Deadlines in the mirror are closer than they appear, and your Form 2290 due date is practically on your rear impact guard. Your future if you forget to file Form 2290 is going to be costly, but you can follow this primer to understand what hot water awaits–and how to avoid it.
Why You Don’t Want To Forget To File Form 2290:
What is IRS Form 2290?
Before launching into what missing your 2290 tax due date could do to you, let’s backtrack. IRS Form 2290, also called Heavy Vehicle Use Tax (HVUT), is how you report to the IRS that you own and operate a heavy use vehicle with a gross weight of 55,000 lbs or more.
Once you file your 2290 Form 2018 online and the IRS approves it, you will receive a stamped Schedule 1 as proof of payment. The stamped Schedule 1 is accepted by the DMV, DOT, and other federal authorities and can come in handy when crossing borders. If you file 2290 online your Schedule 1 will receive a digital watermark from the IRS.
When is the Form 2290 Due Date?
The filing period for the 2018 Form 2290 started July 1, 2018, for the tax year 2018-19. The taxable period of Form 2290 begins on July 1 and ends the next year on June 30, so if the truck you’re filing for was in use at the start of the tax period, then your Form 2290 is due on August 31, 2018.
Your Future If You Forget To File Form 2290
In the event that you forget to file Form 2290, the first thing you will have to contend with is IRS 2290 penalties and fees. You will owe the IRS a penalty of 4.5% of the total amount of HVUT you owe, on top of the HVUT amount itself. This 4.5% will accrue for up to five months, plus an added monthly fee of 0.5%. Oh, and there’s the additional .54% interest charge.
And these fees are not just for if your form is missing–they’re also if your IRS 2290 is late. Skip the math, money, and headache and file your Form 2290 online.
Every day that goes by after the Form 2290 deadline is not only another day you ultimately have to pay for, but it is also another day without your Schedule 1. Because the IRS views your stamped Schedule 1 as proof of payment, it is like keys to the kingdom, and without it you’re in hot water.
You need your Schedule 1 to cross international borders, to register new vehicles, and even to renew your tags with the DMV. Essentially, operating without a stamped Schedule 1 is operating illegally.
Steps To Take If Forget To File Your 2290
The first step is to file. “Better late than never” truly does apply. You will still owe the IRS some fees, but the sooner you file your heavy use tax, the sooner the fees stop stacking up–and the sooner you can get back to operating legally.
Steer clear of 2290 tax penalties by visiting our sister product ExpressTruckTax the leading IRS-authorized Heavy Vehicle Use Tax e-file provider. File Form 2290 online and receive your stamped Schedule 1 in minutes.