Federal Tax Form 2290

Federal Tax Form 2290 is used to file the annual tax with IRS on the heavy vehicles that operate on public highways and the taxable gross weight is equalto or more than 55,000 pounds. For vehicles over 75,000 pound, the maximum heavy highway vehicle use tax (HVUT) is $550 per year. Bureau of Motor Vehicles (BMV) requires the proof of payment (Schedule 1) of HVUT each year and the non-compliance leads to penalty. The tax period for HVUT begins on July 1 every year and ends on June 30 the next year.

Who is required to pay HVUT?

if a taxable highway motor vehicle is registered in your name at the time of its first use during the period and the vehicle has a taxable gross weight of 55,000 pounds or more and it is expected to exceed the mileage above 5000 miles (7500 miles for Agricultural & Logging vehicles), the business is required to pay the HVUT to the IRS.
If the business plans to drive less than 5000 miles (7500 miles for Agricultural & Logging vehicles) in the tax period, they can file the vehicle as Tax-Suspended vehicle and no tax will have to be paid. However, filing form 2290 for the Tax-Suspended vehicle is mandatory.

What is Taxable Gross Weight of a vehicle?

The Gross Taxable Vehicle Weight can be determined by adding together the actual unloaded weight of the vehicle, trailer, and semi-trailor with the weight of the maximum load generally carried on the vehicle.

What is the penalty for not filing HVUT?

IRS may impose Penalties for multiple reasons on federal tax form 2290 filing. Penalties will be estimated if you fail to file HVUT returns or pay taxes within the due dates. HVUT Penalties may also be imposed if there are any false or fraudulent returns. These penalties are also in addition to the interest charged on late payments.
Penalties for late filing or late payment of HVUT may not be imposed for a valid reason. If you file after the HVUT due date, you need to attach an explanation with the return for the delay.