You Need to Know Form 2290 Filing Penalties

As you all know that filing Form 2290 annually is a mandatory process if you own a heavyweight vehicle with a gross weight of more than 55,000 pounds and use public highways for transportation. But you need to e-file Form 2290 on time before the due date. When you miss to e-file the HVUT tax or e-file Form 2290 lately, you will attract IRS penalties.

IRS tax terminology may be complex and confusing, but the IRS penalties are even worse. So it is better to try to avoid the IRS Form 2290 Filing penalties. To do that file Form 2290 online before the due date.

So as a trucker who owns a taxable heavy-weight vehicle, you need to know the form 2290 due date. But what happens if you miss the tax filing deadline? In that case, you will have some IRS penalties. Let us know more about the IRS penalties in this blog.

IRS Form 2290 Filing Penalties

In certain cases, if you can specify a reasonable cause for the delay or failure to file or pay the tax amount on time, you will not be penalized. What to do if you are filing Form 2290 late after the mentioned IRS deadline with Tax2efile If you are filing Form 2290 with Tax2efile make sure to attach an explanation letter specifying the reason for the delay. It is up to the IRS either to accept or deny the explanation. If the IRS denies your explanation then you will be penalized.

The penalty for failing to file the HVUT 2290 tax by the deadline of 31st August with Tax2efile is 4.5 % of the total tax amount that you owe to the IRS and the penalty amount will be increased on a monthly basis for up to 5 months. On the other hand, when you fail to pay the Heavy Vehicle Use Tax (HVUT) the penalty is .5% of the total tax amount. In addition to that, you will also be charged with an interest of about .54% per month. This penalty has the tendency to increase the tax amount that you owe to the IRS quickly.

Based on the state where you belong, your taxable vehicle which has not paid the tax will be suspended until you provide the proof of HVUT payment. Here, the stamped Schedule, which you receive after the successful e-filing of Form 2290 serves as the proof of payment. The stamped Schedule 1 will be needed to renew the tags and also to register new vehicles, without which it is illegal to operate the vehicle.

Hence, on the whole the stamped Schedule 1 which you receive from the IRS through email is important for all the truckers for the entire year to operate the taxable heavyweight vehicle. So stop delaying the filing process and start e-filing the IRS 2290 Form with Tax2efile now before the due date to avoid unnecessary IRS penalties.