How to Report Suspended Vehicles to the IRS?
When it comes to filing Form 2290, a vehicle is considered suspended by the IRS if it travels less than 5,000 miles in a year, or less than 7,500 miles if it is used for agricultural purposes. If the vehicle meets these requirements and it weighs 55,000 pounds or more, you are still required to file Form 2290 but will not owe a tax for this vehicle.
Form 2290 is a tax that has to be filed with the IRS if you have a vehicle weighing 55,000 pounds or more. The Form 2290 Due date for Heavy Vehicle Use Tax (HVUT) and must be filed every year by August 31st. The Form 2290 tax year is from July 1st to June 30th and is filed for the upcoming tax year. The amount of tax owed to the IRS depends on the Taxable Gross Weight of the vehicle. The only way that there will be no tax owed to the IRS is if the vehicle is considered suspended. Filing suspended vehicles on Form 2290 is made easy with ExpressTruckTax.
ExpressTruckTax is a leading Form 2290 e-filer where you can file your Form 2290 quickly and easily. When using ExpressTruckTax, reporting a suspended vehicle is simple. Start filing your Form 2290 with ExpressTruckTax by creating an account and then entering your business details and Employer Identification Number (EIN). Once you do this you will be asked to enter your truck details. You will specify what kind of vehicle it is by stating the make and model as well as the Vehicle Identification Number (VIN) number. Once you have entered these important details about your vehicle, you will specify if it is suspended or not. It is as simple as that to report a suspended vehicle in ExpressTruckTax to the IRS. If you know it will travel less than 5,000 miles in a year, or 7,500 if it is used for agricultural purposes, that is when you will mark it as suspended.
If a vehicle is filed suspended but actually exceeded the mileage required for it to be considered suspended, you will have to file a Form 2290 Amendment for Low Mileage Exceeded. ExpressTruckTax also offers this service. When you go to file your form, you will select to file a Form 2290 Amendment and specify the reason you are amending it. Once you file this amendment, you will have to pay the tax amount due to the IRS.
If you file a vehicle normally and do not file it suspended but end up not exceeding the mileage limit, you will have to file Form 8849 to receive your tax credit for the vehicle you filed and paid the tax for. You will go to ExpressTruckTax and select Form 8849 as the one you want to file. One of the drawbacks to filing this form however is that the IRS must process each manually so it may take a while before you receive your tax credit.
Why should you file with ExpresTruckTax?
Filing with ExpressTruckTax is not only easy but it doesn’t take long at all. It is a simple process and when you file there is a built-in VIN checker to make sure your VIN is correct. There are six questions that the form asks you and after that you are finished. Select the payment method you wish to use and follow the instructions that follow. If you are filing your vehicle as suspended, however, you will not be required to pay this tax for the HVUT. You will however transmit Form 2290 to the IRS to receive your stamped Schedule 1 as proof of filing the form. With the stamped Schedule 1 you are able to get your vehicle’s registration and tags.
Whether you need to file your vehicle as suspended or not, ExpressTruckTax has your back. You can file whichever form you need to file whether it is a Form 2290, a Form 2290 Amendment, or a Form 8849 and you will receive your stamped Schedule 1 in minutes after filing with ExpressTruckTax. If you are affiliated with a company, you can even request that we send the stamped Schedule 1 directly to them. You can also choose to have it faxed or mailed to you, but regardless of your choice, ExpressTruckTax will email you your stamped Schedule 1 as soon as the IRS accepts it.
