What to Do if You Miss IRS Form 2290 Deadline? Did you miss the deadline? Do you have a valid reason? Then, you can be safe from IRS 2290 heavy and hefty penalties. Yes, if you MissForm 2290 deadline, the IRS subjects you penalties along with interests for at least 5 months.
Tensed? If you have a valid reason along with the proof for the delay in filing Form 2290, the IRS can waive back the penalties. Exciting right? The IRS doesn’t impose penalties if you file a penalty relief by providing a valid reason.
What is the Grace Period for filing 2290 Tax Form?
Generally, 2290 truck tax season begins from July 1st of the current year and ends by June 30th of the following year. The truck taxes are due annually by “August 31st”. Furthermore, the taxes are due within 60 days of purchase for the vehicle purchased in the middle of the tax period. Thus, the grace period is based on the vehicle you use on United States national highways.
For example, if you are keeping an existing truck/heavy vehicle on road for 2021 within US public highways, then file 2290 by August 31st. Or else, if you purchase any heavy vehicle other than July, then file within 60 days of purchase.
What Happens if You File Form 2290 Late?
According to the IRS rules & regulations, if you file 2290 Tax Form late after the deadline, you may face penalties. Additionally, you need to pay interest for up to 5 months if you fail to pay road taxes within the due date. Thus, avoid paying penalties & fines by filing HVUT return on time. On the other hand, even at the last minute choose from 2290 online filing with an IRS trusted e-file provider. Because even on the last hours of the deadline you can transmit tax returns 100% accurately. Finally, you can end up facing “Form 2290 rejections” and experience a “successful Form 2290 filing”.
What HVUT penalties were given by the IRS?
Penalties are incurred mostly due to the below reasons:
- If you fail to file tax returns within the key date.
- Failure to pay truck taxes by the deadline.
- Filing tax returns with fraudulent information.
Among all these penalties, the heavy & heft one is “failure to submit tax returns within Form 2290 deadline”. Yes, the IRS charges 4.5% of the total tax amount. In addition to the penalty, you need to pay 0.5% interest on a monthly basis. Therefore, the HVUT penalty amount depends on how much 2290 truck tax you owe to the IRS.
For example, if you need to pay $550 Highway Tax for 2021 & failed to file the 2290 Tax Form within “August 31st”. As per the IRS, you need to pay 4.5% on “$550”. The total amount you owe to the IRS along with the penalty will be “$574.75”.
When to file 2290 Tax Form after the deadline?
If you have crossed the “2290 deadline” & the IRS has imposed the penalties, then you need to file as early as possible. Because the sooner you file 2290 returns the lower you face damages. On the other hand, the HVUT penalties are incurred until you file the tax returns with the IRS.
The better and cheapest way is to file Form 2290 as soon as possible. Besides, you may also go to jail or your vehicle may be suspended for carrying out on-highway transportation. Because, if you fail to file HVUT 2290, you will not get your IRS 2290 schedule 1 proof. IRS Form 2290 Schedule 1 proof is mandatory for the vehicle operators. Thus, file Form 2290 instantly after the deadline & reduce the rate of penalties.
Can 2290 penalties will be waived off?
Yes, the HVUT penalties can be waived off “if you show valid cause”. By filing the 2290 penalty relief form & explaining the delay for filing Form 2290, the IRS may waive your penalties off. Along with a valid reason, you need to show proof for the delay in filing/paying truck taxes. Given below are the reasons for waiving the penalty & interests off:
- If you got hospitalized.
- Anyone of your family members died.
- If your truck/tractor has been destroyed due to a natural disaster.
Hurry up! File Form 2290 Instant & get your penalties waive off in a single click. Form 2290 Filing provides you a hassle-free e-filing experience with 100% US customer support through chat, email, or phone.