- August 20, 2021
Taxpayers can use the form to report the acquisition of a used vehicle, for which the tax has been suspended, and to figure and pay the tax on a used vehicle that has been acquired and used during the tax period.
The Form is used to report all the vehicles, for which we are reporting tax and it also serves as proof of payment to get the vehicle registered in any state.
Special Reminders on Form 2290 Due Date
Some of the reminders that the IRS has released with the instruction for Form 2290 are,
- The taxpayers are open to paying their tax liability for Form 2290 either with their credit or debit cards.
- It is important to enter the month of first use of the vehicle in schedule 1 of the Form to calculate the tax precisely.
- The US Customs and Border protection requires proof of payment of tax through Form 2290, before entering a Canadian or a Mexican vehicle into the United States.
- The taxpayers are expected to complete and file both the copies of Schedule 1, where the second copy will be stamped and returned to the taxpayer in return by the IRS.
- Electronic filing will be the preferred mode of returns reporting and paying the tax for more than 25 vehicles, that are filed during the tax year.
- The taxpayers are encouraged to pay the tax electronically, irrespective of the number of the vehicle that is been reported.
The final reminder to report and file the HVUT for the year 2021-2022 has been offered by the IRS and it falls on August 31, 2021. The days are less and if the taxpayers fail to report their vehicle within the stipulated time, then they will attract hefty fines and penalties from the IRS. The best way to avoid this, and to fill the form appropriately without any mistakes, to avoid rejections, is to pay it through Tax2efile. This is an IRS authorized e-filing service provider who will help you to file the tax on the go and ride your vehicle without any stress on the road. The due date for filing Form 2290 with the IRS is fast approaching and it is expected that the owners of the trucks and other heavy utility vehicles file them before the due date of August 31st, 2021, for the current tax year. This highway use tax applies to all highway motor vehicles that have a taxable gross weight of 55,000 pounds or more, and this includes large trucks, buses, and truck tractors. It is important to report the vehicles falling under this category with the IRS, within the due date, to avoid penalties and last-minute fine payments.
The IRS also encourages all the truck owners to take advantage of the convenience and speed of e-filing options, as it helps in instant tax reporting, without any errors and the stamped copy of the schedule-1 will be sent by the IRS to the registered email id of the taxpayer within ten minutes.
Purpose of the form:
Form 2290 is used to figure and pay the tax that is due on the highway motor vehicles with a taxable gross weight of 55,000 pounds or more. This Form is also used to figure and pay the tax if the taxable gross weight of the vehicle increases during the tax year, forcing the vehicle to fall into the new tax category.
Taxpayers can make use of Form 2290 to claim suspension from tax if the vehicle is used for 5000 miles or less on road. This limit is however 7500 miles for agricultural vehicles.
