IRS Form 2290 - When Should I E-file 2290?

Form 2290 Heavy Vehicle Used Tax Return(also known as the Highway Used Tax), applies to all United States citizens who owns a truck. IRS 2290 Form should be used for filing your truck tax in a timely manner to avoid possible penalties.

When to File Form 2290?

IRS 2290 Form should be filed for each month a taxable vehicle is first used on public highways during the current tax year. The current tax period begins on July 1 and ends by June 30 of the processing year. The Heavy Vehicle Used Tax(HVUT) Form must be filed by the last day of the month following the month of first use. The filing rules apply whether you are paying the tax or reporting suspension of the tax. Possible penalties may be applied on failing to submit your Form 2290. IRS will send a notice upto the taxpayer upon identifying the penalty and it should be paid separately to fulfill the Form 2290 guidelines.

What Information is Required for Completing IRS 2290 Form?

Taxpayers, who who needs to file Form 2290, must collect information regarding their business, truck details as well as bank account to successfully complete Form 2290. In business details, taxpayers are advised to collect Business Name, EIN and Address details which is key information in successfully completing IRS Form 2290. IRS no longer accepts SSN for completing Form 2290. Taxpayer should request an EIN if they don't possess one. If EIN is allocated fresh, it may take 10 days for it to be available to electronic filing system. During that time period if any truck owners need to file 2290 Form online, they have to file it via paper or visit near IRS office to complete Form 2290.

Tax Payment Options for Form 2290

IRS will not accept credit cards to pay your tax for Form 2290. Tax payers needs to collect their bank account number and bank routing number in order to complete Form 2290. There are 3 payments options available for filing tax for Form 2290 : Direct Debit, Cheque Payment and EFTPS. Direct Debit is the most convenient way of filing tax. It requires tax payers to fill in their bank account details so that IRS can collect tax amount from their bank account. EFTPS is a secured online payment system with which filers can pay Form 2290 tax. Cheque Payment option is only available to paper filers. IRS no longer accepts check payment through electronic filing. Hence it is advised for taxpayers to use direct debit as tax payment option to complete form 2290 filing process.

What is IRS Stamped Schedule 1?

A schedule 1 is a proof that verifies that tax payer has successfully completed their Form 2290 filing with IRS. IRS will provide a watermark in schedule 1 saying "Received on" followed by the date of filing. Schedule 1 is the document required for truck owners to renew their vehicle registration tags at DMV. It is not mandatory that IRS will withdraw the tax amount at the same day the tax payer receives their schedule 1. IRS may withdraw the tax amount on a later date also. If IRS is unable to withdraw tax amount from the bank account specified in the Form 2290, they will send a notice to the tax payer stating the next steps on how to pay their tax.

How Tax Payment Credits can be Reported Through IRS 2290 Form?

Tax credits can be reported through Form 2290 in order to notify IRS that tax payer is eligible for credit. However credit cannot be filed with IRS Form 2290. Tax payer must use Form 8849 to complete the credit request. Tax payer is not allowed to report credit request alone with IRS 2290 Form. It can only be reported along with a suspended vehicle filing or taxable vehicle filing.

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