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Showing posts with label 2290 form 2011. Show all posts
Showing posts with label 2290 form 2011. Show all posts

Friday, August 5, 2011

IRS Interim Regulations for Filing Heavy Vehicle Use Tax(Form 2290)

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For those who are heavily involved in the Trucking and Transportation Industry, it may not be a surprise that this tax year has so far been less than normal as far as Heavy Vehicle Use Tax is concerned.  
 
A Federal Register notice was posted on July 20th, this newly imposed final and temporary regulations by stating that Form 2290 taxpayers should not file before November 1, 2011. The new regulation also added that the IRS will not be providing receipted Schedule 1 forms before the 1st of November.

It is unclear what the future holds for HVUT. Many speculate that there will simply be a delay in the filing season, but the bill has yet to be voted on at this point. If Congress does not change the law, the tax will expire by September 30th, but it seems unlikely that the government would let a tax like this one simply expire. Current regulations have set a tax for July 1, 2011, until Sept. 30, 2011. If Congress neglects to act on this Truck Tax regulation, taxpayers will only be liable for the “short taxable period” (July - September) and would be required to file by Nov. 30. However, if Congress extends the tax past Sept. 30, anyone who files for the “short taxable period” will also be liable for a second Form 2290 for what remains of the 2011-2012 tax year.

For 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, 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.
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Monday, August 1, 2011

Why you need to file IRS Form 2290(Federal Heavy Vehicle Use Tax Return)

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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.
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ExpressTruckTax Blog

E-file your HVUT Form 2290 with ExpressTruckTax.