File Your Truck Tax Through Form 2290 by Due Date or Figure Your Penalties


E-Filing Form 2290

It is inevitable for truckers, fleet-owners, and bus operators that when not paying taxes for running heavy vehicles on national highways which they are liable through IRS form 2290 on or before due dates, will land up in penalties. This is even true for suspended vehicles by truckers, fleet-owners, and bus operators when the heavy vehicles are not below the prescribed weight of 55,000 pounds as taxable by IRS. The current period begins from July 1st 2014 and ends June 30th 2015 should be known and IRS as per their instructions manual will not remind the truckers, fleet-owners, and bus operators on their due dates for filing form 2290.

Who Is Required To File Form 2290

However IRS appointed and accredited many service providers like to remind truckers and other heavy vehicle operators of these services including e-filing of form 2290.There are circumstances that can happen when suspended vehicles were sold by operators and then a separate statement need to be provided to the new buyer with the sellers’ name and address with Employers identification number with Vehicle identification number  including the date of sale and as well as the odometer reading at the time of selling.

Heavy Vehicle Tax Form 2290 2014-2015

The seller should also provide information about the new buyer for IRS information to know their EIN and VIN including the odometer reading of the vehicles which they propose to start running for their business purposes. The suspended vehicles exceeding the given prescribed mileage of 5,000 miles are liable for excise tax under form 2290 is the fact. So the buyer who bought the heavy vehicle should file form 2290 to pay excise tax is the crux. When enough buyers’ information is not reached to IRS about the selling heavy vehicle transaction between the buyer and seller and then may the seller is liable to file form 2290.Here the chances of late paying of excise taxes through form 2290 is unavoidable by both the buyer and seller.

In all these, the cost is the penalty as levied by IRS when either of the parties says buyer or seller fail to provide the necessary information to IRS. However IRS gives an helping hand with subject to penalties that either the buyer or seller need to give a reasonable cause explanation in writing why they have erred and on under what circumstances, need to be explained.

Penalties are somewhat huge for truckers who are not in compliance with IRS form 2290 instructions. IRS may charge the truckers, fleet-owners and bus-operators to maximum extent of $700 as against the original $550 excise tax per vehicle which amounts to 4.5% interest from the month they fail to figure their original excise tax amount.

To avoid last minute filing of form 2290 by visiting IRS centers and as well as the avoidable IRS penalties, the buyer and seller of heavy vehicles which weigh 55,000 pounds or more  can now e-file conveniently sitting in a place as they are, through the IRS certified partner and provider