Did your suspended vehicle exceed the mileage limit of 5,000? Then report the change in the vehicle category to the IRS by filing an amendment return form 2290. The IRS recommends every trucker immediately report the change in the vehicle category in a tax period by filing amendment returns.
Doesn’t know about different types of HVUT Form 2290 Types Of Amendment Returns? We will let you know about the types of amendment returns. We also provide information about 2290 tax returns for different vehicles.
HVUT Form 2290 for different vehicles
Most of the trucking organizations who operate businesses using heavy motor vehicles on public roads use “IRS Form 2290”. Heavy vehicles divided into three categories.
A heavy vehicle with a gross weight of 55,000 pounds or more, which uses public highways for 5,000 miles or more annually considered a “Taxable vehicle”. The IRS imposes Heavy Vehicle Use Tax on taxable vehicles by taking gross weight and mileage limit into consideration.
A heavy vehicle weighing 55,000 pounds and travels less than 5,000 miles in a calendar year considered a “Suspended vehicle”. According to the IRS, there is no truck tax for suspended vehicles.
The heavy vehicles which transferred, stolen, or damaged after paying 2290 tax for a tax period are considered as “Credit vehicles”. The trucker owners of credit vehicles can claim a refund for the prior year’s HVUT payments.
What is a 2290 amendment return for taxable vehicles?
Truck owners can file 2290 amendment returns when the taxable vehicles change into a new category. The change in the taxable vehicle may be in the gross weight of the heavy vehicle. When a sudden change in the gross weight of the taxable vehicle occurs after paying 2290 for the tax period, then the individual must file a 2290 amendment. For instance, Smith paid 2290 tax for the taxable vehicle with 60,000 pounds for the tax period in the month of December 2020. In the month of March 2021, the vehicle’s taxable gross weight changes to 75,000 pounds. Then smith is required to amendment and report the change in the gross weight to the IRS to avoid penalties.
When to file Federal Form 2290 amendment for suspended vehicles
Most commonly, the trucker files Federal Form 2290 amendment for suspended vehicles when the suspended vehicle changes into a taxable vehicle. This means the gross weight and mileage limit of the suspended vehicle increases after filing Form 2290 under the suspended category. The truck owners are responsible to report the changes in the suspended vehicles by filing an amendment return form to the IRS.
For example, Smith files Form 2290 for a heavy vehicle weighing 55,000 pounds and travel 3,000 miles in a tax year under the suspended category. At the end of the tax period, the vehicle gross weight and mileage limit crosses the minimum threshold of the 2290 tax return form. Then Smith is responsible to report the changes in the vehicle category to the IRS by filing 2290 amendments.
Amendment return Form 2290 for VIN correction
As we know, a Vehicle Identification Number is a unique number assigned to identify the vehicle. It is used in the registration of vehicles under DMV. VIN is a combination of numbers and alphabets which may lead to committing errors when filing tax returns to the IRS. IRS Form 2290 may be rejected when submitted with an invalid VIN or wrong VIN. In such cases, the truckers can file a 2290 amendment return form to replace the invalid VIN. Ensure to provide the previous VIN and correct VIN when correcting VIN. Receive the corrected IRS stamped Schedule 1 with a valid Vehicle Identification Number within minutes by e-filing. Be sure to correct VIN’s for taxable, and suspended vehicles only. Don’t use Form 2290 amendment return for correcting VIN for credit vehicles or for prior year suspended vehicles.
How to avoid wrong VIN amendments?
Follow the below instruction to avoid wrong VIN amendments:
- Ensure that the Vehicle Identification Number entered consists of 17 characters.
- Check whether the VIN is in alpha-numeric format.
- Make sure that VIN will not have some alphabets like “I”, “O”, “Q” in it.
- Double-check the VIN when filing Form 2290 is correct or not.
- While reporting the IRS 2290 tax return form you need to quote the Vehicle Identification Number.
When to file a 2290 amendment to the IRS?
The truckers must file 2290 amendment by the last date of the following month in which the vehicle falls into a new category. The truckers may face the risk of HVUT penalties along with interest when failing to file an amendment.
For example, Smith filed Form 2290 and paid 2290 tax to the taxable vehicle weighing 55,000 pounds in the month of November 2020. Suddenly, the taxable gross weight of the vehicle changed to 65,000 pounds in the month of February. Then the trucker must file Form 2290 amendment return by the end of March. Also, he needs to pay the additional tax for a change in the gross weight of the vehicle.
File an amendment return with Form 2290 and report the changes of heavy vehicles in a calendar year. We are an IRS-authorized e-file provider which allows the trucker to file 2290 returns irrespective of time, place, and device.