While there are many obvious benefits to electronically file the IRS Form 2290 with ExpressTruckTax.com, there are also several that you may not initially recognize. The more obvious benefits to filing Truck Taxes with Express Truck Tax include a quicker filing process, more affordable pricing than other E-File providers, and a customer support team that can walk you through the process. But what you may not also realize is that it is also beneficial to the environment due to the lack of wasted paper; it also cuts down on our government’s spending because electronic returns are much easier for the IRS to process.
Not only does our excessive use of paper deplete our planet’s precious supply of natural resources, the harsh chemicals used to process, bleach, and create the paper that we use everyday is also causing damage. A simple way to help cut down on our heavy use of paper in our offices and homes is to utilize electronic forms when possible. It is also more secure to file documents electronically. With electronic transfers, your private information is sent directly to the person who should be receiving it, and there is no risk of getting lost in the mail or being sent to the wrong person.
Another benefit of E-filing tax returns with the IRS that may not be so obvious is that it costs much less for the IRS to process a return that has been E-Filed. With this country’s rising debt crisis, this is a small step that you can take to help reduce government redundancies, and keep the cost of running this government low.
If these reasons alone are not enough to convince you to E-File, then feel free to call us at (704)234-6005. Our dedicated team of customer support professionals would love to talk to you in more detail about the filing process for IRS Form 2290, 8849, HVUT, and more. You could also send an email with any questions to support@expresstrucktax.com.
To file your HVUT with the IRS using Form 2290, it is very important that you keep accurate records, just like you would when filing any other type of tax return. It is crucial for anyone filing form 2290 to maintain their records for at least the prior 3 years for any taxable highway vehicles registered to them. For fleet owners and small trucking companies who have filed form 2290 in the past, it is wise to always keep the 2290 records on hand, as one never knows when IRS inspection may take place. It is even important to save these returns if they are only for a part of a year. In the case of a suspended vehicle (public highway use was less than 5,000 miles/year) it is still necessary to keep records of Form 2290’s filed for them as well.
You will need to gather the following information before filing form 2290 to accelerate the filing process. You will need a description of all vehicles for which you are filing as well as a VIN (Vehicle Identification Number) for each one. You will also need to know the gross taxable weight of the vehicle. It is also necessary to report the date the vehicle was acquired, as well as the name and address of the previous owner. The fist use month for the taxable period is also required for reporting. If a vehicle is considered to be suspended, keep a record of actual highway mileage. If the vehicle is an agricultural vehicle, then keep accurate records of the number of miles it is driven on a farm or field.
Keeping proper records of your 2290 information will be a great help to you in the unfortunate event of an audit. It will also make the task of filing this form much easier.
ExpressTruckTax.com is an IRS authorized E-File provider who can help you file form 2290 as well as keep secure online records of previously filed form 2290’s. For more information on the 2290 filing process, heavy vehicle use tax, IRS payment methods, etc visit the Express Truck Tax website or call our Truck Tax experts at 704-234-6005. You can also email any questions to support@ExpressTruckTax.com.
The Internal Revenue Service recently advised truckers and others filing Heavy Vehicle Use Tax that the next federal highway use tax return would be due on November 30, 2011instead of the typical August 31 deadline. The full letter from the Internal Revenue Service can be found here.
The extension is meant to remove confusion and multiple filings. Since new legislation needs to be voted on by Congress, the tax could be modified or simply reinstated. To ease the hassle of applying for state vehicle registration on or before November 30, state DMV’s must accept a stamped Schedule 1 of the prior year’s Form 2290. Typically, taxpayers receive a stamped schedule 1 after the Heavy Vehicle Use Tax is filed and paid. However, this year, the prior year’s schedule 1 must be used because the IRS is not yet accepting the Form 2290 for this tax year.
For Taxpayers who have acquired and need to register new or used vehicles during the July-November period, new regulations now require states to register those vehicles without a proof of HVUT payment. The taxpayer will be required to prove that they acquired the vehicle within the past 150 days.
For taxable vehicles used during July, the Form 2290 and payment are normally due on August 31st. The tax is calculated based on the weight of the vehicle. There are also many special rules that apply to vehicles with low mileage, as well as logging, and agricultural vehicles.
As you most likely know, the IRS has not yet disclosed the official Form 2290 for filing Truck Taxes. This delay in the process has certainly caused some headaches for the service providers such as Express Truck Tax, who E-File this form on behalf of their clients. Land Line, the business magazine for professional truckers, recently released an article about the delay. In short, the Form 2290 will not be available until new legislation is passed, but drivers will be able to get their vehicle tags and register vehicles by using your previous year’s Schedule 1.
The following Article can be read in its entirety at LandLineMag.com:
Before you make a mad dash to the IRS office to file your Form 2290 Heavy Vehicle Use Tax, hold on. A week before filing season for the IRS Form 2290 was due to begin on July 1, the Internal Revenue Service announced a delay.
New legislation needs to be passed before IRS can collect the HVUT for the entire year. And right now that tax legislation is tied up in Congress. This means that your normal filing, which was for the tax period beginning July 1, 2011, won’t happen.
IRS will not accept any paper format or e-filing at this time. In fact, the form has not been published by the IRS and is not even available yet. An announcement on when it will be in place is expected to be made by IRS.
While the IRS e-file is not available for the tax period beginning July 1, 2011, you can still e-file your 2290 tax return for the tax period July 1, 2010 through June 30, 2011.
The IRS may wait as long as possible so that a single tax return is all that will be necessary for the 2011-12 tax Year. However, a backup plan is in place so that a three-month tax (July, August and September) can be collected by the Aug. 31 filing deadline. When the new legislation is passed, it will determine what happens for the reminder of the 2011/12 tax year.
Can you get your tags and register your vehicle? The IRS says yes, you can get your tags for the tax period beginning July 1, 2011. Existing regs allow states to register a heavy highway vehicle when the application for registration is received during the months of July, August or September 2011. If you have your receipted Schedule 1 for the previous year’s taxable period – in this case July 1, 2010 through June 30, 2011 – states can accept it as proof of payment.
States must register newly acquired heavy highway use vehicles without proof of tax payment if you present the original or photocopy of a bill of sale showing that the truck was purchased by the owner during the 60 days before the date the state receives the application for registration.
First Use Month
The First Use Month refers to the month that the vehicle was first used during the tax period. If the vehicle will be used for the entire Tax Period, then July would be the appropriate month to select.
Taxable Vehicles
On The Taxable Vehicles section, you can enter all of your taxable motor vehicles weighing 55,000 lbs or more. Do Not Add vehicles that you expect to use less than 5,000 miles during the tax period (or 7,500 miles, If Agricultural Use). These Vehicles are known as low mileage, tax suspended, or category W vehicles; and they can be added in another section.
Suspended Vehicles
Tax Suspended Vehicles, also known as low mileage or category W vehicles are not subject to taxation because these vehicles will remain below the mileage threshold of 5,000 miles during the tax period (or 7,500 miles, if Agricultural use).
Prior Year Suspended Vehicles
If You Reported any vehicles as Tax Suspended or category W during the previous tax period, you must report these vehicles to the IRS if either of the following occurred:
A: The Vehicle exceeded the mileage threshold
or
B: The vehicle was Sold
Do Not add a suspended vehicle if neither of these occurred
Sold, Destroyed, or Stolen Vehicles
If you Sold a taxable vehicle, or that vehicle was destroyed or stolen before June 1st, you are eligible for a pro-rated credit or refund.
Low Mileage Credits
If you paid Heavy Vehicle Use Taxes, but did not exceed the mileage threshold during a prior tax period, you are eligible for a credit or refund of the Heavy Vehicle Use Taxes paid during that period. Enter all applicable vehicles in this section.
