Anyone who operates a truck or other vehicle categorized as a Heavy Highway Use Vehicle on public highways must complete Form 2290 (Heavy Highway Use Vehicle tax return) and pay excise tax. All truck owners can now file and pay electronically using IRS e-file.

IRS e-file is the best way to prepare and file your Form 2290 excise tax. IRS e-file saves you time, paper and postage. You get your Schedule 1 almost immediately after we accept your return, and you can get your taxes done from your computer while you are on the road, any time of the day or night.

If you are reporting 25 or more trucks on a return, you must file and pay electronically.

Resource: www.IRS.gov/trucker

Monday, May 7, 2012

How To File Form 2290

Electronic filing is required for each return reporting 25 or more vehicles. However, all taxpayers are encouraged to file electronically. Electronic filing generally allows for quicker processing of your return. A stamped Schedule 1 can be available in as little as 24 hours after filing.

File Form 2290 electronically through any electronic return originator (ERO), transmitter, and/or intermediate service provider (ISP) participating in the IRS e-file program for excise taxes.

You can e-file your form 2290 at www.eform2290.com which is an IRS authorized website.

Who Must File Form 2290

You must file Form 2290 and Schedule 1 for the tax period beginning on July 1, 2012, and ending on June 30, 2013, if a taxable highway motor vehicle (defined below) is registered, or required to be registered, in your name under state, District of Columbia, Canadian, or Mexican law at the time of its first use during the period and the vehicle has a taxable. 

You may be an individual, limited liability company (LLC), corporation, partnership, or any other type of organization (including nonprofit, charitable, educational, etc.). 

If you acquire and register or are required to register a used taxable vehicle in your name during the tax period, you must keep as part of your records proof showing whether there was a use of the vehicle or a suspension of the tax during the period before the vehicle was registered in your name. The evidence may be a written statement signed and dated by the person (or dealer) from whom you purchased the vehicle.

You can e-file your form 2290 at www.eform2290.com authorized by IRS.

Third Party Designee

If you want to allow an employee of your business, a return preparer, or other third party to discuss your Form 2290 with the IRS, check the “Yes” box in the Third Party Designee section of Form 2290. Also, enter the designee’s name, phone number, and any five digits that person chooses as his or her personal identification number (PIN). The authorization applies only to the tax return on which it appears.

By checking the “Yes” box, you are authorizing the IRS to speak with the designee to answer any questions relating to the information reported on Form 2290. You are also authorizing the designee to:
  • Exchange information concerning Form 2290 with the IRS, and 
  • Request and receive written tax return information relating to Form 2290, including copies of notices, correspondence, and account transcripts. 

e-file your form 2290 with an IRS authorized website at www.eform2290.com
 
 

Form 2290 Taxable Vehicle

Highway motor vehicles that have a taxable gross weight of 55,000 pounds or more are taxable.

A highway motor vehicle includes any self-propelled vehicle designed to carry a load over public highways whether or not also designed to perform other functions. Examples of vehicles that are designed to carry a load over public highways include trucks, truck tractors, and buses. Generally, vans, pickup trucks, panel trucks, and similar trucks are not subject to this tax because they have a taxable gross weight less than 55,000 pounds.

A vehicle consists of a chassis, or a chassis and body, but does not include the load. It does not matter if the vehicle is designed to perform a highway transportation function for only a particular type of load, such as passengers, furnishings, and personal effects. 


A vehicle is a taxable vehicle if it is used for more than 5000 miles ( more than 7500 miles if it is used for agriculture purpose). You can e-file your form 2290 at www.eform2290.com which is an IRS authorized website.



Sunday, April 22, 2012

Filing your HVUT forms or form 2290

IRS Schedule 1 Form 2290 is used to pay Heavy Highway Vehicle Use Tax (HVUT). Those that need to pay HVUT can do so online through an IRS authorized e-filer. Online filing is mandatory when filing for 25 vehicles or more. Even if you don’t have a lot of vehicles, the IRS still recommends that file online. Make sure you use a secure and authorized online e-filer. The government uses the money received from the taxes to help maintain and improve roads.

Here’s some of the information you’ll need when you file.
  • - Name and company information
  • - Vehicle Identification Numbers
  • - Number of vehicles
  • - Gross weight of the vehicles
You can e-file your form 2290 at www.eform2290.com which is an IRS authorized website.



IRS Form 2290 Due Dates

The IRS Form 2290 for Heavy Vehicle Use Taxes (HVUT) must be filed annually for each taxable vehicle that is used on public highways during the current tax period. The normal tax period for heavy vehicles begins on July 1st and ends on June 30th of the following year. A Form 2290 must also be filed once a vehicle is placed in service. The due date for each month is the last day of the following month. For example: if a vehicle is placed in service on October 3rd, the Form 2290 will be due on November 30th.

You can e-file your form 2290 at www.eform2290.com which is an IRS authorized website.

Vehicle first used monthDue date
July-201130-November-2011
August-201130-November-2011
September-201130-November-2011
October-201130-November-2011
November-201131-December-2011
December-201131-January-2012
January-201229-February-2012
February-201231-March-2012
March-201230-April-2012
April-201231-May-2012
May-201230-June-2012
June-201231-July-2012
July-201231-August-2012
August-201230-September-2012
September-201231-October-2012
October-201230-November-2012
November-201231-December-2012
December-201231-January-2013

Friday, April 13, 2012

WHAT IS SCHEDULE 1?



Once you have submitted your Form 2290, the IRS will stamp your Schedule 1 as proof of payment. When E-Filing, the IRS will apply a digital watermark to your Form 2290 Schedule 1. This digitally “stamped” Schedule 1 serves as your HVUT (Heavy Vehicle Use Tax) proof of payment.


Watermarked Schedule 1 provided by IRS is the only document required to get tags for trucks


You can e-file your form 2290 at www.eform2290.com which is an IRS authorized website.



How To Pay The Tax?

There are three methods to pay the tax to IRS
1. Electronic funds withdrawal (direct debit) if filing electronically.
2. Electronic Federal Tax Payment System (EFTPS).
3. Check or money order using the payment voucher.


you can file your form 2290 at www.eform2290.com which is authorized by an IRS.







Tuesday, April 3, 2012

Penalties and Interest for form 2290


The law provides penalties for failing to file returns or pay taxes when due. There are also penalties for filing false or fraudulent returns. These penalties are in addition to the interest charge on late payments. The penalty for filing a return late or paying the tax late will not apply if you can show reasonable cause for not filing (or paying) on time. 
The penalty for failing to file IRS Form 2290 by August 31 is equal to 4.5 percent of the total tax due, assessed on a monthly basis up to five months. Late filers not making an HVUT payment also face an additional monthly penalty equal to 0.5 percent of total tax due. Additional interest charges of 0.54 percent per month accrue as well. 

www.eform2290.com is one of the IRS approved site to file form 2290

Monday, March 26, 2012

When to file form 2290?

Form 2290 must be filed for each month a taxable vehicle is first used on public highways during the current period. The current period begins July 1, 2011, and ends June 30, 2012. Form 2290 must be filed by the last day of the month following the month of first use. The filing rules apply whether you are paying the tax or reporting suspension of the tax. 

You can get more information regarding form2290 here.