Penalty for Late Filing Form 2290 – There are certain rules and regulations that every responsible citizen must follow, and paying taxes is one of them. If you are in the trucking business, you must be familiar with the Heavy Vehicle Use Tax (HVUT).

The HVUT return is an annual fee assessed on tax vehicles weighing 55,000 pounds or more and has run 5,000 miles (7,500 miles for agriculture vehicles) or above during the tax year. The HVUT return is paid by filing the IRS tax form 2290.

If you own a taxable vehicle that meets the above conditions, you must file form 2290 online and pay the HVUT return before the due date.

If your vehicle has traveled less than 5,000 miles (7,500 miles for agriculture vehicles) during the tax year, you are still required to file form 2290 specifying that you are filing for a tax suspended vehicle. However, you do not have to make HVUT payments for such vehicles.

Form 2290 Due Date

The due date for filing the HVUT is August 31 of every year. The tax period for the year begins from July 1, 2021, and ends on June 30, 2022. You can start filing anytime between July 1, 2021, till August 31, 2021.

The IRS also allows you to pre-file your form 2290 to avoid the rush of the peak filing season. For the tax period 2022-2023, pre-filing will begin on May 1, 2022.

Form 2290 Late-filing Charges

The IRS has separate penalties for not filing form 2290 on time.

  1. If you fail to file form 2290 on time, you will face a penalty equal to 4.5% of the total tax due, which will increase every month for up to five months.
  2. Late filers who fail to pay 2290 online must also face an additional monthly penalty equal to 0.5 percent of the total tax due.
  3. Interest charges of 0.54 percent per month will accrue as well.

When Does the IRS Impose A Penalty?

You will face a penalty by the IRS if you:

  • Fail to file Form 2290: If you fail to file form 2290 before the due date, you will face a penalty by the IRS. However, the IRS will provide you with an extension of time to file if you apply for the same, stating a valid reason, and the IRS accepts it.
  • Fail to pay estimated tax: If you file form 2290 before the due date but do not pay the total tax due for the tax year, you will face a penalty.
  • Check is dishonored: If your bank does not honor your check or any other mode of tax payment, the person will be charged with the penalty.

Form 2290 Filing: Request for An Extension

You can apply for an extension of time to file your form 2290 before the due date of the return. To request an extension, write to:

Internal Revenue Service

7940 Kentucky Drive

Florence, KY 41042-2915

Make sure that you provide a reasonable explanation for not being able to file before the due date. Except for taxpayers abroad, the IRS provides an extension of no more than 6 months.

Keep in mind that this extension of time only pertains to filing form 2290. Therefore, if you wish to request an extension of time to make the HVUT payment, you must request that separately.

Final Thoughts

It is crucial that you file your form 2290 and make your HVUT payment before the due date to avoid any late-filing charges.

Several e-file service providers send timely reminders to their customers to ensure that they do not miss the filing deadline. You can also choose to e-file your form 2290 to steer clear of IRS penalties.