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Managing a heavy highway vehicle fleet requires keeping track of all your taxes. For most fleet owners and trucking business operators, the Form 2290 is an annual measure to satisfy the Heavy Vehicle Use Tax. Just remember, however, if you need to change the information in your Form 2290 after you have submitted it to the IRS. Here, you would have to make an amendment of Form 2290 by updating all necessary information to maintain compliance with applicable regulations.
This guide will walk you through everything you need to know about making amendments to Form 2290, walking you through some very common situations like changes in the weight of vehicles, VIN corrections, and all changes in the taxable gross weight.
But before you amend, you have to know what form 2290 does. It is a report form or tax return that truck owners and fleet operators use to report the HVUT to the IRS. It will, therefore, be used by taxpayers who use highways, including cars with a weight of more than 55,000 pounds. These taxes pooled will then be used to maintain the federal highways.
While submitting Form 2290, it is a matter of fact that there exist a few situations where you would need an amendment. Here are the most common reasons for filing a Form 2290 amendment:
You will be mandatorily required to make changes to your Form 2290 if there is a variation in taxable gross weight of your vehicle during the tax period. That could be so because you add some extra equipment, such as a trailer or heavy cargo, and push that vehicle into a higher weight bracket. The HVUT is based on weight, so every increase may mean you pay more. Failure to amend could lead to penalties or even audits.
The HVUT has an exclusion for vehicles that drove less than 5,000 miles (7,500 miles for agricultural vehicles) during the tax year. If you excluded Form 2290 based on this exemption and now discover that your vehicle drove over 5,000 miles, you should file Form 2290 again. Then, your tax liability would be reassessed at that time.
Yet perhaps the most common form of amendment is the correction of a VIN on your vehicle. A simple spelling mistake or typo on a VIN can create delays and incorrect records and compliance problems for you. In contrast, correcting a VIN is perhaps the painless of an amendment you might ever have to make, and it will not in any way affect your overall tax liability.
If the vehicle had been suspended and then placed back into service, it would be necessary to amend. A vehicle would be suspended based on being withdrawn from roadways or driven fewer miles than the HVUT threshold. When bringing the vehicle back into service is important to the IRS via an amendment.
Filing Form 2290 Amendment appears to be a daunting task; it is rather easy. So, here's a step-by-step guide through the process.
The first step is identifying why there is a need for an amendment on Form 2290. As already stated, these amendments might arise from the gross taxable weight, the actual mileage exceeded, or a correction of the VIN.
Before filing, make sure you have all the details. This includes the EIN, information about the vehicle (such as its VIN) and any adjustments to gross taxable weight or miles.
It is always best to file Form 2290 amendment through IRS-authorized e-file providers. E-filing is faster but safer, and your amendment will be processed on time. You will be able to track your filing status and receive immediate confirmation when the IRS accepts your filing.
You will notice that in the event of increasing your tax burden perhaps because you have upped the weight of your vehicle, etc. you will then pay the additional amount with submitting your amendment. Getting easier to pay taxes: The IRS is accepting and has available for use multiple payment options including Electronic Funds Withdrawal (EFW), Electronic Federal Tax Payment System (EFTPS) and credit or debit card.
Once submitted, keep proof of submission with the Schedule 1, which the IRS will mail to you after processing your Form 2290 Amendment. The former will be proof that your Form 2290 Amendment is accepted, and likely useful if the IRS examines you in the future as part of an audit or compliance check.
Amendment Form 2290 is not too hard; however, there are some common mistakes you should be aware of:
You are not likely to change your Form 2290 very often, but sometimes that change is necessary, and it is crucial that you understand the process so you do not pay penalties and let your trucking business lose momentum. You may need to make changes due to the increased weight on your vehicles, have exceeded your mileage limits, or your VIN is incorrect. In any of these cases, amendment helps keep your trucking business abreast of regulations and in running properly. The e-filing of the Form 2290 amendments is really faster and efficient, and you get back on the road with minimal disturbance.
Being informed and proactive will help you handle any Forms 2290 amendments and keep your focus on the growth and success of your trucking business.
Note: For more information, visit IRS website
