Form 2290: What You Must KnowLearn everything you need to know about IRS form 2290, including the form 2290 deadline, late-filing penalties, and the information you need to proceed with the filing.

A Guide by eForm2290.com

IRS Form 2290: What You Need To Know

According to the IRS form 2290 instructions, you have to file your form 2290 before the due date if you own a heavy vehicle that weighs 55000 pounds or more and is used for 5000 miles or above.

Commonly known as truck tax, form 2290 is an IRS tax form to collect Heavy Vehicle Use Tax (HVUT). The money collected using the IRS HVUT is for the development and upkeep of the roads in the United States.

IRS Form 2290 DeadlineThe IRS imposes a late-filing penalty if you fail to file your form 2290 before the due date. You must file your form 2290 before August 31st of every year to stay compliant with the IRS.

For the tax year 2021-2022, the due date to file your form 2290 is August 31st, 2021, post which you will face IRS late-filing penalties. The tax period starts from July 1st, 2021 and extends till June 30th, 2022.

The due date differs for newly purchased vehicles. For example, if you purchased a new vehicle in March, the due date will be the last day of the month following the month of first use, i.e., April 30th.

If your due date falls on a weekend or holiday, the next business day will be the due date.

Form 2290 Late-filing Penalties

If you fail to file form 2290 and pay the HVUT amount, the IRS charges several late-filing penalties.

The penalty for failure to file form 2290 by August 31st is 4.5% of total tax due, accrued every month for up to 5 months. Late filers will also face an additional monthly penalty of 0.5% of the total tax amount. Monthly interest charges of 0.54% will accrue as well.

Different Methods of Filing Form 2290You can choose to file your form manually (paper-file) or electronically (e-file).

The manual filing process requires you to obtain a form 2290 from the IRS office, fill in the details, and send your form to the IRS address via mail. This process can be time consuming and tedious. After you submit your form, it could take up to 6 weeks to receive your IRS stamped Schedule 1 copy.

If you choose to e-file, you will need to pick an IRS authorized e-file service provider through which you can file your form 2290. E-filing is much faster and easier and allows you to file from anywhere. You can also receive your Schedule 1 copy within a few minutes after you file your form.

Information You Need to File Form 2290To file your Form 2290, you need to have certain basic information in hand. They are:

● Business name and address● ZIP code● City, state and country● Employee Identification Number (EIN)● Vehicle Identification Number (VIN)● First Used Month● Tax amount● Name, title and contact number of the signing authority● PIN● Vehicle type

In Conclusion

Filing your form 2290 is pivotal in staying compliant with the IRS. But in order to do so, you need to stay informed about the different aspects of form 2290 instructions so that you can file on time.

For more instruction on form 2290 filing, visit eForm2290.com/instructions/