E-file Form 2290 for previous tax years
When it comes to tax returns of earlier dates, the situation can get out of hand for most people, especially the owners of trucks and who are striving to comply with the laws of the IRS.
And if you did not hand in the Form 2290—the Heavy Highway Vehicle Use Tax Return—for the last tax year on time, here’s something to be happy about: you can still e-file Form 2290 for the past years.
Notwithstanding if you were just left out, your business got new management, or it was due to some difficulty in the filing process, here is how you could handle it.
Why You Might Need to File for a Previous Year
There are numerous factors that cause truckers to go into default with the IRS as regards Form 2290.
Maybe you acquired a previously owned truck, and only lately, you just found it was unreported, or perhaps the vehicle weight was altered, and now past filings need to be corrected. Be that as it may, paying the tax at a later time does, nevertheless, not make you become free of the tax.
The IRS obliges that all taxable highway vehicles with a GVW (Gross Vehicle Weight) of more than 55,000 pounds pay the tax even for the year that has elapsed.
How to E-File Form 2290 for Prior Years
As opposed to the existing tax year, there are different software providers who are capable of helping you file for a previous year’s return. Most authorized IRS e-file providers support late filings. You select the right tax year and month of the first use of your truck, and then you are required to provide the details of your vehicle, your EIN, and mileage.
After the filing, you will be given the official form Schedule 1 that is crucial for registering your vehicle. Via e-filing, the process is accelerated, and the chances of mistakes are minimized.
IRS Penalties and Interest for Late Filing
Remember, submitting your returns late can lead to penalties. The Internal Revenue Service (IRS) charges interest and late filing fees. These penalties will grow the longer you hesitate. People can get a big sum of these fees if they have not been paying the taxes for a few periods.
By only executing a return way after the deadline, one is still better off than not filing it at all. It can still be the case that you have an acceptable excuse for being late and, thus, are fit to be forgiven.
Compliance Is Important and Prevents Future Problems
Declare your Form 2290 for the last period before noting down the times and dates of the current and the next years of taxes. On the whole, the usual deadline for filing Form 2290 is August 31 each year, and it refers to vehicles utilized in July. You can set up notifications or subscribe to e-filing services to keep you updated in advance.
Sending electronic returns regularly means you are compliant with the law and legally use your trucks in the United States of America.
