Getting a Laredo Business Current
Freight companies grow fast and owners spend their time on trucks and customers, not paperwork. The filings that slip are often the specialised ones: heavy vehicle use tax, fuel tax, payroll deposits and franchise tax reports. Families may have Mexican accounts that were never reported. BOMCAS helps Laredo clients put the missing filings in order, remotely.
The Texas back taxes page covers penalties and disclosure. This one covers the gaps we see in Laredo.
Form 2290 and IFTA
A truck cannot be registered without proof that the heavy vehicle use tax was paid. Carriers who missed Form 2290 can file late with penalties and interest, and those who missed IFTA returns may lose their decals and face audits based on estimated miles. We rebuild mileage and fuel records from logs and fuel card data and file the missing returns.
Payroll Taxes at Carriers
When freight rates fall, some carriers fall behind on payroll tax deposits. The IRS can hold owners and managers personally liable for withheld taxes through the trust fund recovery penalty. We file the missing returns, calculate the balance and help arrange payment before the problem grows.
Unsupported Export Sales
Retailers and distributors who treated sales as exports without proper certifications can be assessed sales tax on those sales in an audit. Missing proof can sometimes still be obtained, and voluntary disclosure before the Comptroller makes contact can waive penalties.
Mexican Accounts Never Reported
Residents with Mexican bank, investment or retirement accounts over $10,000 in total should have filed FBARs. If the failure was not wilful, the IRS streamlined procedures or the delinquent FBAR procedures may allow the problem to be fixed with limited or no penalty. We review the facts before anything is filed.
Forfeited LLCs and Corporations
Companies that missed franchise tax reports can lose their right to do business in Texas, which complicates contracts, insurance and financing. We file the missing reports, pay any balance and request reinstatement.
Personal Returns
Owner-operators who did not file for several years may receive IRS substitute returns based on 1099 forms, without deductions for fuel, repairs or depreciation. Filing actual returns usually reduces the balance sharply. We rebuild expenses from bank statements, fuel cards and settlement sheets.
Gas Royalties Left Off the Return
Mineral owners sometimes overlook royalty checks or assume the operator paid the tax. The IRS matches Forms 1099-MISC from operators to individual returns and sends notices proposing tax on the gross amount. An amended return or a reply to the notice that includes depletion and production taxes usually brings the balance down considerably.
Paying the Balance
Once the returns are filed, the IRS can set up an installment agreement, and many individuals and small businesses can do so online. The Comptroller and TWC also offer payment arrangements. Keeping current filings on time while a payment plan runs is essential, because a missed new return can end the agreement.
Steps We Take
- Pull IRS, Comptroller and TWC records.
- Rebuild miles, fuel and income.
- File missing federal, fuel and state returns.
- Request penalty relief where available.
- Agree payment plans.
Laredo Back Taxes and Late Filing Questions
Can I register my truck if I missed Form 2290?
Not until the tax is paid and proof is shown. Late filing with penalties fixes it.
Am I personally liable for unpaid payroll taxes?
Owners and managers responsible for paying can be, under the trust fund recovery penalty.
I never reported my Mexican account. What can I do?
The streamlined or delinquent FBAR procedures may apply if the failure was not wilful.
The IRS filed a return for me as an owner-operator. Can I fix it?
Yes. Filing your actual return with expenses usually reduces the balance.
Talk to BOMCAS About Back Taxes and Late Filing in Laredo
After catching up, steady bookkeeping, payroll and sales tax keep the business current, with business and personal returns filed on time. Planning reserves cash for slow freight months, and cross-border tax keeps foreign forms current. Beyond the port, the statewide rules for business tax returns, personal tax returns, sales and use tax, bookkeeping, payroll, tax planning and cross-border matters are on our Texas pages, starting from the Texas overview.
Send BOMCAS a few lines about your Laredo fleet, brokerage, store or family and we will reply with a first step and a list of records for a quote. Write through the contact page or the form below, call 780-667-5250 or email info@bomcas.ca. Our other Laredo services are listed on the Laredo overview. The information here is general and not advice for your business or family.