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Showing posts with label File HVUT in Nov 2011. Show all posts
Showing posts with label File HVUT in Nov 2011. Show all posts

Tuesday, November 29, 2011

HVUT IRS Form 2290 Penalties

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The law provides penalties for failing to file returns or pay taxes when due. There are also penalties for filing false or fraudulent returns. These penalties are in addition to interest charge on late payments. The penalty for filing a return late or paying the tax late will not be imposed if you can show reasonable cause for not filing (or paying) on time. If you file after the due date (including extensions), attach an explanation to the return to show reasonable cause.

Penalties for HVUT non-compliance are costly to motor carriers. The penalty for failing to file IRS Form 2290 by Due date is equal to 4.5 percent of total tax due, assessed on a monthly basis up to five months. Late filers not making an HVUT 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.

Based on these rates, an HVUT liability that was originally $550 would climb to over $700 by the end of the five-month period of delinquency. In addition to these federal penalties, many states suspend the registrations of vehicles for which proof of HVUT payment has not been provided.

Penalties for HVUT non-compliance for states are even more costly. The Secretary of Transportation has the authority to withhold up to 25 percent of the state's Interstate Maintenance funds [23 U.S.C. 104(b)(5)] if it fails one of its periodic compliance reviews.

When an examiner detects non-compliance, any findings should be presented to management in the FHWA division office. Based on the assessment performed by FHWA division management, the matter may need to be brought to the attention of the U.S. DOT Office of Inspector General (OIG). If the OIG launches an investigation, the compliance review report will be delayed because information presented within it could be used as evidence during the criminal investigation.

Once all criminal investigations and prosecutions are complete, a finding of non-compliance may be made public. The procedures for dealing with a finding of non-compliance are detailed in 23 CFR 369.12-369.17. In the event that a state is found to be in non-compliance, the following procedures are followed:

• The Division Administrator notifies the Governor via certified mail of the finding of nonconformity
• The state is given 30 days to request a meeting to present evidence to overturn the nonconformity finding or to identify steps taken to bring the registration program into conformity
• The state has the option to present evidence in written form
• If the finding is changed to compliant, the Administrator issues a final decision and the matter is concluded
• A finding of nonconformity requires the authorization of the Secretary of Transportation and must be served on the Governor or his or her designee

Where is Form 2290 filed?

It’s possible to paper file your Form 2290 with the IRS, visit www.irs.gov for more information on paper filing. The IRS encourages all filers to file electronically, and it is required of those reporting 25 or more vehicles. You can get your filing done at Expresstrucktax.com and save time and money. IRS authorized e-filers like http://www.Expresstrucktax.com have additional information and contextual help windows to make filing taxes less taxing.

Make sure to have your name and business name, location, EIN, and the VIN of every vehicle you wish to file.
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Friday, November 18, 2011

E-file IRS HVUT Form 2290 in November 2011-2012

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The Tax Year for 2011 - 2012 has been different due to the delay in the filing process. This year the Form 2290 is due during the period ranging from November 1 - 30, 2011 for the 2011-2012 tax periods. In order to File the IRS Form 2290 for Heavy Vehicle Use Taxes (HVUT), Express Truck Tax has made the process Quick, Simple, and Easy-to-use. When you use Express Truck Tax to E-File a Form 2290, the process takes just a few minutes. Choosing to E-file this return is much simpler than paper filing. Instead of using a confusing form full of tax jargon, Express Truck Tax has simplified the form to plain English. It is just a series of questions, mostly pertaining to basic business information. The process is broken down into several short and to-the-point sections.

The first step to Filing the Form 2290 Online is to go to ExpressTruckTax.com an IRS Authorized E-File Provider for Heavy Vehicle Use Taxes. From this page, you can get started on a Form 2290, IFTA filing, or sign up as a service provider. To login, just click on the Sign-Up button. From here, just enter some basic information to set up you Express Truck Tax account. (Please note: it is totally free to create an account. You only pay per return)

After signing up, you will be taken to the Dashboard of your account. This page displays your basic business information as well as the status of your most recent returns. From here, you can add new businesses to file for, as well as create new returns. To File a new 2290, just click on Create New Return at the bottom of the page.

The first thing that will be asked is the First Use Month of the vehicle as well as the year that you are filing for. If the vehicle has been on the road since last year, then select July 2011 as the first use month because that is the first month of the tax period.

On the next section, you can add heavy vehicles. There are several categories to add them to. They can be Taxable Vehicles, Suspended Vehicles, Prior Year Suspended Vehicles, Sold/Destroyed/Stolen Vehicles, or Low Mileage Credit Vehicles. Taxable Vehicles are normal heavy vehicles that travel a minimum of 5,000 miles per year. Suspended Vehicles fall below the 5,000 mile threshold (7,500 if agricultural) and no taxes are due for these, but they must still be filed for. Prior Year Suspended Vehicles are vehicle that were filed for previously, but they either exceeded the mileage threshold or the vehicle was sold. Sold/Destroyed/Stolen Vehicles are just as they sound - sold, destroyed, or stolen before June 1. Low Mileage Credit Vehicles are recorded if taxes were paid for a vehicle in the previous year, but the vehicle never exceeded the mileage threshold.

After selecting the type of payment for the taxes due, the system performs an internal audit of the information that was submitted. This audit checks for any basic errors that may have been made.

You can then select how you would like to pay the IRS. The IRS accepts Electronic Funds Withdrawal, EFTPS, and check or money order. An electronic funds withdrawal would instantly withdraw the payment from a bank account within 5 business days. EFTPS stands for the Electronic Federal Tax Payment System. It is a government program, but in order to use it you must already have an EFTPS account (this can take at least 2 weeks to create). A check or money order can also be used to pay the taxes due. In order to use this method, you will need to print a payment voucher from the Express Truck Tax website then mail that to your local IRS office.

Before you finish, ExpressTruckTax.com offers many additional services such as a fax or an automated text message to your cell phone as soon as the Schedule 1 is available. You can also have the form faxed to anyone including your leasing company, trucking association, or yourself.

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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E-file your HVUT Form 2290 with ExpressTruckTax.