Truckers should wait until November to file their federal highway use tax returns – a three-month extension — in this new YouTube video.
Watch this and other videos on the IRS’s YouTube Channel
Category: Form 2290 due on Nov 30 2011
IRS Interim Regulations for Filing Heavy Vehicle Use Tax(Form 2290)
For those who are heavily involved in the Trucking and Transportation Industry, it may not be a surprise that this tax year has so far been less than normal as far as Heavy Vehicle Use Tax is concerned.
A Federal Register notice was posted on July 20th, this newly imposed final and temporary regulations by stating that Form 2290 taxpayers should not file before November 1, 2011. The new regulation also added that the IRS will not be providing receipted Schedule 1 forms before the 1st of November.
It is unclear what the future holds for HVUT. Many speculate that there will simply be a delay in the filing season, but the bill has yet to be voted on at this point. If Congress does not change the law, the tax will expire by September 30th, but it seems unlikely that the government would let a tax like this one simply expire. Current regulations have set a tax for July 1, 2011, until Sept. 30, 2011. If Congress neglects to act on this Truck Tax regulation, taxpayers will only be liable for the “short taxable period” (July – September) and would be required to file by Nov. 30. However, if Congress extends the tax past Sept. 30, anyone who files for the “short taxable period” will also be liable for a second Form 2290 for what remains of the 2011-2012 tax year.
For vehicles that need to be registered during Jul-Oct of 2011, the state DMV’s are required to accept a Stamped Schedule 1 from the previous year since it is not possible to receive a stamped Schedule 1 until November 2011. If a vehicle was acquired within the current year, and there is not a stamped Schedule 1 for the previous year, the owner only needs to provide some form of proof of purchase to prove that the vehicle was recently placed in his/her possession.
Luckily, once the Form 2290 is available, ExpressTruckTax.com will be able to E-File the form and send it to the IRS in minutes. The E-Filing Process is very simple; the form can be completed in minutes, and it can be sent to the IRS as soon as it is finished. It is such a time saver when you compare it to waiting in the IRS office for hours or sending it via postal mail and waiting weeks for the IRS to process it.
A Federal Register notice was posted on July 20th, this newly imposed final and temporary regulations by stating that Form 2290 taxpayers should not file before November 1, 2011. The new regulation also added that the IRS will not be providing receipted Schedule 1 forms before the 1st of November.
It is unclear what the future holds for HVUT. Many speculate that there will simply be a delay in the filing season, but the bill has yet to be voted on at this point. If Congress does not change the law, the tax will expire by September 30th, but it seems unlikely that the government would let a tax like this one simply expire. Current regulations have set a tax for July 1, 2011, until Sept. 30, 2011. If Congress neglects to act on this Truck Tax regulation, taxpayers will only be liable for the “short taxable period” (July – September) and would be required to file by Nov. 30. However, if Congress extends the tax past Sept. 30, anyone who files for the “short taxable period” will also be liable for a second Form 2290 for what remains of the 2011-2012 tax year.
For vehicles that need to be registered during Jul-Oct of 2011, the state DMV’s are required to accept a Stamped Schedule 1 from the previous year since it is not possible to receive a stamped Schedule 1 until November 2011. If a vehicle was acquired within the current year, and there is not a stamped Schedule 1 for the previous year, the owner only needs to provide some form of proof of purchase to prove that the vehicle was recently placed in his/her possession.
Luckily, once the Form 2290 is available, ExpressTruckTax.com will be able to E-File the form and send it to the IRS in minutes. The E-Filing Process is very simple; the form can be completed in minutes, and it can be sent to the IRS as soon as it is finished. It is such a time saver when you compare it to waiting in the IRS office for hours or sending it via postal mail and waiting weeks for the IRS to process it.
Three Month Extension of IRS Form 2290(HVUT) – Now Due on Nov. 30, 2011
The IRS recently advised those in the transportation industry with heavy highway vehicles that their next federal highway use tax return will be due on November 30, 2011, instead of the typical due date of August 31st.
The current highway use tax is scheduled to expire on September 30, 2011. The proposed temporary regulations dictate that the November 30th filing deadline for Form 2290 HVUT Return for the tax period that begins on July 1, 2011, applies to vehicles used during July, as well as those first used during August or September. The IRS also states that returns should not be filed and payments should not be made before Nov. 1. This extension is designed to reduce confusion and possible multiple filings that could result if Congress reinstates or modifies the tax after that date.
For those in the transportation industry who need to apply for state vehicle registration on or before November 30th, the new regulations require states to accept the stamped Schedule 1 of the Form 2290 issued by the IRS for the previous tax year, ending on June 30, 2011 as a proof of payment. Federal Law requires that state governments receive proof of payment of the federal highway use tax as a condition of vehicle registration. Typically, after the return is filed and the tax is paid, the taxpayer receives a stamped Schedule 1 to use when registering the vehicle.
If someone needs to register a newly acquired vehicle during the July-to-November period, the new regulations require a state to register the vehicle, without proof that the highway use tax was paid, as long as the person registering the vehicle presents a copy of the bill of sale or another document showing that the owner purchased the vehicle within the previous 150 days.
The heavy vehicle use tax applies to trucks, truck tractors and buses with a taxable gross weight of 55,000 pounds or more. Vehicles such as vans, pick-ups and panel trucks are typically not taxable because they fall below the 55,000-pound requirement.
Although the IRS discourages filing until November 1, 2011, the good folks at Express Truck Tax are willing to help you every step of the way! If you have any questions regarding Truck Taxes, and how to file them, feel free to chat with their experts at (704) 234-6005. You can also email them at support@ExpressTruckTax.com. For more information about Truck Taxes, check out their Website and Blog: ExpressTruckTax.com
The current highway use tax is scheduled to expire on September 30, 2011. The proposed temporary regulations dictate that the November 30th filing deadline for Form 2290 HVUT Return for the tax period that begins on July 1, 2011, applies to vehicles used during July, as well as those first used during August or September. The IRS also states that returns should not be filed and payments should not be made before Nov. 1. This extension is designed to reduce confusion and possible multiple filings that could result if Congress reinstates or modifies the tax after that date.
For those in the transportation industry who need to apply for state vehicle registration on or before November 30th, the new regulations require states to accept the stamped Schedule 1 of the Form 2290 issued by the IRS for the previous tax year, ending on June 30, 2011 as a proof of payment. Federal Law requires that state governments receive proof of payment of the federal highway use tax as a condition of vehicle registration. Typically, after the return is filed and the tax is paid, the taxpayer receives a stamped Schedule 1 to use when registering the vehicle.
If someone needs to register a newly acquired vehicle during the July-to-November period, the new regulations require a state to register the vehicle, without proof that the highway use tax was paid, as long as the person registering the vehicle presents a copy of the bill of sale or another document showing that the owner purchased the vehicle within the previous 150 days.
The heavy vehicle use tax applies to trucks, truck tractors and buses with a taxable gross weight of 55,000 pounds or more. Vehicles such as vans, pick-ups and panel trucks are typically not taxable because they fall below the 55,000-pound requirement.
Although the IRS discourages filing until November 1, 2011, the good folks at Express Truck Tax are willing to help you every step of the way! If you have any questions regarding Truck Taxes, and how to file them, feel free to chat with their experts at (704) 234-6005. You can also email them at support@ExpressTruckTax.com. For more information about Truck Taxes, check out their Website and Blog: ExpressTruckTax.com
