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Wednesday, September 3, 2014

Damage Control: Minimizing HVUT Late Penalties

This one is for all the late filers out there! You know who you are.

So you missed the Form 2290 deadline for vehicles first used in July, now what? Perhaps you forgot to mail your check on time? Well, you aren’t alone. Whether you’re an early bird or the latest late filer there is, the Support Heroes at ExpressTruckTax are still here for you!

The good news is, there’s always a second chance! HVUT can be filed at any point during the year, but the sooner you act, the better! The later your return or payment is, the higher the cost to you.

Let’s talk about what kinds of penalties you can expect and how to minimize the damage.

First, the IRS will send you a postal notification, explaining what penalties will be charged and how to pay them. The penalties will likely be one of the two below:

  • Late Filing Penalties: 4.5% of the total tax due will be added to your total each month that you remain un-filed past the deadline, for up to 5 months.
  • Late Payment Penalties: .5% of the total tax due will be assessed each month your payment is late, plus an additional interest charge of .54% per month.
Reporting false or fraudulent information to the IRS will also incur penalties as well, so be sure all information is correct!

Of course, there aren’t only federal penalties for these offenses. There are ramifications in each state as well. Many states will suspend your vehicle registration until a valid, stamped Schedule 1 is presented (a receipt for filing HVUT).

This all sounds daunting, so here’s some more good news! The penalties may not be charged if you can show reasonable cause for your late filing or late payment. So when you do send either, be sure to attach an explanation, and it may save you big bucks in penalties!



You know what they say, better late than never! And that certainly applies here. The sooner you get caught up with the IRS, the better.

E-file today. Schedule or Mail your payment today. And you’ll be much happier for it tomorrow!

Let our Support Heroes lend you a helping hand! Call them at 704.234.6005. You can also chat online or get 24/7 email support at support@expresstrucktax.com. They’re based in sunny Rock Hill, SC, and can assist in English, Spanish, and Russian! 

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E-file your HVUT Form 2290 with ExpressTruckTax.