ExpressTruckTax Blog

Showing posts with label Federal Tax Return Status. Show all posts
Showing posts with label Federal Tax Return Status. Show all posts

Monday, July 25, 2011

3 Month Tax Extension for Internal Revenue Service Form 2290 (Federal Heavy Vehicle Use Tax)

Earlier this month the Internal Revenue Service informed truckers, owner operators, and trucking companies who file federal highway use tax returns that the typical deadline of August 31st will be extended to November 30, 2011. The official legislation for the currently scheduled to expire on September 30, 2011. The current legislation has yet to be passed through Congress; the extension was put in place because it is still possible for Congress to alter the tax legislation after the expiration date. According to the IRS, returns should not be filed and payments should not be made prior to November 1st.

New regulations require state Departments of Motor Vehicles to accept a prior year stamped Schedule 1 of the Form 2290. Typically, taxpayers are required to present a stamped Schedule 1 to register a vehicle with the DMV. The Schedule 1 is usually stamped by the IRS as a proof that the return was filed correctly.  

If a taxpayer acquired a new vehicle during July 2011-November 2011, recent regulations allow states to register vehicles without proof that the highway use tax was paid as long as they provide a copy of the bill of sale or a similar proof of purchase to verify that it was acquired in the past 150 days.

If you are unsure whether or not you qualify to file the Heavy Vehicle Use Tax, it typically applies to trucks, truck tractors, and buses with a taxable gross weight of 55,000 pounds or greater. As a rule of thumb, vans, pick-ups, and panel trucks do not qualify due to the 55,000 pound minimum.
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Thursday, July 21, 2011

Tips and Tricks for Owner-Operators(U.S Federal Heavy Vehicle Highway Use Tax)

One of the most challenging jobs in this country is also one of the most vital to our nation’s economy. The job I am referring to is that of Heavy Vehicle Owner Operators.  The job of an owner operator is not only physically strenuous, it can also be confusing and stressful due to the various taxes that owner operators must file each year for their heavy vehicles.  These taxes include Heavy Vehicle Use Tax (HVUT) which includes the IRS Form 2290 as well as IRS Form 8849. Another tax that affects the trucking industry is the International Fuel Tax Agreement (IFTA).  

The IRS Form 2290 has its own set of detailed instructions. Form 2290 is in 2 sections.The first part, the Schedule 1, must be completed and stamped by the IRS in order for the vehicle to be registered with the Department of Motor vehicles. The traditional way to obtain this stamp from the IRS can be filed one of two ways. The form can be sent to the IRS office via postal mail and then wait for the stamped form to be sent in the mail, which can take several weeks. The other option is to file at the nearest IRS office and get it stamped in person. This is also a very time consuming option that often includes waiting in line for a long period of time..

The process for filing IFTA (International Fuel Tax Agreement) can also be very confusing. Each driver must keep detailed trip notes for the number of miles that were traveled, and also how much fuel was purchased in each state or province. The reason for keeping these records is so that the Fuel Tax (IFTA) is accurately distributed to all of the states and provinces that were involved.  For Example, If a driver drove through a state on it’s public highways, but did not purchase any fuel in that state, then that state did not receive any taxes from that driver.  The Fuel Tax would redistribute the taxes so that certain states would not be neglected if they were used.

Fortunately, these confusing processes have been made easier, simpler, and safer. serves as a one-stop-shop for all truck tax needs!  Express Truck Tax allows drivers to E-File a completed Form 2290 online with the IRS and receive a stamped Schedule 1 in minutes.  (The stamp is actually a watermark, not a physical stamp. State DMV’s will accept this as proof) The IFTA process is also much easier thanks to the online tools that Express Truck Tax has to offer. With features like online trip sheets and abnormal MPG audits, Express Truck Tax has what it takes to get you back on the road with as little paperwork as possible.
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ExpressTruckTax Blog

E-file your HVUT Form 2290 with ExpressTruckTax.