Tag Archives: HVUT 2290

Form 2290 is due January 31st, 2011 for vehicle first used in December 2010.

Truck tax

www.Tax2290.com – Reminder, Heavy Vehicle Use Tax (IRS Form 2290) is due January 31st, 2011 if your vehicle first used in December 2010.

Have you used your vehicle first time in January 2011 since July 1st, 2010?

If YES, then you need to file Form 2290 before end of this month and get your IRS stamped Schedule-1 copy instantly at www.Tax2290.com

Is your gross weight Increased? Is your Vehicle Mileage Limit exceeded since the recent tax return?
If YES, then you now need to file an Form 2290 Amendment to get the corrected Schedule-1 in minutes. Also you can claim your refund from IRS by filing Form 8849 Schedule-6 at www.TaxExcise.com Continue reading →

Know more about Record Keeping.

Record keeping:

Keep records for all taxable highway vehicles registered in your name for at least 3 years after the date the tax is due or paid, whichever is later. They must be available at all times for inspection by the IRS. Also keep copies of all returns and schedules you have filed. Keep your records even if a vehicle is registered in your name for only a portion of a period. If thetax is suspended on a highway motor vehicle for a period because its use on public highways during the period did not exceed 5,000 miles (7,500 miles for agricultural vehicles), the registrant must keep the records at least 3 years after the end of the period to which the suspension applies.

Records for each vehicle should show all of the following information.

  1. 1. A detailed description of the vehicle, including the VIN
  2. 2. The weight of loads carried by the vehicle in the same form as required by any state in which the vehicle is registered or required to be registered.
  3. 3. The date you acquired the vehicle and the name and address of the person from whom you acquired it.
  4. 4. The first month of each period in which a taxable use occurred and any prior month in which the vehicle was used in the period while registered in your name, with proof that the prior use was not a taxable use.
  5. 5. The date the vehicle was sold or transferred and the name and address of the purchaser or transferee. If it was not sold, the records must show how and when you disposed of it.
  6. 6. If the tax is suspended for a vehicle, keep a record of actual highway mileage. For an agricultural vehicle, keep accurate records of the number of miles it is driven on a farm.

Updated Federal Heavy Vehicle Use Tax (FHVUT) information:

The unladen weight of a vehicle plays no part in Federal Heavy Vehicle Use Tax determination. FHVUT proof is needed only if a commercial motor vehicle is operated at 55,000 pounds or more combined gross vehicle weight (CGW).

The Department of Motor Vehicles (DMV) no longer accepts evidence that an applicant is making payments to the Internal Revenue Service (IRS) for FHVUT proof. IRS stamped Form 2290 Schedule 1 copy is a must and should be carried. For efiling, IRS issues a watermarked schedule 1 copy as proof. The IRS does not accept partial payments for FHVUT.

The IRS requires taxpayers with 25 or more vehicles to file their FHVUT Schedule 1, Form 2290 electronically (they cannot paper file). Continue reading →

Form 2290 – HVUT efiling starts from July 1st 2010.

Heavy Vehicle Use Tax season is just around the corner. The tax period starts on 1st July 2010. Hope you are aware that IRS has mandated e-filing for taxpayers with 25 or more vehicles with registered gross weight of 55,000 lbs or more, but always encourage everyone to do e-filing.

Tax2290.com has simplified e-filing process and provides many unique features to serve you better. You can try for free at www.tax2290.com. If you are satisfied, you can submit it online.

EIN# is a must to efile taxes with IRS. Owner Operators and Business Owners without EIN can not efile their tax returns with IRS. Don’t have an EIN# then register for one online with IRS. An Employer Identification Number (EIN)  can be applied in various ways, and now you may apply online. This is a free service offered by the Internal Revenue Service. Visit www.irs.gov or click below link to apply online http://www.irs.gov/businesses/small/article/0,,id=98350,00.html Continue reading →

Are you putting your Heavy Vehicle for Sale?

Putting your Truck Sales for Sales?

If you sell a heavy vehicle while under suspension, a statement must be given to the buyer and must show the seller’s name, address, and EIN; VIN; date of the sale; odometer reading at the beginning of the period; odometer reading at the time of sale; and the buyer’s name, address, and EIN. The buyer must attach this statement to Form 2290 and file the return by the last day of the month following the month the vehicle was purchased.

If, after the sale, the use of the vehicle exceeds the mileage use limit (including the highway mileage recorded on the vehicle by the former owner) for the period, and the former owner has provided the required statement, the new owner is liable for the tax on the vehicle. If the former owner has not furnished the required statement to the new owner, the former owner is also liable for the tax for that period.