The Process of Filing IRS Form 2290 and getting a stamped Schedule 1 can be rather complicated.
The First Step to Receive a Stamped Schedule 1 for your Heavy Vehicle Use Tax (HVUT) is to fill out IRS Form 2290. The Schedule 1 is included in this Form. This can be done either by hand or online.
This Form then needs to be taken to the nearest IRS Office along with a proof of payment or proof of EFTPS Payment. Or it can be mailed to the nearest IRS office
The Problem with this is that both options are very time consuming.
If the form is actually taken to the IRS, the nearest office may be many miles away. There can also be very long waiting period at the IRS office of up to several hours.
If the form is mailed to the IRS, it can take 4-6 weeks before it is processed.
The IRS will then review your Form 2290 and when it is verified, they will stamp it and return a portion of it to the taxpayer.
The Stamped Schedule 1 is required in order to register a vehicle. So it can be very stressful to wait until the last minute to register your vehicle because you are waiting for the IRS to send you a stamped schedule 1.
What is the Purpose of HVUT?
The HVUT is a significant source of transportation funding in the U.S. In 2006 alone, the HVUT generated more than $1.4 Billion in Federal Highway Trust Fund (HTF) revenue. The Federal HTF protects America’s investment in its transportation infrastructure. In 2007 alone, Federal HTF receipts were $39.9 Billion, with $34.9 Billion dedicated to the HTF’s Highway Account. The Federal HTF finances a wide spectrum of transportation investments which include:
Highway improvements (e.g., land acquisition, other right-of-way costs, preliminary and construction engineering, construction and reconstruction, resurfacing and restoration costs of roadways and bridges)
Highway and bridge maintenance
Highway law enforcement
Safety programs (e.g., driver education and training, vehicle inspection programs, enforcement of vehicle size and weight limits)
Congestion relief projects
Administrative costs (e.g., research, engineering)
Investment in our nation’s highway infrastructure helps:
Save money, time, & lives
Reduce the amount and severity of crashes for all kinds of vehicles
Enhance the ability of emergency responders
Lower fuel and insurance costs
Decrease energy consumption
Ease congestion
Boost air quality
Increase mobility
Improve the efficiency of the movement of goods
Raise business productivity
Strengthen the nation’s economic productivity
When to File?
A Form 2290 must be filed annually, for each taxable vehicle that is used on public highways during the current period. The Current Period is from July 1, and ends on June 30. 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.
How to File?
Although it is possible to paper file, E-Filing is required for each return containing at least 25 vehicles. The IRS does encourage everyone to file electronically due to its security and speed. This is highly recommended for Form 2290 in particular because the filing due dates are always only one month away.
There are several e-file providers of services that can help you E-File Form 2290 with the IRS, one such provider is www.expresstrucktax.com. They provide a very excellent service for all your Truck Tax Needs.
