IRS Heavy Vehicle Use Tax– form 2290
June 30th marks the end of the 2010-2011, Heavy Vehicle Use Tax year. For non-exempt commercial trucks operating in July at a weight of 55,000 lbs or greater, you are required to file the Federal IRS Form 2290 for the 2011-2012 tax year and pay the appropriate fees by August 31, 2011.
Failure to file and pay the fees to the IRS by the deadline will result in a substantial penalty and interest charges being added to the cost. Each state is required to see a copy of your paid Heavy Vehicle Use Tax before they are allowed to renew your license plate tag so failure to pay these IRS fees can also delay the licensing of your trucks.
The amount of fee that you pay per truck is on a graduated scale, in 1000 lbs increments, from 55000 lbs up to 75,000 lbs. All trucks operating at more than 75,000 lbs are all grouped together and pay the highest, $550 per truck, annual fee.
The fee for the entire year is paid in advance on each truck even if you know the truck will be sold later in the tax year. If a truck is sold, stolen or destroyed during the tax year, the remaining unused portion of the tax paid can be used towards paying the Heavy Vehicle Use Tax on a new truck purchased in the tax year or used the following year to offset the tax on remaining vehicles. Make sure you keep accurate records to document the date a truck leaves your ownership as these may be required to justify any credits taken.
For trucks that travel under 5,000 miles per year, you are required to file the 2290 HVUT form but the truck is exempt from any fees. If you file the truck as exempt from fees because of the expectation of it traveling less than 5,000 miles but then, during the tax year, your needs change and the truck exceeds 5,000 miles, you are required to file an amended return and back-pay the appropriate fee for the entire year.
Truck chassis’ that are 100% exclusively used as a platform and attached to equipment involved in a job other than hauling a load are exempt and are not required to file a HVUT return. Examples of this type of equipment would be Cement Pumper, Crane, or Mobile Drilling Rig.
For fleets of 25 trucks and larger, the IRS requires that you electronically file your return through an approved 3rd party electronic filer.
Glostone Trucking Solutions can complete 2290 forms, file and provide proof of payment for all size fleets. Give us a call! 503-607-1088