The Internal Revenue Service (IRS) has announced an important update for truck drivers and large bus operators regarding the filing of Form 2290, the Heavy Highway Vehicle Use Tax Return. The new deadline for filing is Tuesday, September 3, 2024, for vehicles first used in July 2024—a shift from the standard August 31 deadline due to the weekend.
This tax is applicable to vehicles weighing 55,000 pounds or more that are either registered or mandated to be registered. Form 2290 must be submitted by the last day of the month following the first use of the vehicle on public highways during the taxable period, which spans from July 1, 2024, to June 30, 2025.
Essential Highlights:
- Deadline Reminder: Ensure Form 2290 is filed and the associated tax is paid by September 3, 2024, for vehicles first used in July 2024.
- Prorated Tax for Late Use: Vehicles put into service after July 2024 will have their tax prorated based on the months they are operational.
- Encouragement to File Electronically: The IRS recommends e-filing for all taxpayers, particularly those operating 25 or more vehicles. Electronic filing provides immediate access to a stamped Schedule 1 as proof of payment once the IRS accepts the return.
- Payment Methods: Taxpayers can settle their tax using a credit or debit card, digital wallet, electronic funds withdrawal during e-filing, or through the Electronic Federal Tax Payment System. Additionally, checks or money orders can be mailed with Form 2290-V.
Crucial Information Needed for Filing:
- Vehicle Identification Number(s) (VIN)
- Employer Identification Number (EIN) – Note: A Social Security number is not acceptable. Establishing a new EIN may take up to four weeks.
- Name associated with the EIN application
- Taxable gross weight for each vehicle
