Tag: form 2290 penalty

Did You Miss The Deadline? What Do You Do Now?

Posted on September 1, 2023 by - Form 2290 Penalties

The deadline for the 2023-24 Form 2290 was August 31st. If you did not file by that date then your tax return is late and you will be issued hefty penalties from the IRS.

But don’t worry, you can still limit the damage!

We understand how busy truckers can get, and we are always here to help simplify e-filing Form 2290, regardless of when it is filed. 

What Penalties Were Given? 

If you missed the Form 2290 deadline, the IRS will place a penalty on your account. You will incur a penalty equal to 4.5% of the total tax amount of the HVUT payment.

This can be a large amount, depending on how much your HVUT payment is. The amount due for the HVUT depends on the gross taxable weight of the vehicle that is being filed.

When Should You File?

If your Form 2290 is late, the IRS already assigned penalties to you, but the sooner you file, the lower the damage.

These hefty penalties will continue to incur for every month that it is late. Even if you cannot make the HVUT payment yet, it is better and cheaper to at least have Form 2290 filed.

If your Form 2290 isn’t filed, you also won’t receive your stamped Schedule 1. Without a valid Schedule 1, you won’t be able to keep certain licenses up to date. This may cause your vehicle to become grounded, and no one wants that. 

When you file with ExpresstruckTax, once your Form 2290 is accepted by the IRS, you will be sent your valid stamped Schedule 1.

File The Form 2290 Now and Not Later

Don’t let the penalties stack up! You can still file the Form 2290 now to avoid higher penalties!

ExpressTruckTax is the leading IRS-Authorized E-file Provider for Form 2290 with over 10 years of experience making sure the process is quick and easy for our clients.

To e-file your Form 2290 with ExpressTruckTax, click here or call our live customer support team at 704.234.6005 for any additional questions you may have!

How To Avoid Form 2290 Penalties!

Posted on April 27, 2023 by - Form 2290 Penalties

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!

File Form 2290 Today August 31st to Avoid Penalties from the IRS!

Posted on August 31, 2022 by - 2290 penalties, Avoid IRS penalties, Form 2290 deadline today, HVUT Filing deadline today

The Form 2290 deadline is officially here. Have you filed your Form 2290 yet? If not, there are some important things you must know.

What is Form 2290?

Form 2290 is an IRS tax form that is filed by drivers of vehicles weighing 55,000 pounds or more for the Heavy Vehicle Use Tax (HVUT).

Why is Form 2290 Important?

By filing Form 2290 to the IRS you will receive a Stamped Schedule 1. This is used to get the tags and registration for your vehicle. 

When is Form 2290 Due?

When filing Form 2290 it is important to know that the Form 2290 tax year goes from July 1st to June 30th of the following year. A vehicle’s Stamped Schedule 1 expires on June 30th, so as of July 1st drivers no longer have a current Stamped Schedule 1. It is important to File Form 2290 for July as the beginning of the upcoming tax year and you have until August 31st to pay the HVUT to the IRS. If you fail to file Form 2290 and/or pay the HVUT by August 31st you are considered late. 

What happens if you Fail to File Form 2290 or Pay the HVUT?

If Form 2290 is filed late or the tax is not paid by the August 31st deadline, drivers will be charged late fines, and the fine for not filing Form 2290 actually comes out to be greater than the fine for not paying the HVUT. 

For every month the Form 2290 due date is missed there will be a fine of 4.5% of the total tax due for up to five months. If there is underpayment for the Heavy Vehicle Use Tax, there will be a penalty of 0.5% of the tax due. Additional interest charges of 0.54% will be added each month that Form 2290 is not filed. This is why it is important to not only file Form 2290 but pay the Heavy Vehicle Use Tax as well. 

Why E-File with ExpressTruckTax?

Why risk being penalized for either forgetting to file Form 2290 or pay the HVUT when you can file with an easy-to-use Form 2290 e-file provider like ExpressTruckTax. With ExpressTruckTax simply enter your business information, vehicle information, and payment information. To make sure you get your Form 2290 filed and your HVUT paid at the same time, ExpressTruckTax now offers an option where you can pay both your HVUT and your filing fee at the same time. This way you will not risk being late with either.

Today is the last day to file, the August 31st, 2022 deadline. What are you waiting for? File with ExpressTruckTax today and avoid getting fined or penalized!

A Helpful Guide for Avoiding Form 2290 Penalties

Posted on August 19, 2022 by - Avoid IRS penalties, E-file form 2290, Form 2290 Penalties, HVUT Penalties

Have you ever been fined for being late with your Form 2290 (filed for vehicles weighing 55,000 pounds or more), your Heavy Vehicle Use Tax payments, or were caught without a Stamped Schedule 1? If this has not happened to you, it is still essential to ensure that it doesn’t. In this guide, you will find helpful information for avoiding penalties from the IRS regarding Form 2290.

Know Your First Used Month

When filing Form 2290 it is important to know your vehicle’s First Used Month (FUM). The FUM of a vehicle is determined by the month it is first put on the road. When Form 2290 is filed, the First Used Month must be listed and you have until the end of that month to file Form 2290 to the IRS. You have until the end of the next month to make the tax payment, however. For example, if your First Used Month is in October, you have until the end of November to make the tax payment to the IRS. This applies to vehicles that have been on the road for less than a year. 

For vehicles that have been on the road for over a year or are first being put on the road for the first time in July, the vehicle’s First Used Month is July and the tax payment is due by August 31st. 

File Now Pay Later

The Stamped Schedule 1 is important because it allows you to get tags and the registration for a vehicle. Once Form 2290 is filed, you will get a Stamped Schedule 1 as proof of filing. This means that you can easily avoid penalties by filing Form 2290 and if you don’t have the money to pay the tax yet you can wait until the deadline to file. This way if you forget to pay the tax before the deadline, you will still have a Stamped Schedule 1 and if you get fined it will be a lot less than it would have been if you hadn’t filed at all. 

Pay When You File

Another option that can help you avoid penalties is to pay the HVUT tax at the same time you file. File your Form 2290 and pay your filing fee and tax to get them both out of the way at once. This way you not only get your Stamped Schedule 1 but you also get your tax paid and won’t forget to pay it later.

File With ExpressTruckTax 

By filing with ExpressTruckTax you have the option to pay later or to pay when you file. It is designed to be user-friendly with lots of convenient options that make your filing experience a breeze. Make sure you keep up with when the deadline to file is. When you sign up and file with ExpressTruckTax we will make sure to remind you when it is time to file so that you don’t miss the deadline. The ready return feature is also available to returning filers. You will sign in and you can use all of the information from your last filing to generate your Form 2290 and file quickly. What are you waiting for? Take advantage of these amazing features available through ExpressTruckTax and file before the August 31st deadline today!

How to find your Form 2290 Due Date and Avoid Penalty From the IRS

Posted on June 24, 2022 by - E-File HVUT Form 2290, E-file IRS Form 2290, E-file IRS Form 2290 and get Schedule 1, E-filing Form 2290, e-filing form 2290 made easy with ExpressTRuckTax

What is Form 2290?

When putting a truck weighing 55,000 pounds or more on the road, Form 2290 must be filed for the Heavy Vehicle Use Tax (HVUT)  to the IRS. If this vehicle is driven less than 5,000 miles or less than 7,500 miles if used for agricultural purposes, Form 2290 still needs to be filed but there will be no tax due. 

Why do you need to file Form 2290?

Filing Form 2290 guarantees that you will get your stamped Schedule 1. This serves as proof that you have filed your Form 2290 and it is required to be able to obtain your vehicle’s tags and registration. 

When is the deadline to File?

Vehicles that have been on the Road for Less than a Year

If you are putting a truck on the road for the first time, the month you first put it on the road is the truck’s First Used Month. After putting your truck on the road for the first time, you have until the last day of the following month to file Form 2290. For example, if you put your truck on the road in October, you have until the end of November to file your Form 2290. 

Vehicles that have been on the Road for More than a Year

If this is not your first time putting your truck on the road then your First Used Month will be July. This is because the Form 2290 tax year goes from July 1st to June 30th. The deadline to file Form 2290 for trucks in the case is August 31st.

How to avoid penalties from the IRS

In either case, you must make sure to file before the deadline. If you fail to file before the deadline then there is a big chance you will be fined. By not filing you will not have a current stamped Schedule 1, which could lead you to be pulled over or you will not be able to get tags or your vehicle’s registration. 

Why File with ExpressTruckTax?

ExpressTruckTax allows you to e-file Form 2290 in a matter of minutes. In only a few simple steps you can file your Form 2290 and as soon as it gets accepted you will be sent a copy of your stamped Schedule 1. Having this will guarantee that you will not be penalized for being late to file. What are you waiting for? File your Form 2290 for the current tax year in a few simple steps today and get your stamped Schedule 1 in a matter of minutes.

Don’t Wait! Why You Should File Your Form 2290 Now And Not Later

Posted on July 30, 2021 by - Avoid IRS penalties, E-file form 2290, HVUT Payment

August is only a few days away, which means the Form 2290 deadline is only a month away! 

You may be thinking that a month is more than enough time to file and pay your tax return, but why risk it? No one wants to deal with penalties and additional charges.

Although e-filing your Form 2290 can be a relatively quick process for some, that may not always be the case. One simple mistake could cause the return to be rejected by the IRS, and if you didn’t file ahead of time, it may delay the processing long enough to have to face these unwanted penalties.

As Long As I File Before The Due Date, I Won’t Have Penalties? 

Maybe, Maybe not. 

If your information is correct and your HVUT payment goes through, then yes. But, if the form is rejected or the payment isn’t able to be withdrawn in time, then you will still face penalties. 

So is waiting until the last minute really worth that risk?

What Will Cause My Form 2290 To Be Rejected? 

There could be many reasons why your Form 2290 could end up rejected. Some of the most common errors found on Form 2290s include inputting an incorrect Routing Transmit number, an EIN and Business name that do not match, and already having a duplicate accepted return.

 If the IRS does reject your form, ExpressTruckTax will send you an email explaining why the Form was not accepted. This email will also explain the exact step-by-step process on how to fix the error. 

Once you address and correct the error, ExpressTruckTax allows you to resubmit your IRS Form 2290 as many times as needed until it is accepted, at no additional charge. 

What Penalties Will You Face If Your Form 2290 Isn’t Processed And Paid Before The Deadline? 

No one wants to pay penalties with their hard-earned money, especially when these fines could have easily been avoided. 

If your Form 2290 is not processed by the IRS, and they do not receive your payment on time, be prepared to find yourself face-to-face with high penalties and interests. 

Late Form 2290 Penalties and Interest

  • You will receive a penalty of 4.5% of the total tax amount due. This will be assessed monthly for up to 5 months if the Form 2290 is not filed within the given deadline. 
  • If your HVUT was underpaid, a monthly penalty of .5% will be charged from the total tax due as a result of the underpayment. 
  • An additional interest charge of .54% will be accrued per month.

If your Form 2290 or payment is late, the IRS will send you a letter to notify you about the return and the penalties. 

Don’t Risk It! File Your Form 2290 Today!

If you want the peace of mind that your Form 2290 is filed, accepted, and paid, then it’s important to file as soon as possible! That way, you won’t have to worry about penalties!

This year’s tax season deadline is August 31st! File your Form 2290 now with ExpressTruckTax and receive your stamped Schedule 1 within minutes. 

To start your Form 2290, click here or call 704-234-6005 to get in contact with our U.S based support team, who are always happy to help you!

How To Avoid Form 2290 Penalties?

Posted on July 26, 2021 by - Form 2290 Penalties

There is one big secret to avoiding IRS HVUT penalties on your Form 2290: filing on time. 

The 2021 Form 2290 is due on August 31, 2021. You need to file before midnight on August 31st to avoid 2290 penalties! 

What are the 2290 penalties?

If you miss the deadline, you will incur a penalty equal to 4.5% of the total tax amount you would have owed. Plus, for each additional month, you are late, you will incur another .5% in interest.

That might not sound like much, but don’t forget, failing to have a current stamped Schedule 1 will impact your other licenses. You need a current stamped Schedule 1 to stay up-to-date on most licenses. If you don’t file Form 2290, you could end up being grounded. And if you can’t drive, you can’t make money.

Access our helpful resources to learn more about HVUT 2290 penalties.

Here are some Frequently Asked Questions about 2290 Penalties.

File Form 2290 today with ExpressTruckTax in Minutes

Filing with ExpressTruckTax is simple and secure and you can file from anywhere! Our software is cloud-based and fully compatible with mobile devices.

Plus, if you have filed with us before, our Ready Return feature makes it possible for you to copy the details from a previous return with a single click. All your saved business and vehicle information will auto-populate your Form 2290 for 2021 automatically. All you have to do is update your IRS payment information and transmit your return to the IRS.

Get Started Now with ExpressTruckTax

Get A Sweet Deal With HVUT 2290 When You File Now And Pay Later

Posted on May 11, 2021 by - 2021 Form 2290

Did you know there’s a better way to file your Form 2290 for 2021-2022 Tax Period?

The 2021-22 Form 2290 season kicks off July 1st, but truckers who use ExpressTruckTax can now begin e-filing Form 2290 as early as Friday, May 14, 2021!

Many truckers wait until the last minute to e-file, often causing them to miss the Form 2290 due date. Missing the 2290 due date can lead to a hefty Form 2290 penalty on top of your HVUT 2290 annual fee.

The HVUT 2290 annual fee is calculated by adding:

  • The actual unloaded vehicle weight, fully equipped for service.
  • The unloaded weight of the semi-trailer or trailers, fully equipped in combination with the commercial vehicle.
  • The maximum load weight usually carried on the vehicle, and any semi-trailer(s) used.

What is Form 2290 Filing Like with ExpressTruckTax?

ExpressTruckTax customers can complete their 2290 Form 2021-22 before the start of the regular season. ExpressTruckTax gives customers the chance to file now and pay later.

A huge benefit of this is learning how much is owed in taxes and being able to save up until the HVUT 2290 due date, August 31, 2021! All you have to do to file now and pay later is choose our Pre-File option and pay your HVUT amount by check, money order, or EFTPS.

After completing the Form 2290 process online, customers have the opportunity to opt-in and receive HVUT 2290 due date reminders via email, text, and fax.

Benefits of Filing Your 2021-22 HVUT Form 2290 Now

When you file early, you are being proactive in making sure you are in the front of the line to receive your Stamped Schedule 1! We will transmit all returns filed early to the IRS as soon as they start processing returns on July 1. That means you’ll get your Schedule 1 as soon as possible.
You will also be able to make you HVUT payment any time before August 31, giving you time to save up your funds.
Additionally, by beating the busy season, our US-based customer support team will be able to answer all of your questions instantly! That means no lines and no wait time.