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The Cost of Filing Late (HVUT IRS Form 2290)

November 13th, 2011

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Anyone with serious experience in the trucking or transportation industry will tell you that there are many more business and economic responsibilities for truckers and Owner Operators besides simply getting something delivered at the right time and place. Heavy Vehicle Use Tax, or HVUT, is one of the most common taxes that the IRS imposes on heavy highway vehicles in the United States. Paying this tax properly involves filing the IRS Form 2290 and then receiving a Stamped Schedule 1 from the IRS. This Form is so easy to E-File online, and thanks to Express Truck Tax, there is no reason to be late, as you can see from the following points:

•IRS Fines

The IRS can add all kinds of interest and late fees, but if you end up in court over the matter it will lead to the court costs as well as heavy fines. Unless you enjoy IRS Audits and spending time in courtrooms, it is a terrible to not pay your taxes.

A Form 2290 can be filed at any time after the deadline has passed but the tax due may be subject to penalties and interest. The penalty for failing to file IRS Form 2290 in a timely manner is equal to 4.5 percent of the total tax due, assessed on a monthly basis up to five months. Late filers not making an HVUT (Form 2290) payment also face an additional monthly penalty equal to 0.5 percent of total tax due. Additional interest charges of 0.54 percent per month accrue as well.

•Taxes help improve public roads

Paying taxes is never a joyful experience, but you should get some gratification in the fact that much of the taxes paid for HVUT go back into the cost of roads and highway expenses. It just makes sense; if you enjoy using something, you shouldn’t mind paying for it.

•Not filing or not paying is a felony

Fines are bad enough, but it could be worse. Going to court can lead to criminal charges. The IRS & state governments could prosecute anyone who purposely cheats to avoid paying the truck tax. It can also lead to time in prison.

•Stay focused on your business

If these are not paid in a timely manner, the previously mentioned fines, court appearances, and possible jail time could seriously put a halt on your business. The time and energy spent worrying about IRS Audits, Fines, and Court Dates is not worth it.

•It’s So Easy

With Express Truck Tax, their team of Truck Tax experts will guide you through the process. All you need to do is login to www.ExpressTruckTax.com and start entering the vehicles that you need to file for. If there are any questions, you can call them at 704.234.6005 or send an email to support@ExpressTrucktax.com.

When you E-file IRS form 2290 with expresstrucktax.com there is no reason that it would not be on time as long as you submit it before the deadline. This year it is even more important to be sure to file on time because the Form 2290 must be filed within the month of November. With this close time frame, it is best to E-File instead of risking it getting lost in the mail. It’s made as easy as 1-2-3 to e-file truck tax with Form 2290 and gets IRS stamped Schedule 1 in few minutes. Avoid IRS penalties and Audits by keeping your 2290 records with express truck tax.

Be Ready to File Form 2290 for Heavy Highway Vehicles

August 31st, 2011

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As the month of November moves closer and closer, you will want to be able to get your Form 2290 taken care of as swiftly as possible once it is made available. It is unfortunate enough that the filing process was delayed, but to avoid any future confusion about the issue, it would be beneficial to be ready to file once the form is available.

In order to make the filing process easier 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 3 years prior to the filing date 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 first 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.

IRS New HVUT (form 2290) Regulations for 2011

August 27th, 2011

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There are several taxes that are imposed on those in the trucking industry each year. Heavy Vehicles travelling on public highways are subject to HVUT, or Heavy Vehicle Use Tax. These taxes can be filed by filing a Form 2290. Truckers, owner operators, and trucking companies were recently notified by the IRS that their next 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 makes changes to the current highway use tax after September 30, 2011.

The previously mentioned Heavy Vehicle Use Tax applies to trucks, truck tractors and buses with a gross taxable weight of 55,000 pounds and above. There are also many detailed rules and regulations that apply to vehicles with minimal road use, logging/agricultural vehicles, vehicles transferred during the year, and also those whose first use month was during July. In typical scenarios, vans, pick-ups and panel trucks are not taxable because would [under normal circumstances] fall below the 55,000 pound requirement.

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

Regulations for new vehicles that need to be registered will also take effect. Any new vehicle that needs to be registered during July through October of 2011, state DMV’s are now required to accept a Stamped Schedule 1 from the previous year since it is not possible to receive a stamped Schedule 1 until November of 2011. If a vehicle was acquired within the current tax 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.

Fortunately, 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. Express Truck Tax is an IRS Authorized E-File provider for filing Form 2290. 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. All you will need is your basic information about yourself, and your truck.

Hidden Benefits of E-filing Federal Heavy Vehicle Use Tax Form 2290

August 9th, 2011

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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.

IRS Payment Information for Heavy Vehicle Use Taxes(Federal Form 2290)

July 27th, 2011

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For those taxpayers who must file Form 2290 for Heavy Vehicle Use Taxes, they can choose to file electronically, via postal mail, or at the nearest IRS office. Although there are several ways to file a Form 2290, the quickest, easiest, and safest way to file it is through an authorized E-File Provider such as ExpressTruckTax.com. When filing through an IRS authorized E-File provider, there are several different payment options. Taxpayers can choose to pay the tax through Electronic Funds Withdrawal, EFTPS, Check, or Money Order. Even though the options to pay by check or money order may be more familiar payment methods and are more easily understood, the options of Electronic Funds Withdrawal and EFTPS may need an additional explanation.

In order to pay by Electronic Funds Withdrawal, you can use either a checking or savings account. You will be required to enter the US Bank Account Number and Routing Number in order for the IRS to Process the payment. This information is typically listed on a check. Once the information is transferred, your payment will be taken from your bank account electronically.

EFTPS stands for Electronic Federal Tax Payment System. EFTPS is a government program that allows taxpayers to schedule Federal Tax Payments electronically. If you select to pay by this option, you are acknowledging that it is your responsibility to send the tax payment to the IRS through the EFTPS.gov website. The E-Filing Program will not send your information to EFTPS.gov, that must be completed by the person filing.

Temporary regulations for Internal Revenue Service Form 2290

July 20th, 2011

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Waiting for the IRS to release the Form 2290 for HVUT for the new tax year will likely take quite a while. According to a Federal Register notice set to be published on Wednesday, July 20th, implementing new regulations states that taxpayers filing Form 2290 should not file before November 1, 2011. In addition to that, the IRS will not be releasing receipted Schedule 1 forms prior to Nov. 1st. The current HVUT system is currently up in the air. Without a law passed from Congress, the tax will expire by Sept. 30, 2011.

Under current regulations, a tax is in place for the period between July 1, 2011, through Sept. 30, 2011. If Congress remains inactive on the matter, taxpayers will merely be liable for that taxable period and would have to file by Nov. 30.

In the Federal Register, the IRS does state that if Congress extends the tax past Sept. 30, anyone who filed for the “short taxable period” would also be required to file a second Form 2290 for the rest of the 2011-2012 tax season.

Amid all of this confusion and what seems to be a chaotic situation for many in the Trucking Industry, you can take comfort that you will be able to Electronically file any HVUT taxes imposed by the IRS with our service. Although we do not know what that will entail right now, we will be able to adjust our product to the changing requirements by the IRS (if needed).

EIN(Employer Identification Number) Update for Federal Tax Forms 2290 & 8849

July 15th, 2011

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If you are filing for either IRS Form 2290 or Form 8849, you will benefit from this new information regarding Heavy Vehicle Use Tax. The IRS will now be checking EIN (Employer Identification Number) verifications in a much more thorough way than they have in previous years. In the past, the IRS was more lenient on the EIN verifications. As of now, the IRS requires that all EIN’s be at least two weeks old in order to file with them. Thus, if you have recently applied for an EIN over the past few days, it would be best to wait at least two weeks before filing your Form 2290 or 8849.

This information will be most useful for individual Owner-Operators, as well as Service Providers that file truck taxes for various Owner-Operators. If you need to apply for an EIN, you can contact the IRS via phone or online through the IRS website.

HVUT(U.S Federal Heavy Vehicle Use Tax Form 2290) Season Delayed by IRS

July 14th, 2011

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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.

IRS Update Regarding IRS Form 2290(HVUT)- June 15, 2011

June 16th, 2011

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The following information regarding HVUT can be found on the IRS website at http://www.irs.gov/efile/article/0,,id=231565,00.html
The law that governs the annual tax imposed on the use of heavy highway vehicles (Form 2290) expires on October 1, 2011. We have not published Form 2290 for the taxable period beginning July 1, 2011 and the form is not available at this time. As soon as we know when the form will be available, we will provide that information on this page. In the meantime, you can still get your tags and register your new or used vehicle.
Getting Your Tags
You can get tags for the tax period beginning July 1, 2011. Existing regulations allow states to register a heavy highway vehicle when the application for registration is received during the months of July, August or September 2011. States can accept as proof of payment a Form 2290 receipted Schedule 1 for the taxable period July 1, 2010 through June 30, 2011.
Registering Your New or Used Vehicle
States must register new and/or used heavy highway use vehicles without proof of tax payment if you present the original or a photocopy of a bill of sale showing that the vehicle was purchased by the owner during the 60 days before the date the state received the application for registration.
Getting a Copy of Your Schedule 1
Call our Excise Tax division at 1-866-699-4096 to get a copy of your Schedule 1 for the taxable period July 1, 2010 through June 30, 2011. From Canada or Mexico, call 1-859-669-5733 (not toll-free).
If you need any additional information, feel free to contact us at (704) 234-6005 or email us at support@expresstrucktax.com

The Hassle of Filing an IRS Form 2290

April 13th, 2011

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IRS Form 2290 is used to collect what is referred to as the Heavy Vehicle Use Tax or HVUT. It is a fee that the IRS requires all vehicles with registered gross weights equal to or exceeding 55,000 pounds to pay annually on heavy vehicles operating on public highways.

This IRS Form contains a Schedule 1 that must be stamped by the IRS before the vehicle can be registered. This form can be mailed to the IRS, which can take up to several weeks to process. It could also be taken directly to the IRS office, which can take several hours of your day. This must be accompanied by a proof of EFTPS payment.

This form must be filed annually, for each taxable vehicle that is used on public highways during the current period. The Current Period begins on July 1st and ends on June 30th. 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.

Even though there are thousands, if not millions, of Heavy Vehicles that are required to file HVUT the IRS still requires everyone to either mail the Form 2290 to the IRS or actually come to the IRS office. Fortunately there is an easier way that has recently become available.

www.ExpressTruckTax.com allows you to fill out your IRS Form 2290 online and send it to the IRS electronically! This way you can get a stamped schedule 1 in about 10 minutes. Express Truck Tax is authorized by the IRS to file Form 2290. The taxpayer will then receive the schedule 1 via email or fax as soon as the IRS processes the form. The form will then be watermarked by the IRS instead of an actual physical stamp.

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Archive

The Cost of Filing Late (HVUT IRS Form 2290)

Be Ready to File Form 2290 for Heavy Highway Vehicles

IRS New HVUT (form 2290) Regulations for 2011

Hidden Benefits of E-filing Federal Heavy Vehicle Use Tax Form 2290

IRS Payment Information for Heavy Vehicle Use Taxes(Federal Form 2290)

Temporary regulations for Internal Revenue Service Form 2290

EIN(Employer Identification Number) Update for Federal Tax Forms 2290 & 8849

HVUT(U.S Federal Heavy Vehicle Use Tax Form 2290) Season Delayed by IRS

IRS Update Regarding IRS Form 2290(HVUT)- June 15, 2011

The Hassle of Filing an IRS Form 2290

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