The IRS 2290 form is a tax form for heavy vehicle owners with a taxable vehicle gross weight of 55,000 pounds or more. You can decide to file your form 2290 utilizing both online and conventional methods.
If you wish to file online, you must use an e-filing agency with IRS authorization. In this article, you will learn about the IRS form 2290 due dates to stay away from the stringent IRS penalties.
When Should You File Your Form 2290?
You must file your IRS form 2290 for Heavy Vehicle Use Tax (HVUT) annually. The tax period for form 2290 begins on July 1st and ends on June 30th of the following year. The due date for filing form 2290 will be August 31st of every year.
However, if you have purchased a new heavy vehicle, your due date will be the last day of the month following the month of first use.
For example, if you purchased a new vehicle on February 16th, 2021 and drove it home from the dealership over a public highway, you must file your form 2290 by March 31st, 2021.
Note: If the due date for filing form 2290 falls on a legal holiday or a weekend, then the deadline will be the next business day.
Filing Form 2290 After the Deadline
If you fail to file your form 2290 within the due date, you will have to pay the IRS late-filing penalties as well as interest rates.
- The IRS imposes a penalty of 4.5% of the total tax you owe, which will accrue every month for up to 5 months.
- You will have to pay an additional monthly penalty of 0.5% of your total tax amount for failure to make the HVUT payment.
- Apart from this, you will face an interest rate of 0.54% per month.
Besides the penalties, not filing your 2290 form can also lead to other issues down the road.
For example, you must carry your new Schedule 1 copy when you operate your vehicle on US public highways. Your form 2290 proof of payment is also required if you wish to register your vehicle or renew the license plates at the DMV.
Choose an IRS Authorized E-file Provider
The IRS knows that it can be hard for truck owners to file their IRS 2290 manually. Thus, the IRS has approved a few websites to file form 2290 online.
To e-file, you must create an account in any of the IRS authorized e-file service providers. Since you are giving a great deal of data, choosing a secure web-based filing site with the best security frameworks is crucial.
Certain e-file service providers offer extra advantages such as free VIN corrections and unlimited refiling to make filing easier for you.
When you file your form 2290 on time and pay the HVUT return, you ensure that your business stays compliant and doesn’t run into any trouble with the IRS.
As a truck owner, being aware of the different methods of filing and the due date will help you file your form 2290 with ease and get your schedule 1 form 2290 copy instantly.