driver named Jim who contracted COVID-19 while on the road.
Jim was forced to park and self-quarantine for over two weeks, 200 miles from home.
Fortunately, Jim recovered without requiring hospitalization. His biggest tips for quarantining in your truck can be found here.
Since the outbreak of the Coronavirus pandemic and the following shutdowns and quarantines, many American businesses have lost significant revenue.
To help keep the American economy from falling off a cliff, the federal government has enacted several measures designed to help keep the economy afloat, including the CARES Act and several tax extensions.
Let’s talk about the CARES Act and the Federal Tax Extensions.
CARES Act
The Coronavirus Aid Relief and Economic Security Act (CARES Act) will pump approximately $2 trillion in stimulus into the American economy.
It was just passed on March 27, 2020.
Individuals will be receiving stimulus money depending on the amount of their yearly income.
The CARES Act also provides relief to businesses including owner-operators, nonprofits, individuals, state and local governing authorities during the Coronavirus emergency.
The highlights of the CARES Act
1. Paycheck Protection Program (PPP)
This program directed $349 billion towards business operating expenses and job retention.
Because of huge demand, this funding for this program has already been exhausted as of April 16, 2020.
2. Economic Injury Disaster Loans (EIDL)
Highlights: This program will give up to $2 million to small businesses.
About: The EIDL program funds small businesses or private including non-profits that suffer from the economic injury due to declared disaster regardless of the physical damage to the applicant.
Eligibility: Small businesses must have suffered an economic injury and should be located in the disaster declared county or a contiguous county.
There are no upfront fees and early-payment penalties charged by the SBA.
3. Employee Retention Tax Credit
Highlights: This program provides a refundable payroll tax credit for 50 percent of qualified wages paid by employers.
About: This program provides the businesses, including nonprofits, that are affected by COVID-19 with federal tax credits for the wages paid from March 13, 2020, to December 31, 2020.
Eligibility: Employers whose business is fully or partially suspended due to the COVID-19 shut-down or who experienced a 50% reduction in gross revenue for the calendar quarter compared with the same quarter last year.
4. Deferral of Employer Payroll Tax Payments
Highlights: Allows businesses and the self-employed to defer certain payroll taxes.
About: This program enables businesses and self-employed individuals to defer the employer portion of social security tax through the end of 2020. Half of the deferred amount will be due by the end of 2021 and another half will be due by the end of 2022.
Eligibility: All businesses and non-profits are eligible to defer their payroll taxes unless they receive a loan under the SBA Paycheck Protection Program.
5. Net Operating Loss/Excess Business Loss Changes
Highlights: The CARES Act modifies the rules relating to net operating losses carrybacks.
About: Previously, net operating losses could not be carried back to prior years. However, the CARES Act permits a five-year carryback of net operating losses.
Eligibility: All the businesses that suffer a loss in 2020 as a result of the COVID-19 pandemic.
6. Business Interest Deduction
Highlights: The CARES Act increases the business interest deduction limit to 50%.
About: Previously, the business interest deduction limitation defined by the Tax Cuts and Jobs Act was 30%. This allows the businesses to calculate the limit for the taxable year beginning in 2020 based on the adjusted taxable income for the taxable year beginning in 2019.
Eligibility: All the businesses that suffer a loss in 2020 as a result of the COVID-19 pandemic.
These are just a few opportunities that your business can take advantage of.
If you still want additional information, please visit the following links or talk to your accountant for further assistance.
7. Families First Coronavirus Response Act
Highlights: FFCRA brings substantial changes to paid sick and FMLA leave for employees in 2020. Businesses can now seek reimbursement for this through tax credits.
About: Employers are now required to provide employees with up to 10 weeks of paid Family and Medical Leave. Also, they must offer paid sick leave to those who are unable to work because they were affected by COVID-19, in self-quarantine, in isolation, and/or caring for their family members.
Eligibility: Any business with fewer than 500 employees is eligible to claim tax credits using the Families First Coronavirus Response Act.
The IRS has created special income tax extensions in response to the COVID-19 crisis.
Basically, this extension changes the deadline for individuals and some businesses to file and pay their income taxes from April 15 to July 15, 2020.
You do not have to be directly experiencing the effects of COVID-19 in order to use this extension.
Who is eligible for the COVID-19 tax extensions?
Anyone with an April 15, 2020 tax deadline is eligible for the extension. If you qualify, you do not have to do anything to claim this extension. Simply file and pay your taxes by July 15, 2020, as you normally would.
What is the new tax deadline?
The new tax deadline is July 15, 2020, but you can request even more time with Form 7004 (businesses) or Form 4868 (individuals) if you need until October 15, 2020.
If you need a longer extension, check out our sister-product Express Extension!
What Forms are eligible?
Form 1040, 1040-SR, 1040-NR, 1040-NR-EZ, 1040-PR, 1040-SS
No. Under this extension, only income taxes are covered.
Are State Tax Deadlines Also Extended?
That depends entirely on which state you live in. Each state has created it’s own standards for income taxes. Consult the list below to see what your state has decided.
April 15 (No change) – MN & NH
May 15 – MS
June 1 – VA
June 15 – CT, ID, & WA
July 15 – AL, AR, AZ, CA, CO, DC, DE, GA, IL, IN, KS, KY, LA, MA, ME, MD, MI, MN, MO, MT, NC, ND, NE, NM, NY, OH, OK, OR, PA, SC, TN, UT, WV, & WI
July 31 – IA
Need an all-in-one tax solution?
Our sister-product TaxBandits is a complete e-filing solution for wage tax forms, payroll forms, ACA forms, and much more!
Do you need to transfer your 2290 in a hurry? If you swapped vehicles or purchased a new one last month, then the answer is yes!
Vehicles first used in one month have a 2290 filing deadline at the end of the next month!
Even though that’s no time at all, it’s still plenty of time to transfer your 2290.
That’s because it only takes about 10 minutes to E-file a Form 2290. So if you’ve recently swapped vehicles, it’s time to get in gear and get yourself E-filed before the deadline.
Here’s the Game Plan:
1. E-file a new Form 2290 2. Claim a Credit Vehicle on that form 3. Receive your new Stamped Schedule 1 via email instantly
That’s all it takes to “transfer” your 2290 from your old vehicle to the new one. Want to see it step-by-step? I thought so, here’s the Play-by-Play.
1: Login or create an account (it’s free!). If you’re new to ExpressTruckTax, quickly enter your name, business info, and EIN before you begin E-filing. Finally, click “Start New Return,” choose a Form 2290, and then enter your first-used month (the month in which you purchased the new vehicle).
2: Now to enter your taxable vehicle information (for the new truck). Simply input the VIN, gross weight, and select whether the vehicle is used for logging. Save and then skip the next few screens.
Step 3: It’s time to enter your Credit Vehicle. This is how you receive a prorated refund on the HVUT tax previously paid. Click +Add a Credit Vehicle, enter the VIN & gross weight, then enter details of the “loss event.” This means choosing the date on which the vehicle was sold, lost, or destroyed, as well as uploading any required evidence, like a bill of sale. And that’s it. Simply input your payment method, and then hit the big green Transmit button. Within about 10 minutes, the IRS will have reviewed you return, and if it’s accepted (98% of returns E-filed with us are!), then you’ll receive your new stamped Schedule 1 via email immediately.
Bonus Tips: More Ways to Save
If your previous truck was sold, stolen, or destroyed, and you are choosing not to replace it, then you can still get a prorated refund of the HVUT you paid! The procedure is different from the “transfer” process. To claim a prorated refund in this case, simply E-file a Form 8849. We offer easy E-filing of this form too, check out these tips on how to file your 8849 fast.
If your business name or EIN has changed, then you can also get a prorated refund for the taxes paid under the previous name/EIN. Just E-file a new Form 2290 for all vehicles under this new name or EIN. Then E-file a Form 8849 under the old name/EIN to get some of those tax bucks back.
Ready to transfer?
Still have questions about transferring your 2290 or claiming your refund?
That’s what our Support Team is for! They’re ready to lend a helping hand to E-filers in distress, 24/7.
The Coronavirus outbreak has developed a lot since the last time we wrote about how it might affect the trucking industry.
At that time, we had little information about Coronavirus because almost no one outside China had contracted it. Now, of course, COVID-19 is a full-blown pandemic and it’s shutting down the United States.
So what do you need to know and what does the future hold?
We cover all that and more below.
Coronavirus and truckstop shutdowns
You’d have to be living under a rock to not know that restaurants, schools, and all gatherings of more than 10 people are being closed or canceled for the foreseeable future.
But what is more urgent for truckers is that rest stops and truck stops around the nation are being partially or entirely shuttered.
Organizations like OOIDA are working hard to make sure that services for truckers don’t close entirely. They are reminding the United States that truck drivers being able to work effectively is key to well being of the entire nation.
But don’t think every load is an “essential supply”. In order to be considered exempt, load needs to be directly assisting in an emergency relief effort with essential supplies.
As of March 19, The FMCSA defines essential supplies as any of the following:
Medical supplies and equipment related to the testing, diagnosis, and treatment of COVID-19
Supplies like masks, gloves, hand sanitizer, soap, and disinfectants
Food for emergency restocking of stores
Equipment, supplies, and persons necessary to establish and manage temporary housing, quarantine, and isolation facilities
Immediate precursor raw materials – such as paper, plastic or alcohol – used for the manufacture of essential items
Fuel
The FMCSA definition of direct assistance does include not routine commercial deliveries or loads that are not directly being hauled for emergency relief efforts. So just because you are hauling groceries does not mean you are exempted.
Coronavirus and MATS
One of the most disheartening results of the coronavirus outbreak for our team was the cancellation of the Mid-America Trucking Show in Louisville Kentucky.
It was set to be held from March 25-27, and we were super excited to meet you there. It’s one of the few opportunities we get to see you face-to-face and we had lots of free stuff to give away.
But rest assured, we’ll see you at MATS in 2021!
Coronavirus and the future
For now, at least, the truck drivers are still in high demand. The future is still unclear, so we will keep updating you on how Coronavirus is affecting the trucking industry going forward.
Form 2290 Amendments are free when you file with ExpressTruckTax!
If, however, your changes are more substantial (your name, address, EIN, or basically anything else is incorrect) and your Form 2290 was already accepted by the IRS you will need to file a Form 8849 to void your previous Form 2290.
Click “Form 2290 Amendments” and then “Start Form 2290 Amendment”.
Select which type of amendment you need to make (VIN, Taxable Gross Weight Increase, or Mileage Exceeded).
Continue following the prompts, pay the filing fee (if you filed your 2290 with another provider), and then transmit to the IRS.
Updating your business information and filing a new Form 2290
On your Dashboard, select “+Add” on the far right side of your screen under Businesses to add the corrected business information.
Complete this form with the correct EIN and business information that you need to file your 2290 under. When you are finished, click “Continue” at the bottom of the page.
Check that you are now filing under the correct business. It will be highlighted on the right side of your screen and your newly corrected business details will be displayed across the top.
Select “Start New Return”. Then select whether you need to file for 1 vehicle or multiple vehicles.
Follow the prompts to complete your corrected 2290 and then transmit to the IRS.
Once you receive the Schedule 1 in your email with the watermark, save the file as a picture (.JPEG or .PNG).
Filing a Form 8849 with ExpressTruckTax
On your Dashboard, go to the right side of your screen and select the business that you originally filed under with the incorrect information.
Select “Start New Return”.
Then select “Form 8849 Schedule 6” and then “Start Form 8849”.
Select December as the ending month of your tax year. Then click “Next”.
Continue to click “Next” and skip to the “Tax Overpayment” section.
Select “Add Vehicle” to enter your claim information and then select “Choose File” to attach the Stamped Schedule 1 that you just received and saved as a .JPEG or .PNG.
Be sure to include a detailed explanation of the reason why you are filing the 8849 (incorrect name, address, EIN, etc.) and then select “Save”.
Continue following the prompts, pay the filing fee, and then transmit to the IRS.
The IRS will contact you by mail within 6 to 8 weeks with regard to your 8849 filing.
Start filing your Form 2290 today!
With ExpressTruckTax, the e-filing process is fast and easy. You’ll get your stamped Schedule 1 back in minutes and you can file a Form 2290 Amendment for free!
The IRS Form 2290 (otherwise known as the Heavy Vehicle Use Tax or HVUT), like all federal tax forms, can be very confusing to understand and file correctly.
For instance, the yearly Form 2290 filing season begins on July 1, and ends on June 30 and the final deadline to file Form 2290 is August 31.
But if you purchased and started using a new truck at any point this year, the Form 2290 due date for that new truck would be the end of the month after you started using it.
The Heavy Vehicle Use Tax (HVUT) helps fund infrastructure maintenance across the United States.
HVUT 2290 filing is a requirement for all vehicles weighing more than 55,000 pounds that drive 5,000 or more miles a year.
This includes specialized heavy vehicles like big rigs and commercial coaches that put more stress on roadways than regular motor vehicles.
IRS form 2290 first use month
In the simplest terms, the first use month policy means that if you started using a new truck in January of 2020, your Form 2290 due date would be February 28, 2020. And if you starting using a truck in September, your Form 2290 due date would be October, 31.
Obviously, if you bought a new truck and didn’t actually start using it on public highways, you would not need to file your 2290 yet. You would wait until the end of the month after you actually began using it.
What this means is that your Form 2290 due date will probably be different than that of many other drivers.
But since the 2290 HVUT calendar year runs from July 30 through July 1, many drivers start using their trucks in July and their Form 2290 due date is August, 31.
File your 2290 today!
With ExpressTruckTax, the 2290 filing process is simple, affordable, and you get your Stamped Schedule 1 in minutes!
IRP registration and yearly IRP renewals are required for any commercial vehicle weighing more than 26,000 pounds and traveling between two or more jurisdictions.
So if you travel or plan to travel between jurisdictions you must have up-to-date IRP registration.
Upcoming registration IRP renewal deadlines
In many jurisdictions, you must apply for IRP renewal at least 30 days ahead of the deadline. Most jurisdictions will send you a reminder ahead of the deadline but if you do not receive a notification it is still your responsibility to apply on time.
Don’t end up blindsided. Filing IRS 2290 for 2020 by the 2290 deadline is critical, not only to stay compliant but also to remain in operation and avoid fines.
Still not convinced? Don’t wait around until the end of August to find out for yourself, we’ll tell you what will happen right now. Here’s a rundown of what exactly what happens when you miss the IRS 2290 deadline:
What Happens If You Forget About IRS 2290?
IRS 2290 Deadline
Normally, the annual IRS 2290 deadline is August 31st.
We’re off to a good start. You’ve got a couple more days to file than normal.
But you’re busy. What if you still can’t find the time or motivation?
IRS 2290 Penalties
Here’s some motivation:
If you miss the IRS 2290 deadline, you’ll face penalties. Let’s say you simply forget to file.
First, you’ll need to pay the IRS 2290 late filing penalty, which is 4.5% of the total HVUT 2290 tax amount you owe.
Then, you’ll face an additional .54% of interest each month that passes without you filing.
On top of that, you’ll still have to pay the original HVUT 2290 amount you owe whenever you do file.
If the reason for late filing was an error on your original IRS 2290 return, you may be able to avoid penalties altogether. You can attach an explanation to your corrected IRS 2290 for 2020 filing, showing reasonable cause for the delay.
Even this, however, does not guarantee that the IRS will accept your statement and save you from the penalty.
Avoiding Form 2290 Penalties
There’s an easy fix for avoiding IRS Form 2290 penalties: File HVUT 2290 before the 2290 due date!
The Form 2290 deadline is usually August 31.
You really have no excuse not to file on time. Especially with ExpressTruckTax as an option.
ExpressTruckTax allows you to file IRS 2290 for 2020 online quickly and easily.
Plus, you’ll get your Schedule 1 just minutes after you’ve submitted your return. It doesn’t take long, and you can file from anywhere. Knock it out today and forget about the IRS 2290 due date until next year.
The 4th quarter IFTA deadline has arrived, and you need to report all your miles and fuel purchases from October 1 through December 31.
The actual filing and payment for your taxes must be completed with your base jurisdiction.
However, when it comes to IFTA calculating and reporting, there’s no easier way to generate your IFTA report than with ExpressIFTA.
IFTA reporting with ExpressIFTA
Generating a report with ExpressIFTA is as simple as entering information about each of your trucks and then entering the mileage and fuel for each. You can even bulk upload IFTA tax report information from your ELD, GPS, or spreadsheet.
ExpressIFTA will take your information and use its extensive, constantly-updated knowledge of IFTA tax changes to generate your IFTA tax report. The system will also check for common errors in your IFTA reporting.
And the best part is you can use your existing ExpressTruckTax account information. Just go to expressifta.com and enter the email address and password you already use.
2. You will see the ExpressTruckTax welcome screen. Feel free to watch the video. Click “Begin”.
3. Enter all necessary business information indicated by red asterisks. If you work for a company that has asked you to provide a 2290, do not use their information. Use your own information. This information will be used to automatically fill out your Form 2290 when it is transmitted to the IRS. Click “Continue” when you are finished.
4. You will be taken to the Dashboard. Click “Start New Return”.
5. In this example, we will file for just 1 truck. But you can file for multiple trucks. Click “E-File For 1 Truck”.
6. Enter all necessary truck information indicated by red asterisks.
7. Scroll down. You will see your Tax Due. Select your payment method. We highly recommend using the Electronic Funds Withdrawal (EFW) option, this option lets you include your bank account and routing number on your return, that information is provided with your return directly to the IRS, they will then debit your account the taxes due up to 2 business days later. With the other options, there are additional steps. You must follow up with the IRS to pay the taxes due.
8. Scroll down. If you wish to have a third-party tax service handle any of your tax information, give them permission here. Click “Next”.
9. ExpressTruckTax will check for any errors in your return. Check all your information one last time. Click “Next”.
10. We recommend getting a Schedule 1 copy for your truck cab and also getting a text notification or fax when the IRS approves your Schedule 1. Click “Next”.
11. On this page, you will pay ExpressTruckTax. Enter all credit card information and click “Process”.
12. Scroll down. Enter a 5 digit pin to verify that you are a real customer with the system. Click “Transmit this Return to the IRS”.
13. You’re all set! If you selected a tax due payment option other than EFW, be sure to make your payment.
File your Form 2290 today!
If this seems complicated, talk to our friends over at ExpressTruckTax Plus! They will fill out your Form 2290 for you and deal with the IRS on your behalf! Plus, their service fee is tax-deductible!
