The Consequences of not Filing Form 2290 by the December Deadline
Penalties:
Late Filing Penalty: You'll be penalized 4.5% of the total amount of tax due for every month the form is late, up to a maximum of 25% or five months.
Late Payment Penalty: Besides the penalty for late filing, you'll also have to pay 0.5% for every month the tax payment is late.
Interest Charges: You also become liable for interest on that unpaid tax amount from due date.
Other Problems:
Vehicle Registration Issues: Sometimes, some states do not permit registration of your vehicles if you haven't submitted Form 2290
Risk of IRS Audit: Filing becomes non-reporting; this raises chances of getting audited. In such cases, other penalties and interest charges start coming up.
Action Steps:
File Now: If you haven't filed yet, file now. The sooner you file, the less penalties and interest you'll have to pay.
Pay as Much as Possible: Pay as much tax as you can to lessen the late payment penalty.
Request an Extension (if applicable): If you have a valid reason for missing the deadline, you can request an extension from the IRS. However, it is best to file the extension request before the deadline.
Note : Laws on taxes may be extremely detailed, and all information should be used as general information only. All matters require consultation with our customer support team.
