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CPA Discusses IRS Form 2290 Delayed Deadline | HVUT | Trucker Tax

CPA Wilmington NC discusses IRS Form 2290, HVUT for truckers.

Gary Bode, CPA: We serve truckers through a virtual accounting and tax office. You already have enough logistical problems. For a free initial phone consult call 399-2705.

Form 2290, Heavy Highway Vehicle Use Tax Return, usually due Aug. 31, will instead be due on Nov. 30, 2011. The IRS states this may reduce confusion and potential multiple filings of Form 2290 once Congress finalizes the changes in Highway Use Tax that expire September 30th. Under temporary and proposed regulations filed today in the Federal Register, the Nov. 30 filing deadline for the tax period that begins on July 1, 2011, applies to vehicles used during July, as well as those first used during August or September. Returns should not be filed and payments should not be made prior to Nov. 1. Note the IRS is not at fault for here. Congress continues to stall on legislation that impedes required IRS infrastructure support of these changes.

So, What About Obtaining a Stamped Form 2290 Schedule 1 during the Delay?

To aid truckers applying for state vehicle registration on or before Nov. 30, the new regulations require states to accept as proof of payment the stamped Schedule 1 of the Form 2290 issued by the IRS for the prior tax year, ending on June 30, 2011.

For those acquiring and registering a new or used vehicle during the July-to-November period, the new regulations require a state to register the vehicle, without proof that the highway use tax was paid, if the person registering the vehicle presents a copy of the bill of sale or similar document showing that the owner purchased the vehicle within the previous 150 days.

Form 2290 Basics and Recent Developments

Last year, the IRS received about 650,000 Forms 2290 and highway use tax payments totaling $886 million. The tax of up to $550 per vehicle is based on weight, and a variety of special rules apply to vehicles with minimal road use, logging or agricultural vehicles, vehicles transferred during the year and those first used on the road after July 31st.  For trucks and other taxable vehicles in use during July, the Form 2290 and payment are, under normal circumstances, due on Aug. 31.

Under federal law, state governments are required to receive proof of payment of the federal highway use tax as a condition of vehicle registration. Normally, after a trucker files Form 2290 and pays the HVUT, Schedule 1 is stamped by the IRS and returned to filers for this purpose. A state normally may accept a prior year’s stamped Schedule 1 as a substitute proof of payment only through Sept. 30. In general, the highway use tax applies to trucks, truck tractors and buses with a gross taxable weight of 55,000 pounds or more. Ordinarily, vans, pick-ups and panel trucks are not taxable because they fall below the 55,000-pound threshold.

“Recent IRS capability to E-File Form 2290 allows the tax processor, or website, to produce a watermarked (stamped) Schedule 1 immediately. Truckers can use the EFTPS online IRS service, which expedites proof of payment. These developments make compliance on HVUT easier.”
Gary Bode, Wilmington NC CPA and tax accountant

We’re a Wilmington NC CPA firm that serves the trucking industry through our virtual international office. Truckers have enough logistical problems already and don’t need to be tied to a specific geographic location at tax time. We handle issues through cell phones, email, faxes and Internet portals. If you’d like a free initial consult on any tax issue, please call us at (910) 399-2705.

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