Wednesday, 22 August 2018

Avoid These Consequences Of Not Filing Your IRS 2290

To continue operating legally, truckers need to file their Form 2290
The August 31st deadline to file the IRS 2290 is kind of like that pesky car on the freeway that keeps weaving in and out of your blind spots; one second you see it, the next second it looks like you’re clear... but you know in the back of your mind you aren’t out of the woods yet. Well, your IRS Form 2290 is just like that car, and it’s about squeeze back into your line of vision way too close for comfort. If you haven’t filed yet, these are some of the consequences of not filing your IRS 2290.

What Is IRS 2290?

Before we dig into the heavy topics, let’s dig in to the actual heavy stuff. Your IRS 2290 is also referred to as the Heavy Vehicle Use Tax (HVUT) and you are required to file it if you own and operate a vehicle with a gross weight exceeding 55,000 lbs. Vehicle body and all necessary accessories to function figure in to gross weight; what does not figure in to your vehicle’s gross weight is yourself or any loads you may be hauling. By filing your IRS 2290, you are basically renewing your papers with the US government; when you file your 2290, you will get a stamped Schedule 1 as proof of payment that helps you cross international borders and operate lawfully.

Consequences Of Not Filing Your IRS 2290

You have a giant truck. No way you’re flying under the IRS radar if you don’t file your 2290. So, what kind of consequences are we talking about? Well, it’s a little bit more than a slap on the wrist if you drop the ball on filing Form 2290...

Not Filing Your 2290 Makes You Kind Of A Fugitive

Since your IRS 2290 is kind of viewed as a license to operate in America, not filing your 2290 on time means you are now operating illegally. The DMV and DOT both look for a stamped Schedule 1, and without one you are not getting back into America if you delivered cargo outside the US border. If you get pulled over and your Schedule 1 is expired because you did not file Form 2290, your registration could be suspended.

Not Filing Your 2290 Causes Migraines Down the Road

You need a valid stamped Schedule 1 if you want to register any new vehicles or renew your tags. Plus, there’s that whole explain-yourself-when-pulled-over thing we touched on in the last paragraph. Being pulled over by the authorities is already a drag, and now you’re in extra hot water because your Schedule 1 is expired.

The Cost Of Not Filing Your 2290

The last, and perhaps biggest, reason to file your 2290 on time is that the IRS will charge you pretty much every day until you file. If you file your IRS Form 2290 late, you’ll automatically owe the IRS a penalty of 4.5% of the total amount of your owed HVUT. And on top of that, you will face monthly fee of 0.5% every month you continuously fail to file; this can accrue for up to five months.

Oh, and then there’s the additional interest charge of .54%.

So save yourself––and your wallet–– the hassle and file your 2290 online with our sister product ExpressTruckTax. They’re an IRS-authorized e-file provider, and can get you your stamped Schedule 1 in minutes; all you have to do is follow their simple step-by-step online filing process. Their US-based support team is standing by if you need any assistance.

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