Form 2290 Heavy Highway Vehicle Use Tax (HVUT) status update 09/28/11

IRS Video Guide To Form 2290

The IRS recently posted this video on their website to help those file Form 2290. They have really done a great job summarizing the changes that they have made this year in the filing process.

And of course, they urge everyone filing Heavy Highway Vehicle Use Taxes to use an IRS-Authorized E-Filing service like Express Truck Tax.

http://www.irsvideos.gov/SmallBusinessTaxpayer/Forms/Form2290update

Truck Tax (form 2290) Legislation Has Been Passed!

The U.S. Senate approved a piece of legislation that will extend the funding of the Federal Aviation Administration (FAA) as well as for federal highway programs. The funding for these programs would have ceased, had this extension not been passed.  

This Transportation bill has been extended several times already, and it is fairly widely agreed upon that a more permanent piece of legislation is needed to regulate this industry. However, this extension will keep up to a million highway workers at work. A simple extension is better than letting the bill expiring, which would furlough thousands of workers as soon as the legislation expired.  

This basically serves as a stop-gap measure that will also provide the government with the ability to collect taxes on airline ticket sales through the FAA. Earlier this week, the FAA incurred a partial shutdown for two weeks, which cost the government $400 Million in taxes associated with airline ticket sales.

The Senate was able to pass the pill with a large margin of 92-6. This was largely due to some last minute negotiations by Sen. Barbara Boxer. Sen. Boxer is the chairman of the Senate Public Works Committee, which oversees the highway programs. Boxer negotiated an agreement between Republican senators Rand Paul and Tom Coburn due to their concerns of wasteful spending. This aided to avoiding a last-minute obstacle to the passage, because the FAA funding is set to expire this Friday (September 16).

John Crawley, a reporter for Reuters, had the following to say regarding the current state of Capital Hill:

“It remains unclear ahead of an election year whether the House of Representatives, which approved the extensions earlier this week, and the Senate can come together on the bigger bills before the next renewals are due.

The charged political climate in Washington is largely fuelled by partisan divisions over spending, taxes and budget deficits. The transportation bills would require several hundred billion dollars in funding over several years.”

Although it may be difficult to foresee how our elected officials will work together in the future, it is nice to see a healthy negotiation to pass a bill that the American people need.  

This is a positive step for the Trucking and Transportation Industry. Although it is not yet possible to file Heavy Vehicle Use Taxes with Form 2290, the folks at Express Truck Tax will be available to answer any questions and help drivers file those taxes. For more information, visit the Express Truck Tax website or call our Truck Tax experts at 704-234-6005. You can also chat online, or email any questions to support@ExpressTruckTax.com.  

IRS Form 2290 Due Dates for the Tax Year 2011-2012

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. 

This Year has been different because the legislation that controls Heavy Vehicle Use Taxes nearly expired. This caused the due dates of several months to be pushed back to November of 2011. That is why the due dates for this year slightly deviate from the traditional dates outlined in the previous paragraph.
                  IRS Form 2290 Due Dates for the Tax Year 2011-2012:

Vehicle first used month	Due date
July-2011	30-November-2011
August-2011	30-November-2011
September-2011	30-November-2011
October-2011	30-November-2011
November-2011	03-January-2012
December-2011	31-January-2012
January-2012	29-February-2012
February-2012	02-March-2012
March-2012	30-April-2012
April-2012	31-May-2012
May-2012	02-June-2012
June-2012	03-July-2012

Form 2290 Heavy Highway Vehicle Use Tax(HVUT) Now Due On November 30

The IRS recently advised truckers, owner operators, and trucking companies that their next federal highway use tax return for filing HVUT (which is usually due on August 31) will instead be due on November 30, 2011. The primary reason for the extension of the due date is to reduce confusion and multiple filings of Form 2290 that could result if Congress reinstates or modifies the highway use tax after September 30, 2011.

The Heavy Vehicle Use Tax applies to trucks, truck tractors and buses with a gross taxable weight of 55,000 pounds or more. There are many more specific rules for vehicles with minimal road use, logging or agricultural vehicles, vehicles transferred during the year and those first used on the road after July. In normal circumstances, vans, pick-ups and panel trucks are not taxable because they fall below the 55,000-pound requirement.

The newly determined November 30 filing deadline for Form 2290 (Heavy Highway Vehicle Use Tax Return) applies to the tax period beginning on July 1, 2011. This includes the vehicles used during July, as well as those whose first use month was during August or September. According to the recent IRS statements, returns should not be filed and payments should not be made until November 1, 2011.

For new vehicles that need to be registered during Jul-Oct of 2011, the state DMV’s are required to accept a Stamped Schedule 1 from the previous year since it is not possible to receive a stamped Schedule 1 until November 2011. If a vehicle was acquired within the current year, and there is not a stamped Schedule 1 for the previous year, the owner only needs to provide some form of proof of purchase to prove that the vehicle was recently placed in his/her possession.

Luckily, once the Form 2290 is available, the electronic filing service: ExpressTruckTax.com will be able to E-File the form and send it to the IRS in minutes. The E-Filing Process is very simple; the form can be completed in minutes, and it can be sent to the IRS as soon as it is finished. It is such a time saver when you compare it to waiting in the IRS office for hours or sending it via postal mail and waiting weeks for the IRS to process it.