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By Tyler Hall
The purpose of IRS form 2290 e-filing system is to provide an efficient way to e-file truck tax with ease and less chance of mistakes. While the Internal Revenue Service (IRS) suggests choosing from a list of e-file providers, all are approved by the IRS itself.
The IRS offers support and assistance to the companies so that all of them are qualified to offer help for taxpayers who have difficulty with the electronic filing system. IRS calls it MEF as an abbreviation of Modernized E-file System.
For many truck-drivers, they worried about the new e-file system is that they will be stuck without a stamped copy of their Schedule One, which can cause problems when leasing or purchasing insurance and renewing the vehicle registration tags at DMV, but the e-filing companies have handled this problem by providing an electronic copy of the schedule one with a company logo or watermark which is provided by the IRS, which can then be printed out immediately. The electronic copy is the exact replica of the original one IRS provides at IRS offices.
There are also exemptions for most of the other vehicles including Red Cross, bloodmobiles, government vehicles, volunteer rescue services and more. Even if you’re not responsible for paying the fee, you’re still liable for at least filing Tax Form 2290 to show you are free of the obligation. IRS insists that Form 2290 should be used for this kind of reporting. The reporting includes
— suspended vehicle reporting
— credit vehicle reporting
— sold suspended vehicle reporting
— Prior year mileage exceeded vehicle reporting
If the tax payer’s vehicle falls under any of the above category he should use Form 2290 to report the information to IRS.
If you feel confused about the procedures and information to use, you should better consult an expert. You have good chances of processing your IRS form 2290 filing if you have an expert to guide you. Look for an attorney or legal counsel specializing on tax. IRS Form 2290 filing with wrong information can only cause several complications so it is best you do not commit a mistake at any cost.
Talking about the vehicle identification number, you can collect the information required for filing IRS form 2290 from the actual vehicle, its title or registration. Vehicle identification number usually comes in 17 characters – a combination of letters and numbers. Filers should collect the vehicle identification number from the vehicle and not the trailer. If the VIN number is older which is prior to 1981 IRS welcomes its filers to fill the leading position of VIN number with ‘X’ to make up VIN number of 17 characters.
There are three different classifications for HVUT rates for these vehicles.
Vehicles below 55,000 pounds do not have HVUT because they do not qualify as a heavy vehicle. Vehicles between 55,000 and 75,000 pounds owe $100, plus $22 per 1,000 pounds over 55,000 pounds. Finally, for vehicles that are above 75,000 pounds the maximum HVUT is $550 per year. All the above rates are based on when the vehicle is first used on road. It also determined by the total weight of the vehicle and whether the vehicle is in logging or non logging vehicle category. IRS directly deducts tax amount from the filer’s bank account. Check payments are not allowed to use if the filer is using an online filing system.
The IRS announced that they will start accepting the Form 2290 for Tax Year 2012 2013 on July 1, 2012. There will not be any delay in the tax like last year.
About the Author: Tyler is an associate of Etax2290 which is a leader in e-file industry, with approval from IRS and various other trusted organizations for filing
IRS form 2290
online with ease and hassle free. File
form 2290
now and avoid possible penalties.
Source:
isnare.com
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