Are you an owner of a trucker vehicle? Did you pay your Form 2290 HVUT for the tax year 2021? You need to pay HVUTwhen you use the public highways through a heavy highway motor vehicle weighing 55,000 pounds.
Doesn’t know about due dates for Form 2290? We’ll let you know about when is Form 2290 HVUT is due for 20221-22 tax year. We’ve provided you detailed information about IRS Form 2290 HVUT, due dates for newly purchased vehicles.
What is an IRS Form 2290 HVUT?
IRS Form 2290 is the Federal Heavy Vehicle Use Tax that goes into the Federal Highway Trust Fund. HVUT is an annual federal highway-use tax on heavy vehicles with a gross weight of 55,000 ponds or more paid to the IRS. The federal government distributes revenues back to the states for highway construction and maintenance of projects.
A Form 2290 must be completed correctly along with the appropriate tax dues for each qualifying vehicle owned. Forms can be submitted by mail or by e-file. If you need to report 25 or more heavy highway motor vehicles, you’re required to e-file through an IRS approved provider.
When is Form 2290 due for 2021?
The due date for form 2290 is August 31st, 2021 if your vehicle’s first use is on July 1st. for newly purchased vehicles Form 2290 must be filed by the last day of the month following the month of first use.
For example, if your vehicle was first used on a public highway during the month of July. Then you need to file your IRS Form 2290 between July 1st and August 31st, 2021.
If you want to pay tax for additional taxable trucks registered on your name, for any month other than July. You must file separate for the months during which the vehicles were in service.
For example, if you purchased a new taxable vehicle on 3rd December 2020 and drives it home from the dealership on a public highway. Then you need to register the truck with your name and file a separate Form 2290. You need to file the form reporting this new vehicle on or before February 1st, 2021.
How to calculate the due date for form 2290 HVUT?
For the vehicles first used on a public highway during the month of July, file Form 2290 and pay the appropriate tax between July 1st and August 31st.
If you place an additional taxable truck registered in your name during any month other than July, you’re liable for HVUT. You need to pay the tax for the months during which it was in service. You must for these trucks by the last day of the following month the vehicle was first used on public highways.
What if your Form 2290 gets rejected after the due date?
Even though you might have submitted Form 2290 after a thorough review, IRS rejects your e-filed Form 2290 for a few reasons. The errors in the rejected form can be easily found can be re-filed to the IRS with no additional cost. If your Form 2290 has been rejected after the filing deadline, you need to resubmit your return within five days of being informed of rejection. By filing your IRS Form 2290 HVUT within five days after rejection, you won’t incur late filing penalties.
What should you do when the IRS rejects your Form 2290?
There are few possibilities for the IRS to reject your return:
- The EIN doesn’t match your business name.
- Duplicate return or Duplicate VIN.
- EIN not registered in the IRS records.
- Incorrect routing number.
If you get a notice from the IRS about your Form 2290 has rejected, you need to check whether the above information entered in the form is correct or not. After re-checking you can submit the corrected Form 2290 within five business days to the IRS.
What happens when you don’t file your Form 2290 within the due date?
As per the IRS instructions, when you fail to file your Form 2290 within the due date penalties are imposed. There are also penalties for filing false or fraudulent returns. These penalties are in addition to the interest charged on late payments. The penalty for filing a return late or paying the tax late will not be imposed if you can show a reasonable cause for not filing on-time. If you file after the due date, attach an explanation to the return to show reasonable cause.
If you skip the deadline, the IRS will impose a penalty of 4.5% of the total amount you owe. This will accrue on a monthly basis for up to five months. Late filers will also attract an additional monthly penalty of 0.5% of total tax due. Additional interest charges of 0.54% per month accrue well.
Are you ready to file your Form 2290 HVUT? Then choose us to submit your HVUT to the IRS easily and conveniently. We an IRS authorised tax preparer software where the information provided is safe and secured. File your 2290 HVUT’s online to receive your Schedule 1 as a proof within minutes.