- August 30, 2021
Owners of Heavy-use vehicles that weigh more than 55,000 pounds are required to pay tax to the IRS by filing Form 2290. The filing period starts on July 1st and ends by June 30th for every tax year. If any new vehicle is bought in between this period, then the truck owners have to pay the tax within one month of the first use of the vehicle on the roads.
Due date to file Form 2290 and late filing penalties
The due date for e-filing Form 2290 for the tax year 2021-22 is August 31st, 2021. Truckers must be alert and File the returns before the due date, to prevent penalties. They can also pre-file the tax through the e-filing option and pay their tax by August, to save on the tax and also to prevent late-payment fines and penalties.
Penalties levied for late filing of HVUT Form
If the truck owner fails to file his returns on time, then he will be levied with fines that are generally over-priced for the trucking industry. It is better to avoid highway tax noncompliance penalties as they are quite heavy and could count to 4.5% of the complete tax due for five months, calculated every month.
Late filers will also attract fines and penalties and are required to face an additional monthly penalty of 0.5% of the total day along with 0.54% of the additional interest charges that are compounded on a monthly basis. By calculating the late fine penalties according to the percentages given above, the tax liability of a truck owner that was about $550 will increase to $700 for five months. Along with levying such high penalties, the state also suspends the registration of the vehicle, which doesn’t hold valid proof for the payment of the HVUT taxes.
If the truck owners fail to file their tax returns for more than 60 days post the extended due date or the due date, then the minimum penalty for filing the late taxes is about $135 of the unpaid taxes. Thus, it is important to stay vigilant and E-file the HVUT Form 2290 on time and well ahead of the due dates to avoid such penalties.
E-file HVUT Form 2290 in advance
There are two options to file Form 2290 with the IRS, the beneficiaries can choose to either e-file the Form online or mail them to the IRS. But sending the Forms through mail takes about 3-4 days and if there are any corrections in the form, the days will get extended leading to late filing penalties. An intelligent way to avoid late fines and penalties with the IRS is to e-file them as it takes only minutes to complete the process and the IRS will also approve the files instantly. If there are any mistakes and corrections in the Form, they can also be corrected instantly.
E-filing Form 2290 with the IRS is easy and efficient and can be accomplished in a few instant steps. Tax2efile is an authorized IRS service provider that helps with the instant e-filing process. The users have to create a free account and log in within a few minutes. They can enter the truck details about their EIN and VIN and proceed with entering the payment options. After the IRS accepts the HVUT Forms, the truck owners will get a stamped Schedule-1 copy through email in less than 10 minutes. Thus, e-filing Form 2290 is an intelligent option and helps avoid late fines and unnecessary stress as well.
