Record Keeping of HVUT Form 2290 

form 2290 records

The Internal Revenue Service requires the taxpayers to keep the files of the HVUT taxes for at least three years, after the date, the tax is being paid or whichever is later. IRS mandates that the records are always available for inspection during this period.  

What are the records that are to be kept for IRS inspection?

The types of records that are to be kept by the taxpayers according to the instructions from the IRS are, 

  • Copies of filed Form 2290 returns, along with the different schedules of Form 2290. 
  • All vehicles about the vehicle, even if the vehicle is registered in the name of the owner for a part of the reporting period.  
  • The taxpayers should support the mileage records for the vehicles that are listed to be suspended from the tax due. It is to be noted that, vehicles can only be listed as suspended if their mileage didn’t exceed 5,000 miles during the tax period. The limit is 7,500 miles for agricultural vehicles.  

What information is to be recorded for the vehicles?

The records that the taxpayers keep for each vehicle should include the following information. 

    • A detailed description of the vehicle, including the Vehicle Identification Number. 
    • The weight of the loads carries by the vehicle in the same form. This should be in the same form, as required by the state in which the vehicle gets registered. 
    • The date on which, vehicle ownership was taken.  
    • Name and address of the person, from whom the vehicle was acquired. 
    • The date the owner has sold or transferred the vehicle to a new owner. The name and the address of the purchaser. If the truck was not sold, preserve records of the vehicle was disposed of. 
    • In the case of tax-suspended vehicles, keep a record of the highway mileage. 
    • For agricultural vehicles, keeping records of the correct mileage driven on a farm is essential. 

If you file your HVUT tax returns through Tax2efile, you need not get through the hassles of record keeping of the HVUT Form 2290. At Tax2efile, you should supply all the information about the business name, business address, Employer identification number, VIN, taxable gross weight of the vehicle, etc. Information concerning whether the vehicle falls under the taxable or suspended category is also important.  

Our professionals will send the E-file securely to the IRS and obtain the stamped schedules for the taxpayers. We will serve all the information about the business in our servers with high-end data security, except for the payment information. Therefore, when it is time for you to E-file the HVUT Tax Forms for the next year, you will only have to log in to the Tax2efile portal using the credentials and retrieve all information. 

Bottom Line: 

Record keeping and information retrieval concerning the HVUT forms are simple and easy at Tax2efile. The portal is intuitive to use and serves the customers at a nominal filing fee.