Frequently Asked Questions
E-filing is the transmission of business tax returns to the IRS through the internet. Electronic filing is the safest, most secure, and most private way to send your tax return to the IRS. Once you e-file your return, you will receive an electronic acknowledgment that the IRS has accepted your return for processing.
If your business does not have an EIN (Employer Identification Number), you will need to obtain one, as it is generally required for tax and legal purposes. You can easily apply for an EIN online through the official IRS website.
A Business Name refers to the official, registered name of a business or organization under which it operates. This name is used for legal, branding, and communication purposes.
No, you cannot file your return without registering on our site. To proceed with filing, you must first complete the registration process.
Filing your return is a quick and easy process. Simply spend a few minutes providing the required information, and we will take care of the rest.
Yes, you can save your tax return and return later to complete the filing process at your convenience.
Yes, you can manage multiple businesses under a single-user registration, making it easier to handle all your tax filings in one place.
To retrieve your forgotten password, click on the Forgot Password? link on the Login page and we will send the details on how to reset your password to your registered email address after verification.
Form 990 is a tax form used to report and pay federal excise taxes. These taxes apply to specific goods, services, and activities, including environmental taxes, communication taxes, air transportation taxes, fuel taxes, retail taxes, ship passenger taxes, manufacturers taxes, foreign insurance taxes, and floor stocks taxes.
Yes, you can authorize a third-party designee to communicate with the IRS regarding Form 990 on your behalf. This allows them to discuss and exchange information related to your tax filing.
Form 990 must be filed quarterly, with due dates as follows: Q1 (Jan-Mar): Due by April 30, Q2 (Apr-Jun): Due by July 31, Q3 (Jul-Sep): Due by October 31, Q4 (Oct-Dec): Due by January 31. If the due date falls on a Saturday, Sunday, or legal holiday, you may file the return on the next business day.
If you have no tax liability for the quarter and would like to file a return, simply enable the Zero Liability checkbox. This indicates that you do not owe any taxes to the IRS for that period.
An Employer Identification Number (EIN), also known as a Federal Tax Identification Number, is a unique 9-digit number assigned by the IRS to identify a business entity. It is used by filers of Form 990 and other tax forms to ensure accurate identification and processing by the IRS.
If your address changes, you should update the information on Form 990. Make the necessary corrections and check the Address Change box above Part I of the form to notify the IRS of the update.
You should file a final return if your business goes out of operation or if you will no longer owe excise taxes that are reportable on Form 990 in future quarters.
To file the gas guzzler tax, you must use Form 6197, which is used to calculate the liability for this tax. After completing Form 6197, attach it to Form 990 when filing your excise tax return.
Schedule T is used to report specific exchanges of taxable fuel, typically occurring before or in connection with the removal of fuel from a terminal. It ensures compliance with federal excise tax regulations related to fuel exchanges.
No, in a two-party exchange, only the receiving party is liable for the tax. The receiving person is responsible for reporting and paying the applicable excise tax on the fuel exchanged.
Schedule A is used to report excise tax liabilities and records your net tax liability for each semi monthly period within a quarter. You are required to complete Schedule A if you have any liability for taxes listed in Part I of Form 990.
Regular method taxes: Special Rule for September column G is updated for Regular method taxes for dates beginning from Sept 16 to Sept 26. Enter the liability for the period beginning September 26/27 and ending September 30 in box F. Alternative method taxes: Enter the tax included in amounts billed or tickets sold during the period beginning September 16 and ending September 30 in box N of the 4th quarter return.
A two-party exchange refers to a transaction (other than a sale) between two taxable fuel registrants, where the delivering party and the receiving party are both registered. The fuel is transferred from the delivering party who holds the inventory position at the terminal.
Schedule C is used to make claims for a credit or refund of excise taxes paid on fuels. If you have overpaid excise taxes on fuel, you can use Schedule C to request a refund or credit for the excess amount.
Claims for a credit or refund can only be made by individuals or businesses reporting liability in Part I or Part II of Form 990. You must have previously reported excise tax liability on the form to be eligible.
A claimant is a person or business eligible to request a credit or refund. This individual or entity must have previously reported excise tax liability on Form 990 to be considered eligible to file a claim.
Form 6627 is used to calculate environmental taxes related to petroleum, ozone-depleting chemicals (ODCs), imported products that contain ODCs as materials in their manufacture, and the floor stocks tax on ODCs.
No, you cannot file Form 6627 separately. It must be attached to Form 990 when submitting your excise tax return.
Yes, you can file Communication and Air Transportation Taxes (codes 22, 26, 27, and 28) using the Regular Method option through the Simple 990 portal. This allows you to efficiently report and pay these specific excise taxes.
No, claims cannot be filed separately using Form 990. To make a claim, you must file Schedule C along with your tax return. The claim for a credit or refund must be submitted together with the reported tax liability.
No, Simple 990 only handles the tax liability charges that should be paid to the IRS via Bank Account or EFTPS. Penalty charges for late filing are not included. If penalties apply, the IRS will send them to the user by mail.
The Superfund excise tax (IRS 53 and IRS 54) began in the 3rd quarter of Tax Year 2022. This tax applies to certain chemicals and substances designated by the IRS for Superfund cleanup purposes.
If you have transactions for every month, you should break down the data and enter the amounts for each month separately. Instead of entering the total amount for the entire quarter, input the monthly figures in the appropriate sections.
Please ensure that the EIN, Business Name, and Address you provided match the information in the IRS database. If there has been an address change, make sure to check the Address Change box. If the EIN is newly issued, it may take up to 15 business days for activation before you can begin filing.
The Superfund Chemical Excise Taxes went into effect on October 1st, 2022. These taxes apply to certain chemicals and substances used in manufacturing or production and are part of the funding for the Superfund program.
Form 990-X is used to make adjustments to the liability reported on a previously filed Form 990. It allows you to correct any errors or discrepancies, ensuring that the reported tax liability is accurate.
To calculate tax for a taxable chemical (IRS 54): Find the tax rate for the chemical from the IRS. Determine the number of tons of the chemical. Multiply the number of tons by the tax rate. Example: 100 tons x $0.10 = $10 tax.
To file Form 990 for IRS 133 PCORI and IRS 20 Floor Stocks Tax yearly: These taxes are filed for the second calendar quarter (April-June) each year. Complete Form 990 with the required details and submit by the due date, which is typically July 31.
The Superfund chemical excise taxes are reported on Form 6627, specifically in Part 1: Environmental Taxes. This form is then attached to Form 990, the Quarterly Federal Excise Tax Return, for filing with the IRS.
For taxable chemicals, the manufacturer, producer, or importer is responsible for reporting and paying the tax to the IRS. For taxable substances, the importer is responsible for reporting and paying the tax.
A taxable substance is any substance listed as taxable at the time of sale or use by the importer. 151 substances are listed as taxable. The IRS has directly determined tax rates for 120 substances. For 31 substances, the tax rate is to be determined using a conversion factor or entry value. Effective date is 7/1/2022.
No, you do not need to file Form 990 for a consulting business, as it is primarily used for reporting excise taxes related to specific goods and services such as fuel, communications, and air transportation.
If paying only Superfund chemical excise tax (IRS No. 54 or 17): make a single payment for the total amount. If paying Superfund chemical excise tax along with other excise taxes: make two separate payments in EFTPS - one for Superfund chemical excise tax and another for other excise taxes.
There are two separate Superfund chemical excise taxes: A tax on the sale or use of taxable chemicals (IRS No. 54) and a tax on the sale or use of imported taxable substances (IRS No. 17).
There are two ways to file your return: E-Filing is electronically submitting Federal Excise Tax Returns to the IRS through online. Paper Filing is sending the Federal Excise Tax Returns to the IRS through the mail.
There are three scenarios: 1) IRS tax rate is known - multiply number of tons by the tax rate. 2) Entry value is known - multiply appraised entry value by default rate of 0.1. 3) Conversion factor is known - multiply number of tons and conversion factor by the tax rate of each taxable chemical.
If you import a gas-guzzling automobile, you may be eligible for a one-time filing of Form 990 and Form 6197 if: 1) You do not import gas-guzzling automobiles in the course of your trade or business. 2) You are not required to file Form 990 reporting excise taxes for the calendar quarter, except for a one-time filing.
The IRS contact number for Form 990 Excise Tax inquiries is 866-699-4096. You can reach them from 8 a.m. to 6 p.m. Eastern Time.
Department of the Treasury, Internal Revenue Service, Ogden, UT 84201-0009.
If you are filing Form 990-X separately, send it to: Department of the Treasury, Internal Revenue Service, Cincinnati, OH 45999-0009. Otherwise, attach Form 990-X to your next Form 990.
There is no specific deadline for filing Form 8849. However, Form 8849 should be filed after Form 990 has been submitted. It is used to claim a refund or credit for excise taxes reported on Form 990.
The due date for Form 990-X is the same as the due date for Form 990 for each quarter: Q1 (Jan-Mar): April 30, Q2 (Apr-Jun): July 31, Q3 (Jul-Sep): October 31, Q4 (Oct-Dec): January 31.