Acquiring a Pre-Owned Truck? Remember to Complete Form 2290

If you are in possession of a heavy working vehicle, make sure to fill out Form 2290 as it is crucial for IRS compliance. Whether this is your primary truck or just a new addition to the fleet, let’s cover the compliance requirements for used trucks in terms of the Heavy Vehicle Use Tax (HVUT) filing.

What Is Form 2290? Its Significance

Form 2290 is a tax document that reports and pays Heavy Vehicle Use Tax (HVUT) on vehicles of over 55,000 pounds. Each truck owner must fill this out every year if they want to use it on the road legally. When obtaining a used truck, you will still have to fill out Form 2290, it simply gets stamped with your name instead.

When Is The Best Time To Fill Out Form 2290 For A Used Truck?

The timeframe for the HVUT tax year is from July 1st to June 30th of the following year. If a vehicle was in use at the beginning of that period, taxes should be submitted before August 31st. If however, mid year you acquire a used truck, then you must fill and submit it immediately by the end of the month following your first month of usage.

Example:

If you bought the truck and put it to use in March, you need to submit Form 2290 by April 30.

How to Complete Form 2290 for an used Truck Purchase

Form 2290 is easy to fill out and can be submitted online. Here’s how to do it:

Step 1: Collect Necessary Documents

• Vehicle Identification Number (VIN)
• Employer Identification Number (EIN)
• Taxable gross weight of the vehicle

Select an IRS approved E-file Provider.

E-filing gets you the fastest release of your IRS Stamped Schedule 1, which is now proof of payment made.

Step 2: Complete the Form and Send along Payment of HVUT

Payment can be made via electronic funds withdrawal (EFW), EFTPS, or check/money order.

Step 3: Get Schedule 1 Stamped Document

This is the document you will need in order to register the truck with the DMV.

How to Avoid Filing Late

The non-filer will face IRS penalties and interest charges after failing to submit Form 2290 in a timely matter. Even if the truck is driven around for a couple of month, as long as the vehicle is operational, you have to file.

Acquiring a used truck means a considerable expense, and Form 2290 compliance keeps you staying clear of unnecessary penalties and setbacks. A head start is granted for maintaining a functional vehicle towards business operations through e-filing 2290, which expediates the receipt of your Schedule 1.

Note: For more information, visit IRS website