IRS Form 2290 Penalties
When an individual fails to file the tax returns or pay the tax due before the deadline, the law enforces penalties. These IRS penalties are also applicable for filing false or fraudulent returns. For late payments, a taxpayer must face the penalties along with the interest charge. When you can show a reasonable cause for the late payment(or filing), the penalty will not be imposed. When you are filing Form 2290 even after the due date (including the extensions), you need to attach a reasonable cause along with your filing.
The penalties for HVUT non-compliance are bit costly. Check out the IRS penalties and interests when you fail to file the IRS 2290 Form before August 31st in the below table :
| Reason | IRS Penalties & Interests |
|---|---|
| When the tax filer fails to pay the Heavy Vehicle Use Tax (HVUT) by the deadline. | The penalty is 4.5% of the total HVUT tax, which is due, monthly for up to 5 Months. |
| If the tax filer does not file the tax on time and fails to pay the tax due. |
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For instance, based on these IRS rates if you owe $ 500 to the IRS and failed to file the tax amount for 5 Months. Then, the penalty amount would mount to its maximum by summing all the penalties and interest. After the IRS calculations the penalties along with the tax amount, you owe comes up to $ 638.5, which is a huge amount when compared to the actual tax amount.
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