Form 2290 Amendment Procedure when Gross Weight of Your Truck has been Scaled Down

Reducing the gross weight of a truck amounts to filing an amendment of Form 2290 with the IRS. The amendment of the form takes place in order to change the Heavy Vehicle Use Tax so that its category weight changes according to the new weight. Thus, it leaves you with saving vast amounts of tax. The following are the procedures you need to go through in the process of Form 2290 amendment.

Why Form 2290 Amendment Required in the Case of Reduced Gross Weight

The gross taxable weight of your vehicle is used to figure the HVUT on Form 2290. In the event you reduced the gross weight of your truck, your truck could fall within a different weight bracket with a higher tax rate. A change like this would require an amendment to capture the adjusted taxable weight so you're not overpaying your obligations.

Which is the appropriate time to file an amendment for reduced gross weight?

File a Form 2290 amendment the moment gross weight reduction becomes effective. According to the rules of the IRS, the amendment has to be filed by the end of the month next to which the change takes place. Illustration: Weight reduction took place in May. Then you must file an amendment by the end of June. Filing time will minimize delay in getting a credit or adjustment if any is there.

Steps in Filing Form 2290 Amendment With Lower Gross Weight

Obtain the Required Information

Identify your business's EIN, VIN, and your copy of Form 2290 you submitted.

Capture new gross weight of the vehicle as this will be an input to the amendment

Fill Out Form 2290 Amendment

You can either access the Form 2290 amendment online or ask the IRS for a paper form.

In the form, put an 'Amendment' in case of the change of gross weight.

Mention your truck's original gross weight, new gross weight, and the effective date of the weight reduction.

The IRS has issued a tax table for HVUT in respect of gross vehicle weight. Use this table and arrive at the amount of new tax liability under the amended weight.

Deduct the new tax amount from the original tax paid to find out if there is any refund or adjustment.

Submit the Amended Form 2290

If you are e-filing, select an authorized IRS e-file provider to make the process of filing your amendment smoother. To paper file, mail the form to the IRS at an address listed in the instructions on Form 2290.

Keep a copy of the amended Form 2290 for your files and if additional, forward it to your state DMV.

Refund or Adjusted Tax Credit Receiving

If the gross weight charged is higher than what is taxable on the amended gross weight, you may be eligible for a refund or tax credit. You can claim a refund of the excess paid in HVUT by filling up Form 8849, Schedule 6. Or you can apply this credit towards the next tax period by submitting your Form 2290. The time to process your request for refund will take several weeks.

Avoiding Errors in Form 2290 Amendment

Ensure that your truck's new gross weight falls in the correct category of the IRS tax table.

File on time and do not forget to select the type of amendment you are filing to avoid delays in processing.

Keep copies of all forms. In addition, you should keep copies of the amended Form 2290, the original Form 2290, and any correspondence relating to the refund or credit.

An amendment to Form 2290 after your truck's gross weight has been reduced is a simple matter, but one that calls for caution so that one does not overlook some facts. You can save on HVUT with regard to its costs by timely filing an amendment after calculating the adjusted tax, and may even get a refund or credit to top it all off.

Note: For more information, visit IRS website