Does the IRS reject your 2290 return? Do you know the reason for your rejection? In general, mistakes happen regularly when you submit tax returns at the last minute to the IRS. So, avoid last-minute 2290 online filing taxes with the IRS.
Want to know what are the mistakes that occur when filing Form 2290? We will let you know by providing mistakes that happen regularly when e-filing HVUT returns. You can avoid it during Form 2290 online filing.
Incorrect 2290 Vehicle Identification Number
VIN is the basic requirement for filing HVUT Form 2290. There are huge chances for committing mistakes when entering VIN on 2290. Because, Vehicle Identification Number used to identify the heavy vehicles when sold, stolen, or destroy. It is a unique 17 digit that consists of alphabets and numbers. So, if you replace any one number incorrectly when entering VIN may lead to Form 2290 rejection. If this happens, you can easily recorrect it by filing 2290 VIN corrections. Thus, when filing a tax return with the IRS you must provide a piece of valid information. Moreover, reviewing the information provided on the form before transmitting helps you in avoiding 2290 rejections.
Mismatching 2290 EIN & Business details
Another common mistake you can make when filing 2290 returns is providing the wrong EIN or EIN doesn’t match with business information. As we know, EIN is a unique 9-digit code assigned to identify the business entity. So, when you’re applying for EIN you should provide your business name, address, and type of business. Furthermore, it may take nearly 2-3 weeks for a new EIN to get registered in the IRS database. If you file a 2290 Form with a new VIN within 10 days after applying, the IRS may treat the EIN provided as invalid and reject your return. On the other hand, if you file Form 2290 with the business details that don’t match with the EIN, the IRS will reject your HVUT return. Hence, EIN plays an important role in filing the 2290 Tax Form. So, provide a valid EIN that is registered with the IRS and file with a new EIN after 15 days of receiving it.
Incorrect 2290 Vehicles Gross weight Calculation
Before proceeding to e-file 2290 Form, the trucker must know the gross weight of the vehicle. Without knowing the gross weight of the vehicle, you can’t estimate whether the vehicle is taxable or tax-exempted. When you’re new to the trucking industry and not sure about the truck gross weight, calculate it by adding:
- Unloaded vehicle’s weight prepared for the service.
- Weight of the semi-trailers or trailers attached to the vehicle.
- Maximum load carried by the vehicle.
Besides, 2290 Heavy Vehicle Tax is imposed according to the gross weight of the vehicle. If gross weight has gone faulty, the heavy vehicle tax may increase or decrease and leads to 2290 Form rejection. Apart from these, the IRS may reject your return for incorrect tax calculations. Use the HVUT calculator available online to make calculations easier and overcome rejection issues.
Missed Bank Account Number on Form 2290
The trucker must be when paying 2290 taxes. If you miss a number or enter an incorrect number, the IRS rejects the tax return. when you’re e-filing 2290 Tax Returns and making payment online, ensure to provide a correct bank account number. Mostly, if you choose the EFW method to pay taxes, you must provide a bank account number and routing transit number. So, if you provide anyone’s number wrong, the payment is declined. When the payment is declined, the chances of 2290 rejections will be high. Hence, be extra cautious when providing bank account details.
Mis-figuring 2290 Tax Credits or deductions
As we know, the IRS returns back the HVUT paid when the vehicle falls under the suspension category, sold, stolen, destroyed in the form of credits or refunds. If you use 2290 credits that are already claimed for the existing vehicle, the IRS may consider it as fraudulent credit claiming and reject the return. Or if you file a refund form to claim HVUT returns which are not possible, the IRS considers them as fraudulent activity and may impose a penalty too.
Incorrect 2290 Truck Tax Year
According to the IRS, the truck tax year begins from July 1st and ends by June 30th of the following year. However, when you’re filing HVUT Form 2290 for a tax period, you must choose July as the FUM. Besides, if you purchase a new vehicle other than July, you can use the purchase month as FUM of the vehicle. Based on the First Use Month of the vehicle taxes are calculated. So, if you provide a mistake about FUM of the vehicle, you end up paying taxes in excess. Therefore, the IRS may reject the HVUT return.
Form 2290 Filing helps the trucker to reduce the risk of errors by providing instant audit checks. Before transmitting it to the IRS, you can correct the errors and file Form 2290 with the IRS successfully. Get started 2290 online filing by signing up with us and access multiple EINs and VINs at once for a single tax period.