How does e-filing help in filing Tax 2290 Form?
The IRS has introduced a system for submitting the tax documents to the revenue service electronically by reducing paper documents. Form 2290 filing is the tax preparation software that has been approved by the IRS. File 2290 tax returns from any place, at your convenient time with us. With single signup with us, file Form 2290 for a single vehicle or hundreds affordably. We provide safety and security standards to keep sensitive information from reaching the wrong hands. Moreover, calculate the amount of HVUT due per vehicle online for free with accurate speed.
What Do you mean by Form 2290 Federal Excise Tax?
Federal Excise Tax is the fee imposed on heavy vehicles which operate trade or business using heavy loads on public highways. The individuals pay Federal Excise Tax using 2290 Tax Form to the Internal Revenue Service. IRS uses this Excise Tax in maintaining public highways. The estimated gross weight of the heavy vehicles is 55,000 pounds or more. Furthermore, the heavy vehicles that travel 5,000 miles or more in a tax period must pay road tax and file 2290 HVUT returns.
For instance, Smith is operating business or trade using public highways with a tractor weighing 65,000 pounds. In a tax year, Smith used nearly 5,000 miles on public highways. Then Smith is required to file 2290 Form and pay road tax to operate a business using tractors on public highways.
When is 2290 Form due to the IRS?
Usually, the tax period to file Form 2290’s begins in July of the current year and ends in June of the following year. Due dates vary for newly purchased vehicles. For newly purchased vehicles, the due date to file tax returns and pay taxes is within the last day of the following month of FUM. In general, for the vehicles which are used from the beginning of the current tax period, 2290 taxes are due to the IRS by August 31st.
For example, Smith purchased a new vehicle in September and started using it on the public highways. The FUM of the vehicle is “September”. 2290 Form is due to the IRS by “October 31st”.
If you purchased a new truck, then do you need to file Form 2290?
When you purchase a new truck to operate a business or trade on public highways, then you need to file Form 2290 with the IRS. You need to file an HVUT return with the IRS by the last day of the following month of purchase. For instance, if you purchased in April and started using on public roads, the vehicle’s First Use Month is “April”. File 2290 Tax Form by the end of May. Additionally, you need to pay Heavy Vehicle Use Tax for carrying heavy loads on public roads.
What if you add a new vehicle to the previous file Form 2290?
If you purchase another heavy vehicle after e-filing 2290 Form for the current tax period, then you have to file a new IRS Form 2290. Additionally, you are required to include the details of the new truck on the tax form. Suppose, if you add a new vehicle to the previously filed Form 2290, the IRS doesn’t accept the returns. The IRS provides Schedule 1 after accepting the previously file 2290 Form. This means you cannot new truck details to the already existing tax form.
For example, if you have already filed IRS Form 2290 for a vehicle in November and paid 2290 tax. In the same month, you have purchased a taxable heavy vehicle, then you need to file a new Form by October 31st with the new vehicle details.
Do I need to file a 2290 Tax Form if I lease a truck from a carrier?
No, you are not required to file a 2290 Tax Form and pay if you lease a truck from a carrier. Because the carrier who leases you a truck responsible to pay HVUT on your truck and file Form 2290 with the IRS. The carrier recovers the HVUT paid from you weekly.
HVUT Penalties for late filing and payment of HVUT
As we know, the IRS imposes penalties for late filing 2290 Form. Moreover, interest is also charged when the trucker makes a delay in HVUT payment to the IRS. Additionally, the trucker may penalize for filing fraudulent or false filing 2290 returns. Given below are the penalty and interest details:
- The penalty for late filing 2290 returns annually is equal to 4.5% on the total tax due. This amount is assessed monthly for up to five months.
- A penalty of 0.5% was imposed on the total tax due for the delay in payment of Highway Tax.
- Additional interest of 0.54% per month is imposed for late payment of 2290 tax.
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