The Complete Guide to the IRS 2290 for Large Fleets

If you manage a large fleet of trucks, there is no denying that some parts are more complex than others. Filing the Heavy Vehicle Use Tax (HVUT) IRS Form 2290 is one of them. It is worth noting that fleet owners need to be compliant with such rules and regulations in order to avoid fines, as well as keep their trucks operational. This guide offers large fleet operators what they need in terms of requirements, bulk filing opportunities, and important benefits of IRS 2290.

Everything there is to know about IRS Form 2290 for Large Fleets

If you are an operator of a heavy vehicle, such as trucks, you should know that you must pay the tax or “Heavy Vehicle Use Tax” (HVUT) as well as file the corresponding IRS Form 2290 if your vehicle is equal to or takes 55,000 pounds or more. The revenues from these taxes are funded into the maintenance of highways throughout the whole United States. This is also why large fleet operators are required to file Form 2290 even for the vehicles in their fleet exceeding the qualifying amount, on an annual basis. Those who have 25 or more heavy vehicles within their fleet for business also have to file Form 2290 electronically rather than using paper files.

E-Filing and Bulk Filing Features for Large Fleets

Bulk filing or E-filing is a great option for fleet operators that have multiple trucks in their fleet. These options meet the IRS reinment of 25 or more vehicles. Additional benifits from e-filing include:

• Immediate issuance of Schedule 1 followed by faster processing time.
• Amended taxes and VIN changes can be done swiftly.
• Payment options include: credit/debit cards, EFW, or EFTPS.
• Filing status is accessible instantly.

When filing for Form 2290 for Large Fleets:

Submitting an IRS 2290 for large fleets is always due on August 31 each year. But, if there are new trucks, taxes are due by the last day of the month that follows the first usage. To complete the submission:

• Capture taxable gross weight of fleet vehicles with their corresponding VINs.
• Uses approved e-filed to claim an IRS.
• Form 2290 is submitted electronically.
• Issues payment schedule that is Schedule 1 proof, which is used for vehicle registration and compliance prerequisites.

Avoiding Penalties and Ensuring Compliance

Penalties and interest applied are the result of failing to submit Form 2300 on time.

The penalty for filing too late is 4.5% of the total tax due, calculated every month for a maximum period of five months. Late payments incur additional IRS penalties of 0.5%. Late penalties are combined with an additional future interest of 0.54% each month. Autofiling and reminders will assist fleet operators with submitting on time.

Fleet operations can be greatly affected when not complying with IRS 2290 and can result in penalties. With e-filing, the process is simplified as submissions can be bulked which results in faster processing time.

Fleets can greatly reduce downtime on trucks by staying ahead of deadlines with IRS approved e-filing solutions effectively managing their HVUT obligations.

Note: For more information, visit IRS website