Category: IRS penalty

Form 2290: Fees and Penalties for Filing Late

Posted on September 1, 2015 by - 2290 penalty, form 2290 penalty, IRS Penalties, IRS penalty

As of today, the IRS deadline for Heavy Vehicle Use Tax is officially in the books. If you’re in a frenzied panic right now because you just realized that you’re one of the ones who missed the boat, don’t worry. There are some late fees and penalties you will have to deal with, but none are too extravagant as long as you get filed and don’t put it off!

Penalties:

Neither late penalty is too severe, but the combination of the two can add up quickly if you continue to wait. Below are the IRS penalties for not submitting your 2290 submitted before the deadline:

Late Payment Penalty:

Whether you’ve filed already or not, if you didn’t make your payment to the IRS before the deadline you will be required to pay a late payment penalty.

The penalty for late payment of taxes is an additional 5% of the total tax amount for each month the payment is late. Along with the 5% of the total tax amount added, the IRS will also charge .54% interest monthly on the total outstanding balance.

Late Filing:

This is the less severe of the two penalties, and is also more easily avoided. If you have not filed your 2290 at all, get a move on! The IRS charges an additional 4.5% of the total tax amount due that is added to your total every month for up to five months.

Not to mention, if you are driving around without a valid and current Schedule 1, you can face much more serious penalties. Many states that catch drivers without the proper tax paperwork will actually suspend the driver’s license or tags; don’t let that be you!

How Can I Limit These Fees?

The easy answer is to go to ExpressTruckTax.com and get filed today! It only take a few minutes, and the longer you wait, the more you’ll have to pay.

If you want to get filed but don’t have the money to pay the tax fees right now, there are some alternative options to limit the fees you owe. Even if you don’t have the money to pay the taxes, you can still get filed today, and then select check/money order as your payment method. This will keep you from having to pay the late filing penalty, and then you can just send in your check/money order as soon as possible. 

So as you can see, the penalties for not filing or paying on time can get quite costly if you continue to wait, especially if you have a large tax amount owed. So please take our advice and get filed and paid today! We don’t want you to have to give the IRS and more of your hard-earned money. If you have any questions about 2290 late fees or about getting your 2290 filed, just give us a call at 704.234.6005, or email us at support@expresstrucktax.com.

How to Handle a Suspended Vehicle That is Destroyed

Posted on August 29, 2012 by - 2290 deadline, 2290 e-file, Destroyed Vehicle, expresstrucktax, Form 2290, heavy vehicle use tax, HVUT, IRS penalty, sold vehicle, Suspended vehicle, transferred vehicle, TSNA

When you have a suspended vehicle that is destroyed at some point during the year, how do you report that to the IRS? Since there was no tax paid the previous year, you would not have to report the vehicle as being destroyed to the IRS.

If the vehicle had been sold or transferred, it would then need to be reported as a ‘Prior Year Suspended Vehicle’ that was sold/transferred.  You will need the name of the person/business you sold/transferred it to and the date.

If you have a taxable vehicle that was destroyed during the tax year, you would want to make sure that you report that vehicle as destroyed to the IRS for two reasons. First, if you do not report it as destroyed, the IRS will assume you owe the tax on it and you could risk a penalty for not filing.  The other reason is when you file it destroyed, you will be able to claim a refund for the months that you had previously paid for, but it was not used.

Our tax experts at ExpressTruckTax can help you with this question and more.  Or check out our FAQ’s to find answers to your specific situation.  E-File Form 2290 and receive your Stamped Schedule 1 within minutes at ExpressTruckTax.com.

Friday is the deadline so to E-File the Form 2290 online now, go to ExpressTruckTax.com. If you have any questions, contact our friendly US based customer support center in Rock Hill, SC at 704-234-6005 or email us at support@ExpressTruckTax.com.