You may be thinking that a month is more than enough time to file and pay your tax return, but why risk it? No one wants to deal with penalties and additional charges.
Although e-filing your Form 2290 can be a relatively quick process for some, that may not always be the case. One simple mistake could cause the return to be rejected by the IRS, and if you didn’t file ahead of time, it may delay the processing long enough to have to face these unwanted penalties.
As Long As I File Before The Due Date, I Won’t Have Penalties?
Maybe, Maybe not.
If your information is correct and your HVUT payment goes through, then yes. But, if the form is rejected or the payment isn’t able to be withdrawn in time, then you will still face penalties.
So is waiting until the last minute really worth that risk?
What Will Cause My Form 2290 To Be Rejected?
There could be many reasons why your Form 2290 could end up rejected. Some of the most common errors found on Form 2290s include inputting an incorrect Routing Transmit number, an EIN and Business name that do not match, and already having a duplicate accepted return.
If the IRS does reject your form, ExpressTruckTax will send you an email explaining why the Form was not accepted. This email will also explain the exact step-by-step process on how to fix the error.
Once you address and correct the error, ExpressTruckTax allows you to resubmit your IRS Form 2290 as many times as needed until it is accepted, at no additional charge.
What Penalties Will You Face If Your Form 2290 Isn’t Processed And Paid Before The Deadline?
No one wants to pay penalties with their hard-earned money, especially when these fines could have easily been avoided.
If your Form 2290 is not processed by the IRS, and they do not receive your payment on time, be prepared to find yourself face-to-face with high penalties and interests.
Late Form 2290 Penalties and Interest
You will receive a penalty of 4.5% of the total tax amount due. This will be assessed monthly for up to 5 months if the Form 2290 is not filed within the given deadline.
If your HVUT was underpaid, a monthly penalty of .5% will be charged from the total tax due as a result of the underpayment.
An additional interest charge of .54% will be accrued per month.
If your Form 2290 or payment is late, the IRS will send you a letter to notify you about the return and the penalties.
Don’t Risk It! File Your Form 2290 Today!
If you want the peace of mind that your Form 2290 is filed, accepted, and paid, then it’s important to file as soon as possible! That way, you won’t have to worry about penalties!
This year’s tax season deadline is August 31st! File your Form 2290 now with ExpressTruckTax and receive your stamped Schedule 1 within minutes.
To start your Form 2290, click here or call 704-234-6005 to get in contact with our U.S based support team, who are always happy to help you!