Due Dates & Penalties for Tax Form 2290

By -

Heavy Highway Vehicle Use (Form 2290) is an excise tax levied on heavy highway vehicles with a gross weight of 55,000 lbs or more, and is used on public highways. Internal Revenue System has framed certain rules for filing tax form 2290. Thus the form should be filed accordingly.

Due dates for filing Form 2290 : Form 2290 must be filed for each month when a taxable vehicle is first used on public highways during the tax year. The tax period for form 2290 begins July  and ends June of the following year. The Heavy Vehicle Use Tax (HVUT) Form 2290 must be filed by the last day of the month following the month of first use. The filing rules apply whether you are paying the tax or reporting suspension of the tax.

 Vehicles acquired after July : In case you acquire a vehicle and use it on the public highways in any month other than July, you are liable for the tax for the prorated tax period. You must file IRS Form 2290 and pay the tax by the last day of the month after the month you first use the vehicle.

What if due date falls on a weekend or public holiday : In case the due date for filing form 2290 falls on a Saturday, Sunday or Public holiday, it should be filed on the next business day.


Penalties : The penalty for failing to file IRS Form 2290 by August 31st is equal to 4.5 percent of total tax due, assessed on a monthly basis up to five months. Late filers not making an HVUT payment also face an additional monthly penalty equal to 0.5 percent of total tax due. Additional interest charges of 0.54 percent per month accrue as well.


Based on these rates, an HVUT liability which is originally $550 would climb to over $700 by the end of the five-month period of law-breaking. In addition to these federal penalties, many states suspend the registrations of vehicles for which proof of HVUT payment has not been provided.


Taxexcise.com is committed to provide the Best in Quality and Service for all our users, www.Tax2290.com /www.TaxExcise.com is a certified, IRS authorized, e-file service provider for Form 2290.Tax2290 is a product of ThinkTrade Inc and a part of TaxExcise.com. We are a BBB accredited company with A+ certification.


For any questions you may have regarding Excise Tax Filings please reach us at 1-866-245-3918 or simply write to us at support@taxexcise.com

Comments

Post a Comment

Popular posts from this blog

PREFILING IS BACK WITH TAX2290 AND GET READY TRUCKERS

By -
Image
Time ticks now for Federal Vehicle Use Tax Form 2290 reporting and we at Tax2290.com is all set to start with accepting 2290 return for the new tax year July 2020 – June 2021.     Form 2290 – Federal Vehicle Use Tax Return: The IRS  tax form 2290  is used to prepare and report the highway heavy vehicle use taxes on motor vehicles with a taxable gross weight of 55,000 pounds or more. This generally includes trucks, truck tractors and buses. The tax of up to $550 per vehicle is based on gross weight category and expected miles driven (5,000 miles for general vehicle and 7,500 miles for agriculture vehicle) on public highway.  Form 2290 and Schedule 1  must be filed for the tax period beginning on July 1, of this year and ending on June 30, of successive year. Form 2290 Electronic Filing: Tax Form 2290  can be electronically prepared and reported through TaxExcise.com. It is always easy, safe and quick when you choose to file  2290 returns electronically , IRS as well will receive your re
Read more

File VIN Correction Online and Get Schedule1 Copy in Minutes

By -
Many tax payers do the mistake of entering the wrong ‘Vehicle Identification Number’, which is of 17 characters and a mixture of both numbers and letters. To err is human and there are chances of entering the wrong VIN especially when filing tax 2290 at the last hour. Let’s say, you might enter S instead of the number 5 and is likely to happen with others too. Neither you nor the system has indentified it but when you carry the schedule-1 copy to the DMV’s office, you realize the mistake done by you. There is no need to press the panic button but take the necessary steps to get a new schedule-1 copy with the corrected VIN number. What is VIN? VIN or vehicle identification number is a code given to automobiles, as identification of every vehicle. Until 1981, no specific standards were followed for allocating VIN, as well as different manufacturers use different format. However, in 1981 the ‘National Highway Traffic Safety Administration’ changed the format and made it mandato
Read more

How to Avoid Collision with Wild Animals on Highway?

By -
Summer is a prime time bringing out the best of the nature and the time when truckers can enjoy while driving. Every bend has something new to offer the trucker. This can also be treated as a stress buster for the truck drivers as they have a hectic schedule to follow. After winter hues, it’s time for truckers to take some steps to ensure they have a safe journey.  Driving on smooth roads and cleaner environment, they are likely to see many different animals: from huge moose to small porcupines. As the summer drops in, many creatures tend to become more mobile and are usually found crossing the road and moving to the other end to find a new habitat. It is different to enjoy a scene like this and most importantly, it is entertaining for the truckers.  However, wildlife and trucks on the road is a lethal mix especially if they run over an animal. It is not only emotionally upsetting but can damage their vehicle to a great extend. Yes, larger the animal, bigger the collision
Read more