Category: Internal Revenue Service Form 2290

HVUT(U.S Federal Heavy Vehicle Use Tax Form 2290) Season Delayed by IRS

Posted on July 14, 2011 by Santamarina Joseph - 2011 2290 Tax Form, Dot Form 2290, expresstrucktax, Federal 2290 Tax Forms, Form 2290 E-file, Internal Revenue Service Form 2290, IRS 2290 Copy, Need 2290 Form IRS

As you most likely know, the IRS has not yet disclosed the official Form 2290 for filing Truck Taxes. This delay in the process has certainly caused some headaches for the service providers such as Express Truck Tax, who E-File this form on behalf of their clients. Land Line, the business magazine for professional truckers, recently released an article about the delay. In short, the Form 2290 will not be available until new legislation is passed, but drivers will be able to get their vehicle tags and register vehicles by using your previous year’s Schedule 1.

The following Article can be read in its entirety at LandLineMag.com:

Before you make a mad dash to the IRS office to file your Form 2290 Heavy Vehicle Use Tax, hold on. A week before filing season for the IRS Form 2290 was due to begin on July 1, the Internal Revenue Service announced a delay.

New legislation needs to be passed before IRS can collect the HVUT for the entire year. And right now that tax legislation is tied up in Congress. This means that your normal filing, which was for the tax period beginning July 1, 2011, won’t happen.

IRS will not accept any paper format or e-filing at this time. In fact, the form has not been published by the IRS and is not even available yet. An announcement on when it will be in place is expected to be made by IRS.

While the IRS e-file is not available for the tax period beginning July 1, 2011, you can still e-file your 2290 tax return for the tax period July 1, 2010 through June 30, 2011.

The IRS may wait as long as possible so that a single tax return is all that will be necessary for the 2011-12 tax Year. However, a backup plan is in place so that a three-month tax (July, August and September) can be collected by the Aug. 31 filing deadline. When the new legislation is passed, it will determine what happens for the reminder of the 2011/12 tax year.

Can you get your tags and register your vehicle? The IRS says yes, you can get your tags for the tax period beginning July 1, 2011. Existing regs allow states to register a heavy highway vehicle when the application for registration is received during the months of July, August or September 2011. If you have your receipted Schedule 1 for the previous year’s taxable period – in this case July 1, 2010 through June 30, 2011 – states can accept it as proof of payment.

States must register newly acquired heavy highway use vehicles without proof of tax payment if you present the original or photocopy of a bill of sale showing that the truck was purchased by the owner during the 60 days before the date the state receives the application for registration.

Internal Revenue Service Form 2290 Section Overview

Posted on July 13, 2011 by Santamarina Joseph - 2290 Road Tax, 2290 Tax Refund, Express2290, expresstrucktax, Form 8849, Internal Revenue Service Form 2290, Paying 2290 Tax Online, Tax Form 2290, Where to Pay 2290 Tax

First Use Month
The First Use Month refers to the month that the vehicle was first used during the tax period. If the vehicle will be used for the entire Tax Period, then July would be the appropriate month to select.

Taxable Vehicles
On The Taxable Vehicles section, you can enter all of your taxable motor vehicles weighing 55,000 lbs or more. Do Not Add vehicles that you expect to use less than 5,000 miles during the tax period (or 7,500 miles, If Agricultural Use). These Vehicles are known as low mileage, tax suspended, or category W vehicles; and they can be added in another section.

Suspended Vehicles
Tax Suspended Vehicles, also known as low mileage or category W vehicles are not subject to taxation because these vehicles will remain below the mileage threshold of 5,000 miles during the tax period (or 7,500 miles, if Agricultural use).

Prior Year Suspended Vehicles
If You Reported any vehicles as Tax Suspended or category W during the previous tax period, you must report these vehicles to the IRS if either of the following occurred:
A: The Vehicle exceeded the mileage threshold
or
B: The vehicle was Sold
Do Not add a suspended vehicle if neither of these occurred

Sold, Destroyed, or Stolen Vehicles
If you Sold a taxable vehicle, or that vehicle was destroyed or stolen before June 1st, you are eligible for a pro-rated credit or refund.

Low Mileage Credits
If you paid Heavy Vehicle Use Taxes, but did not exceed the mileage threshold during a prior tax period, you are eligible for a credit or refund of the Heavy Vehicle Use Taxes paid during that period. Enter all applicable vehicles in this section.

Heavy Vehicle Use Tax(Internal Revenue Service Form 2290)

Posted on July 11, 2011 by Santamarina Joseph - 2011 2290 Tax Form, Dot Form 2290, e-file 2290, Express2290, expresstrucktax, Federal 2290 Tax Forms, Form 2290 E-file, Internal Revenue Service Form 2290, Need 2290 Form IRS, Tax professionals

HVUT refers to the Heavy Vehicle Use Tax, which is a fee imposed on heavy highway vehicles operating on public roads. A vehicle is required to file HVUT, if it has a registered gross weight of 55,000 pounds or more. This amount is the gross taxable weight, which is calculated by adding the following amounts:

The unloaded weight of a vehicle that is fully equipped for service
The weight of any unloaded trailers, equipped for service, and typically used with the vehicle
The maximum weight of the load customarily carried on the vehicle and on any trailers customarily used with the vehicle.

The official definition, according to the IRS,of a taxable Highway Motor Vehicle is any self-propelled vehicle that is designed to carry a load over public highways. Examples of such vehicles include trucks, truck tractors, and buses. The IRS does not usually consider vehicles such as vans, pickup trucks, panel trucks, or other similar vehicles because they do not typically weigh 55,000 pounds or more.

HVUT rates are broken down into three categories for these vehicles. Vehicles under 55,000 pounds have no HVUT because they do not fit the qualifications of a heavy vehicle. Vehicles between 55,000 and 75,000 pounds owe $100, plus $22 per 1,000 pounds over 55,000 pounds. Thirdly, if a vehicle is over 75,000 pounds, the maximum HVUT is $550 per year.

Internal Revenue Service Form 2290 Stamped Schedule 1 with Express Truck Tax

Posted on July 7, 2011 by Santamarina Joseph - 2290 form, 2290 tax, e-file 2290, e-filing 2290 tax, Express2290, expresstrucktax, Form 2290, Internal Revenue Service Form 2290, Tax 2290, U.S federal highway use tax form 2290

It is Heavy Vehicle Use Tax (HVUT) filing season and the Process for Filing IRS Form 2290 and receiving a stamped Schedule 1 can be a confusing process.

The first thing to do in order to Receive a Stamped Schedule 1 for your Heavy Vehicle Use Tax is to fill out IRS Form 2290. The Schedule 1 is included in this particular IRS Form. This form can be completed either by hand or online.
The next step in the traditional process is for the form to be taken to the nearest IRS Office including a proof of payment or proof of EFTPS Payment. It could also be mailed to the nearest IRS office via postal mail.

The Problem with the traditional paper filing process is that both options are very time consuming.
If the form is physically taken to the IRS, the nearest office could possibly be many miles away. There can also be a very long waiting period at the IRS office of up to several hours.
If the form is mailed to the IRS, it can take 4-6 weeks before it is completely processed.

The IRS will then review the Form 2290 and when it is verified, they will stamp it, and return a portion of the form to the taxpayer.

A Stamped Schedule 1 is required in order to register a vehicle with the DMV. So it can be a very stressful process to wait until the last minute to register your vehicle because you are waiting for the IRS to send you a stamped schedule 1.

Although these may be the traditional ways of getting a Stamped Schedule 1, an easier way has come about in recent years. E-Filing has become very practical, as well as more efficient. A leading provider of this online service is www.ExpressTruckTax.com. Instead of waiting in the IRS office for hours, or up to 6 weeks for the IRS to stamp your schedule 1 via postal mail, Express Truck Tax will get your Schedule 1 stamped in minutes. When you login to the site, you can enter the information for the Form 2290, and Express Truck Tax will then create a Schedule 1 based on that information. That form will be sent to the IRS electronically, and they will then transmit the stamped Schedule 1 back to Express Truck Tax, who will then automatically email the file to the taxpayer. This document can also be faxed as well as emailed to the taxpayer as soon as the IRS processes the form. The final form will include a watermark as well as an IRS E-File logo since the document will not be physically stamped.

Credits for Sold/ Destroyed/ Stolen Vehicles (Internal Revenue Service Form 2290)

Posted on July 2, 2011 by Santamarina Joseph - 2290 form, 2290 tax, e-file 2290, efile tax 2290, Express2290, expresstrucktax, file form 2290, Form 2290, Internal Revenue Service Form 2290, Tax 2290, U.S federal highway use tax form 2290

You may be surprised to know that you can actually E-File an IRS Form 2290 to claim a credit for your Heavy Vehicles in some specific scenarios. If a vehicle falls into this particular category, it is referred to as a “Credit Vehicle.” ExpressTruckTax.com allows you to E-File an IRS Form 2290 for these credit vehicles through its tax program.

Heavy Highway Motor Vehicles that were stolen, destroyed, or sold before June 1st and were not used during the rest of the year qualify as a credit vehicle. A heavy vehicle also qualifies as a credit vehicle if it was used for 5,000 miles or less, or 7,500 miles or less if it was used for agricultural use. It is important to also note that a credit, lower tax rate, exemption, or refund is not allowed for an occasional light or decreased load; nor is it allowed for a changed use of the vehicle, or if the vehicle was discontinued.

While the rules that apply to credit vehicles may be confusing and complicated, ExpressTruckTax.com helps make this process simple. The filing process only takes a few minutes. If you need any help, their dedicated customer support team can help walk you through the process.