What is the Penalty for the Form 2290 Late Filing? HVUT Penalty

Form 2290 Tax Penalties

As the heavy vehicle use tax HVUT due date is approaching, all tax-related web sites and messages flash due date for form 2290. Remainders and messages fly through the sites for truckers to file HVUT without fail.  There are circumstances for truckers to fail payment and filing of HVUT before the due date. Do you know the penalty for form 2290 late filing? Here’s a glance with more details.

What happens if HVUT not paid?

The highway tax non-compliance penalties are overpriced for the trucking industry. August 31st is the due date for filing form 2290. Truckers failing to pay HVUT tax, face a penalty equivalent to 4.5% of the complete tax due for five months every month. Late filers failing to pay tax payment for highway use face an extra monthly penalty of 0.5% of the total tax due. Also, 0.54% of additional interest charges per month mount up.

With these rates in mind the highway use tax liability that as $550 originally enhances to $700 by five months. Along with these federal penalties, the states also suspend the vehicle’s registration that does not hold proof of HVUT payments.

HVUT Penalties for Not Filing Form 2290

The IRS, FHWA, Local, and state agents hold hands together to detect and report HVUT evasions. Their investigations list a few reasons as below.

      • ·        Vehicles that are registered with lower weight than the actual gross taxable weight.
      • ·        Registering vehicles under the “exempt vehicles” category and utilizing for commercial and private uses.
      • ·        False claiming of the vehicle with mileage limits less than 5000 miles though it is a commercial vehicle with 75000 miles.
      • ·        Continuous re-titling of vehicles
      • ·        During registrations, bribing private and local agents during the proof of payment checking.
      • ·        Tax remitting failure
      • ·        Falsifying or forging Stamped schedule 1 or form 2290

Truckers should remember that non-compliance for state penalties is costly. There are chances for the secretary of transportation to hold back about 25% of interstate funds for maintenance. This happens as they fail the compliance reviews.

The trucking industry should know the real picture that the interest and penalties are higher than the actual pay. It is hence, unintelligent to fall into trouble and pay more for HVUT late payment. It is always a smart way to pay taxes before time and avoid unwanted penalties.

HVUT 2290 Due Date

The HVUT e-filing and tax payment due date for the year 2020 is August 31st. Hope truckers are alert to e-file and make tax payments before the due date. For e-filing form 2290, users just log into Tax2efile.com. Fill in the necessary details and make payments within seconds. Also, receive acknowledgment of stamped schedule 1 immediately.

Hope the trucking industry understood the real picture of penalties. Late taxpayers will also understand that they pay more as penalties. For tax filers facing any queries can feel free to getting touch with the customer support for any help. Get started with Tax2efile.com and pay your taxes and complete e-filing within minutes. Avoid penalties and never pay an additional amount from your wallet.