The deadline to file and pay your Heavy Vehicle Use Tax (HVUT) is quickly approaching if you put a new truck on the road in March. It is important to understand the consequences of failing to file and/or pay your tax on time. In addition to needing the Stamped Schedule 1 to obtain your plates, if you miss the deadline to file or pay your HVUT, you can be hit with significant IRS penalties and interest charges.
Form 2290 Penalties
For example, if you fail to file your HVUT return by the due date, you could be penalized 4.5% of the total HVUT 2290 amount. This penalty can accrue for up to five months. If you fail to pay the full amount of tax due, you can also be subjected to a penalty of 0.5% of the unpaid tax per month, up to a maximum penalty of 25%.
These penalties can quickly add up and result in a significant financial burden for taxpayers who do not file or pay their HVUT liability on time. What’s more, failing to pay your tax debt can also result in the IRS placing a lien on your assets, including your trucks, and seizing those assets to satisfy the tax debt.
Avoid HVUT Penalties With ExpressTruckTax
To avoid these consequences, it is important that all truckers file their Form 2290 HVUT return and pay their tax due by the last day of the month following the first use. The good news is that you can file your HVUT, Form 2290 quickly and easily with ExpressTruckTax.
Creating an ExpressTruckTax account is simple, and filing your Form 2290 can be completed in just six easy steps. By using ExpressTruckTax, you can rest assured that your HVUT will be filed correctly and on time, avoiding costly penalties and interest charges.
Don’t let the deadline sneak up on you – create your ExpressTruckTax account today and file your HVUT return before it’s too late!
This is just a quick video. Don’t scroll, don’t go away. Stick with me for like five seconds. A 2290 is an IRS Federal Form that you have to file once a year. It’s an annual tax form. If your truck is over 55,000 pounds, you have to file. The maximum weight it goes up to is over 75,000, which means if you drive an 80,000-85,000, you’re still required to file 2290.
The easiest way to file your 2290 is to go to ExpressTruckTax.com. We are the market-leading e-file provider for the Form 2290. Create an account. It’s free to create an account. You enter in your business details, your truck details.
You can file for one truck, you can file for a billion trucks in the same account. You can add one business, you can add multiple businesses, it just depends on you and your setup. If you are a service provider, you can add multiple businesses. If you’re a CPA or if you work at a trucking company and you have company-owned trucks, all of the above can be filed through ExpressTruckTax.
Then you’re going to choose how you want to pay the IRS. This goes directly from the taxpayer to the IRS. It does not swing through us, nothing like that. So you pick how you want to pay the IRS. You send it to the IRS, you file your 2290. So once you get done entering in the information, you transmit the return to the IRS.
Within about five to ten minutes, you’re going to get notification that your 2290 has been accepted. Sometimes it’s been rejected and we’ll make another video about that, but you get notifications. You can choose to get a text notification. We know that you guys are busy, so once you get done, you can choose text notification and you’ll receive a text, your 2290 is ready. So, so simple.
So you file your 2290, you get your – it’s called a stamped Schedule One – and that’s basically like your receipt. Like if you go to Publix and you check out and you get your receipt, your stamped Schedule One is your receipt. That is what you need to renew your plates. That’s what your company needs if you’re leased on with the company. That is the form that they want. They want to see that stamped Schedule One so that they can renew the plates when it comes time. So that’s the gold nugget right there, is that stamped Schedule One.
You’ll get that in your email within about five to ten minutes. If you get a text notification, you’ll be notified. We also offer postal mailing. This is cool because we use a SOC-2 certified company. They mail out that stamped Schedule One to you. It’s calibrated so that everything is perfect on there. You won’t have any problems when you go to the DMV to renew your plates, and that’s why we offer that postal mail. So if you choose that, that will be mailed to your address. You’ll get that, you’ll be able to take that to renew your plates. Also, it’s good to keep one in the cab of your truck as well. If you get pulled over, dot any of those things, it’s good to be able to show them that you have a current stamped Schedule One right there in your truck.
The tax year begins July 1st, and you must file by August 31st. So there’s a two-month little window there that, regardless of when your plates expire, we get this all the time, “Well, my plates don’t expire until February.” That’s great, but your 2290 is still due in July.
Again, ExpressTruckTax, go sign up for a free account and go ahead and enter your information so that come July when it’s time to file, you get those notifications. You come, you file, you’re done until next year. Alright, if you have any questions, please reach out. We’re here Monday through Friday, 8:30 to 5:30 p.m. Eastern.
And um, again, that is one of the things that sets ExpressTruckTax apart, is our full customer support in English and in Spanish. And so if you do have questions about 2290, IRP, IFTA permits, I don’t care what it is, we’re here and we’re ready to help you. So um, 704-234-6005 or Support@ExpressTruckTax.com.
R+ L Carriers is a private family-owned freight shipping company that has been providing world-class customer service with every delivery for over 55 years. The company has been awarded the “Quest for Quality Award” in Logistics management and has grown from a one-truck fleet to a fleet of over 21,000 tractors and trailers. The company owes its success to its founder, Ralph L. Larry Roberts, who passed away on March 19th, 2023 at the age of 77.
In the Mid-1960s, Roberts had the dream of owning his own business so he ended up purchasing a single truck that he used to haul furniture and a warehouse behind his family home in Wilmington, Ohio. His business started off providing service exclusively within Ohio but soon expanded to five other Midwestern and Southern states.
The company continued to grow further with the purchase of Gator Freightways, Inc. and Greenwood Motorlines, Inc. With the deregulation of the trucking industry in the early 1980s, the company incorporated a system that moved freight at transit times that were unrivaled. In 2007 the company became a number one LTL carrier. The company has now expanded to serve all 50 states, as well as Canada, Puerto Rico, the Dominican Republic, and many other Caribbean islands.
R+L Carriers strives to provide the best service with competitive pricing and save operations. Ralph L. “Larry” Roberts’ legacy will continue to live on in the company he founded and established over the years with the help of his family and numerous dedicated employees.
Attention trucking companies big and small! Are you looking for a solution that allows your owner-operators to easily file their Form 2290? Do you want your owner-operators’ Stamped Schedule 1 sent directly to you? Look no further than ExpressTruckTax. ExpressTruckTax has helped over 300 trucking companies create personalized portals for their owner-operators to file their Form 2290. Keep reading to find out how your company can partner with ExpressTruckTax and have a Form 2290 filing portal that your owner-operators can file their Form 2290 through.
What is Form 2290?
Form 2290 is an IRS tax form that must be filed by drivers of vehicles weighing 55,000 pounds or more annually for the Heavy Vehicle Use Tax. Upon filing Form 2290, drivers will receive a Stamped Schedule 1 needed to obtain a vehicle’s tags and registration. It is also essential for drivers to keep an updated copy of their Stamped Schedule 1 in their trucks in case they get pulled over. The Stamped Schedule 1 serves as proof of filing Form 2290.
How can ExpressTruckTax help Carriers and Associations?
Trucking companies that have any number of owner-operators struggle to have their drivers file and send them their Stamped Schedule 1 in order to stay compliant with the IRS and renew vehicle plates. Getting each driver to send in their Stamped Schedule 1 can be a challenging task, especially with numerous owner-operators.
In order to simplify the process, ExpressTruckTax offers specialized portals for each carrier. These portals are free to the carrier. Simply share the link with your owner-operators and once they file through the portal, their Stamped Schedule 1 will be sent to the company they drive for. The portal will feature the company’s logo and the URL name will match the name in the carrier’s URL followed by 2290.
Does this sound like something you would be interested in? If so contact support@expresstrucktax.com or call 704.234.6005 today!
Knight-Swift Transportation has officially announced an agreement to acquire U.S. Xpress Enterprises. This is not the first time the company has merged with another, however. In 2017, Knight Transportation and Swift Transportation merged to create Knight-Swift Transportation Holdings Inc. The difference between this merger is that U.S Xpress will keep its brand and continue to operate separately.
U.S. Xpress was purchased by Knight-Swift for $6.15 a share, for a total of about $808 million. The acquisition is officially expected to close in the second or third quarter of the year and will pay around $291 million in cash at closing. This will be the biggest deal for Knight-Swift since it acquired AAA Cooper Transportation in 2021.
In this acquisition, Knight-Swift will assume the acquired company’s debt of $484 million. The debt was caused by a multi-year decline in financial revenue. Ultimately U.S Xpress stockholders were pleased with the high closing stock price after the acquisition was complete.
While the company will be acquiring U.S. Xpress’ accumulated debt, this acquisition is expected to add roughly $2.2 billion in operating revenue to Knight-Swift. This will also cause their truckload fleet to have a total of 25,00 tractors and 93,000 trailers.
This merger is expected to help U.S. Xpress significantly and reduce the turnover rate of employees, which had been happening during the company’s financial decline. This merger is also expected to increase the revenue of both companies to avoid any further financial decline from either company.
It’s that time of year again! Every year towards the end of March, the Mid-American Trucking Show (MATS) is held in Louisville, Kentucky.
What is MATS?
MATS is the largest heavy-duty trucking trade show in the world where members of the trucking industry gather to show off the latest technology, equipment, products, and services. The event will feature numerous informative panels from industry experts and market leaders as well as live performances from Elvie Shane and Tony Justice.
History of MATS
In 1972, the Mid-American Trucking Show was founded to make heavy-duty trucking shows accessible to the eastern half of the United States. The show was geared towards owner-operators and fleets and aimed to be more accessible than trucking shows previously held in California and Massachusetts. The first MATS in 1972 had around 4,000 attendees and 83 exhibitors. Since then the event has grown to be the largest heavy-duty trucking show in the world with over 58,000 attendees and over 850 exhibitors.
When is the Mid-America Trucking Show 2023?
This year MATS is being held from March 30th to April 1st at the following location:
Kentucky Expo Center 937 Phillips Lane Louisville, KY 40209
The show’s hours are as follows:
Thursday, March 30th (VIP): 10 a.m. to 1 p.m. Thursday, March 30th: 1 p.m. to 6 p.m. Friday, March 31st: 10 a.m. to 6 p.m. Saturday, April 1st: 9 a.m. to 4 p.m.
Know Before You Go
Registration
Before you head to MATS you should register in advance. There are three registration options available: attendee registration, exhibitor registration, and media registration. Attendee registration is geared toward trucking professionals looking to improve their business and see what’s new in the industry through interactive exhibits, educational panels, and networking. Exhibitor registration is geared toward company personnel looking to present their company’s products and services through interactive exhibits or booths. Media registration is designed for the media and influencers looking to partner with MATS.
Featured Events
MATS is loaded with all kinds of events for its attendees to experience while at the show. There will be many informative industry experts holding educational panels to help attendees stay up-to-date on industry topics.
Attendees have the option to attend the VIP Executive Breakfast for an additional $100 on top of their registration fee. The event will feature networking opportunities and informative talks from executives from industry-leading companies.
The MATS Ride & Drive event allows attendees to test drive industry vehicles with the latest technology. Participation in this event is free but attendees must sign up at each truck’s respective booth for an opportunity to drive it. The drivable trucks featured in this event include a Kenworth W900 Limited Edition, a Western Star 57X, a Western Star 49X, and a Kenworth T680 Signature Edition.
MATS attendees also have the option to attend the PKY Truck Championship, showing off the industry’s best custom trucks, and the MAC Trailer Winter Nationals Championship Pulling Event on Saturday evening.
Form 2290 has to be filed by drivers of vehicles weighing 55,000 pounds or more to the IRS for the Heavy Vehicle Use Tax annually. The Form 2290 tax year goes from July 1st to June 30th of the following year. Form 2290 as well as the Heavy Vehicle Use Tax are filed and paid for the upcoming year in advance.
Can you Transfer Form 2290 to a New truck?
When you file Form 2290 for the upcoming year this means you are paying for your truck to be on the road for the entire duration of the tax year. If this is the case, what happens if your truck is sold, destroyed, or stolen halfway through the tax year? You are able to transfer the tax of the old truck to the new one in the form of credits. The tax amount for the remaining months of the tax year that the vehicle was not on the road will be deducted from the total tax amount owed for the new vehicle.
How can you pay your Heavy Vehicle Use Tax using Sold/Destroyed Vehicle Credits?
Log in to your ExperessTruckTax account, or sign up for one if you don’t have one.
On the dashboard, under “Start New Return” you will select the option to “E-File for Multiple Vehicles”.
Choose the tax year and First Used Month that corresponds to your vehicle.
You will add your new truck under “Taxable Vehicles” and provide the information for that vehicle, including the VIN (Vehicle Identification Number) and any additional information you have for this vehicle.
You will then add the old truck under “Sold/Destroyed Credits” and provide the information for that vehicle as well as a description of what happened to it.
The tax you owe for the new vehicle will be calculated once the credits from the old vehicle are applied and deducted from the original tax amount owed.
Once this is all complete, review the Summary of your return and then transmit it to the IRS.
Why File with ExpressTruckTax?
ExpressTruckTax not only offers a fast and easy solution to filing Form 2290, but it makes claiming credits for sold, destroyed, or stolen vehicles a breeze. It is important to keep in mind that if the credit amount for the old vehicle is higher than the HVUT owed, the remaining amount can be claimed using Form 8849. This form will be generated automatically in this case. Do you have a vehicle you need to transfer the Heavy Vehicle Use Tax from to a new vehicle? What are you waiting for? File with ExpressTruckTax today for an easy and stress-free way to file Form 2290.
E-filing Form 2290 with ExpressTruckTax.com is simple. Just follow these simple steps to file your Form 2290 today.
Log in to your account, and from your dashboard, click the orange ‘Start New’ button.
Choose the number of vehicles you’d like to file for.
Then, enter the First Use Month and year for your vehicle.
If this is your final return or your business address is changed, check the appropriate box.
Enter your 17-digit vehicle identification number, you can make sure the VIN entered matches your vehicle by clicking the ‘Check VIN’ button.
Then, enter your vehicle’s Taxable Gross Weight. You can find this information on your cab card or registration.
You can optionally organize your returns for your records by indicating the unit number you use for this vehicle.
If this is a suspended, logging, or agricultural vehicle, indicate this by clicking on the appropriate boxes.
If you now realize you want to file for more than one vehicle, you can click the ‘Add More Vehicles’ button now.
Now indicate whether you reported any vehicles as suspended last year by checking the appropriate box.
Now, you need to choose how you would like to pay your HVUT amount to the IRS. You can choose between EFW, EFTPS, check, money order, credit or debit card, or third party. The simplest method is to pay by credit card.
To allow the IRS to share your information with other federal agencies, you can do so by agreeing to the consent to disclosure portion of the form. Your choice will not affect your return in any way.
To finish page one, indicate if you have a third-party designee, such as an employee, tax preparer, spouse, or other third party, who you would like to be able to discuss this return with the IRS.
Save and continue when you’re finished.
The system will now check your return for errors. If you need to change anything, just click the link, otherwise proceed.
On this screen, you can choose what additional services you would like from ExpressTruckTax.
We can send you a printed copy of your Schedule 1 by mail, and we can even text you to notify you when the IRS accepts your return.
Now you need to enter your credit card information to pay the ExpressTruckTax filing fee and your HVUT amount if you chose credit or debit card. If you chose EFW, EFTPS, check, your money order or third party, this is not your IRS HVUT payment.
You will now have one last chance to view your return summary.
Then, you will need to sign off on this form. Click ‘Click to E-sign,’ and then click ‘Adopt and Sign.’
When you’re ready to transmit your return to the IRS, enter any five-digit PIN and click ‘Transmit This Return to the IRS.’
Now you just have to wait for the IRS to process and accept your return. We will email you a copy of your Stamped Schedule 1 as soon as the IRS sends it.
In many northern states that get a lot of snow during the winter, roads as well as the ground underneath the roads freeze due to moisture trapped beneath roads. When spring comes and the weather starts warming up, the ground underneath roads starts to thaw which causes roads to be more vulnerable to damage during this time, the most common being potholes. This has caused many states and Canadian provinces to enact Frost Law, or Spring Load Restrictions.
Frost law is a law enforced on roads when the weight capacity of a road per vehicle and the speed limit is reduced significantly to prevent road damage. State and city governments determine the weight limit based on the temperature, moisture content in the soil, and overall road conditions. More weight limits are imposed on roads that are older. Roads made with more modern road technology significantly reduce the amount of moisture retained in the top layers of roads. Sublayers are still, however, subject to varying amounts of moisture.
When does Frost Law Occur?
Frost Law impositions depend on the state and the city that the road is located in. Roads are most susceptible to damage during the first few weeks of spring thaw. Typically Frost Law is enforced starting in March and ending around June, but this varies from state to state. Weight restrictions remain in effect until most of the moisture beneath roads has dispersed.
Where does Frost Law Occur?
Frost Law occurs in the following states:
Idaho Iowa Maine Michigan Minnesota Montana Nevada New Hampshire New York North Dakota Pennsylvania South Dakota Vermont Washington Wisconsin Wyoming
Frost Law also occurs in the following Canadian Provinces:
Alberta British Columbia Manitoba New Brunswick Nova Scotia Ontario Prince Edward Island Quebec Saskatchewan
How to know which roads have what restrictions?
Each state’s website has a list of roads and their weight restriction information along with maps highlighting roads that are designated as all-season routes. These roads do not have a weight restriction due to Frost Laws and should be used when driving a vehicle that would be susceptible to these weight restrictions.
It is important to keep these weight restrictions in mind when traveling through these states and provinces. Traveling on roads affected by Frost Laws in a vehicle exceeding the weight limit can lead to major fines. Be sure to check and plan your route accordingly before you set off to avoid fines and damaging roads with heavy vehicles.
When traveling down the interstate, seeing a Love’s Truck Stop isn’t an uncommon sight. With over six hundred stores in 42 states, and numerous rewards under its belt, including Corporation of the year in 1991 and the President’s Award for Service to God and Country in 1996, it’s not hard to see that it is a very successful business. The company owes its success to its founder, Tom Love who passed away on March 7, 2023, at the age of 85.
In the mid-1960s, Tom and his wife Judy leased an abandoned service station to open their first gas station which later developed into a chain of gas stations located near Oklahoma City. In an attempt to diversify his products and revenue, he got the idea to attach convenience stores to his existing gas stations. As a result, his gas stations became the first to offer grocery items and self-service gasoline in the 1970s. The first Love’s travel stop was opened in Texas in 1981, catering to both truckers and motorists alike.
Today Love’s offers a wide array of services including roadside assistance for commercial trucks, emergency roadside vehicles, truck maintenance, parking, hot and fresh food items, shower facilities, restaurants, and even hotels at some locations. It is the largest business in its industry and is still family-owned. Tom’s love of sports also managed to get Love’s as one of the partners of his hometown’s NBA team the Oklahoma City Thunder.
Tom Love’s legacy will continue to live on in his widely popular business that continues to offer a number of convenient services for truckers and motorists alike. He contributed a lot to the trucking industry by providing truckers with places to park, take showers, purchase food, and even repair their trucks if needed. Love’s Truck Stop even goes as far as giving away millions of My Loves Rewards points during Trucker Appreciation Week for truckers to use at any Love’s location. They also hold Christmas giveaways for a number of useful items. During Christmas, they have donated to the St. Christopher Truckers Fund, a charity that helps truckers and their families when illness or injury causes them to be out of work. Even after Tom Love has passed, Love’s continues to make a positive contribution to the trucking industry helping truckers around the country.
