1-800Accountant Blog


Taxes for Truckers: What is Form 2290?

Form 2290 serves multiple purposes for truck drivers that need to report changes to their tax status, truck, or the weight of the truck. Fortunately, it isn’t difficult to complete and file your Form 2290.  Here’s what you should know about Form 2290! What Is a 2290 Form in Trucking? Form 2290 is a tax […]


Form 4506-T: What You Need to Access Your Tax Transcripts

Form 4506-T, Request for Transcript of Tax Return, may solve some problems that can arise if you’ve needed tax return transcripts but aren’t sure how to get them. There are some things that you should know about Form 4506-T, including differences and how to complete the form. Here is what you should know about Form […]


Form 4868: What to Do When You’re Running Behind

April 15*** seems to sneak up on us every year, so the Internal Revenue Service provides a way for individuals to extend the deadline for filing taxes. Form 4868, Application for Automatic Extension of Time to File U.S. Individual Income Tax Return, offers up to 6 months for you to get your paperwork in order and […]


Filling Out Tax Form 720

If you are responsible for filing the taxes of a business that sells products and services with an excise tax, then Form 720 is how you take care of the required Quarterly Federal Excise Tax Return. While consumers may not be aware they are paying excise taxes, as they are usually included in the price […]


A Brief Breakdown of Form 5329

During the year, you might have made an early IRA withdrawal or put excess contributions into your retirement plan. If so, you may be penalized by the Internal Revenue Service, which means you must report this on Form 5329. What is Form 5329? Form 5329 is an IRS document used to report additional taxes on IRAs […]


Preparing Your Form 940 for Unemployment Taxes

As an owner of a small or medium-sized business, you’re faced with plenty of responsibilities, and reporting and paying unemployment tax – or FUTA tax – is one of them. With the FUTA tax, you must pay a rate of 6% on the first $7,000 of an employee’s wage. The funds generated from this tax […]


Form 8594: Reporting Asset Acquisition

Owning a business has a major impact on how your taxes manifest each year, so it’s important the Internal Revenue Service is aware of any changes in your circumstances. According to section 1060 of the Internal Revenue Code, the IRS requires that you fill out and file Form 8594 when you’re buying or selling a business. Understanding […]


Get the Skinny on Manager-Member LLC

What is a Manager-Managed LLC? There are two management structures you can choose when forming an LLC: member-managed LLC or manager-managed LLC. With a member-managed LLC, all members – or owners – equally participate in the daily operations of the company. On the other hand, a manager-managed LLC enables only certain members or even third-party […]


What You Need to Know About Multi-Member LLCs

Multi-member LLCs offer a lot to those willing to form them. They differ from other business entities in their flexibility in who can join and tax payment requirements. While multi-member LLCs can propel your small business towards success, there are some things that you should know, such as the advantages, disadvantages, and what you need […]


What It Means to Be a Member-Managed LLC

What is a Member-Managed LLC? There are two types of management structures a limited liability company (LLC) can adopt: member-managed LLC and manager-managed LLC. In a member-managed LLC, all members – or owners – equally assume the management duties and daily operations of the business. Also, each member has the authority to act and make […]