The HVUT payable through IRS form 2290 is indispensable for truckers operating highway motor vehicles such as trucks, truck tractors, and buses with a taxable gross weight of 55,000 pounds or more. The excise tax form 2290 is applicable for must and compulsory filing for individual truck owners, LLC’s who run trucks or buses for their purpose, corporations, partnerships, and other organizations viz. educational institutions, -profit and charitable entities, disregarded entities with eligible single-owner or qualified subchapter s-subsidiaries who operates and use taxable highway motor vehicles. This excise tax form 2290 is also applicable for as follows –
- Dual registration-a taxable vehicle or a taxable leased vehicle which are registered under both the owner and another person and the owner is liable to pay excise tax form 2290 in both the cases.
- Dealers -who have the taxable vehicle operated under their name, license, or permit is considered as registered by the dealer for paying and filing IRS 2290.
- Used vehicle-one acquires used vehicle and use it first on any month other than July on national or public highways whether registered or to be registered is liable to file and pay taxes with form 2290 at prorate basis. one must file an IRS form 2290 and pay tax, say if the first use was in the month of November then pay tax by the last day of December in a calendar year is the IRS norm. Logging vehicles registered under the laws of the state or states that are carrying commercial products from forests and use public highways must file form 2290 and pay HVUT. Logging vehicles are given concessions by IRS for paying a reduced rate of excise tax (refer IRS website).
Truckers and big entities who operate more than 25 taxable highways motor vehicles must file and pay excise tax electronically through a form 2290. The inception of robust and effective e-filing transaction that IRS brought about and recommends through service partner is made easy for truckers and big entities to get their e-file 2290 excise tax transactions done in minutes from where-ever they are and with their receipt of stamped schedule 1 acknowledgment for HVUT received in seconds will bring in great relief for truckers.