Filing Form 2290 for Leased Trucks: What You Need to Know
The lease-of-heavy-highway-vehicles-operations are one of the common forms of operations carried out by trucking companies or owner-operators. Leasing is flexible but places special responsibilities relating to the Heavy Vehicle Use Tax (HVUT) and the filing of Form 2290.
As your trustworthy 2290 e-file service provider, we illuminate the obligations that leased trucks put on you.
One striking insight is that the IRS usually makes the registrant of the heavy vehicle highway or the first person who uses it on public highways during the tax period responsible for filing Form 2290 and paying the HVUT.
This means that if your lease on a truck lasts for 30 days or more during the tax period (July 1st to June 30th), you are most times the one required to file, regardless of whether you own the truck or not; it's a case of usage or operation control.
If you do not file or pay late for the HVUT for your leased trucks, you become a subject to immense IRS penalties: that is, fines and interest. Besides, you will need a stamped Schedule 1 (proof of filing) to register your vehicles with state DMVs. Don't risk expensive delays or failures to comply.
So when you're prepared to file, make sure you have the critical information needed for each leased truck: the Vehicle Identification Number (VIN), the gross taxable weight of the vehicle, and the month that the vehicle was first put into service on public highways during the tax period.
Our e-filing platform will make this simple by walking you through the entire process.
Using an e-file service such as ours offers the convenience and accuracy that stands beyond comparison. You can quickly and efficiently complete your Form 2290 for all of your leased trucks from any location. Our system minimizes the chance of error, and as soon as it's filed, you'll have your IRS-stamped Schedule 1 proof right in front of you, allowing you to hit the road without a moment's delay.
Get your HVUT compliance for leased trucks on track right now!
