Avoid Form 2290 Penalties with EZ2290

Form 2290 Penalties

Everything to Know About HVUT Penalties

IRS Penalties for Late Filing of Form 2290

The IRS imposes penalties for failure to file or pay your taxes by the due date. There are also penalties for filing false or fraudulent returns. Additional interest charges are also accrued on a monthly basis.

HVUT penalty charges

The penalty for failing to file Form 2290 can equal to 4.5% of the total tax due assessed monthly, while that for failing to pay HVUT can equal to 0.5%. There can also be additional interest charges of 0.54% per month.

Additionally, it can also result in suspension of the vehicle’s registration until the tax is paid and the filing is complete. In some cases, HVUT evasion can lead to incarceration as well.

Avoid penalties for HVUT tax?

You must file your Form 2290 by the last day of the month following the month of first use of the vehicle. If the due date falls on a Saturday, Sunday, or holiday, file by the next business day. Regardless of the vehicle’s registration renewal date, Form 2290 must be filled by the last day of the month following the month in which you first use the vehicle on a public highway during the tax period. The current period begins July 1, 2024, and ends June 30, 2025.

Penalty relief

If you need more time to file your Form 2290, you can request the IRS to give you an extension. Send a letter before the due date of the return explaining the cause of the delay. However, a separate request is required for an extension of time to pay.