We all know well that for truckers and owners of the fleet, the United States Internal Revenue Service has issued the main directive of being timely compliant with them
It will be hard to find an explanation of the Heavy Vehicle Use Tax (HVUT) and Form 2290 without Schedule 1.
It is absolutely obligatory for heavy highway vehicle owners and operators to submit IRS Form 2290.
Receiving a notice from the IRS about your Form 2290 can be stressful — but don’t panic.
Truck owners are required to file IRS Form 2290 once per year to report and pay the Heavy Vehicle Use Tax (HVUT).
HVUT or Heavy Vehicle Use Tax (HVUT) relates to the vehicle taxes due for public highway usage. It applies to the vehicles, which have a gross weight exceeding 55,000 pounds.
Trucking professional comes with its own set of challenges including administrative ones, the first one being applying for Employer Identification Number (EIN) application.
Even when completing something as serious as your Form 2290, mistakes are still a possibility. One major oversight that many truckers make is putting the wrong Vehicle Identification Number (VIN).
A trucking business must follow the rules and regulations set by the Federal Motor Carrier Safety Administration (FMCSA).
In case you are a truck owner or operator in the United States, filing IRS Form 2290 is a critical annual task.
