The first compliance task you have as a truck owner after buying a new heavy-duty vehicle is filing IRS Form 2290. The form, officially known as the Heavy Highway Vehicle Use Tax Return, applies to vehicles weighing 55,000 pounds or more. For new trucks, Form 2290 has a different due date from the standard tax deadline calculation, making it important to understand when to file and how to file in order to avoid incurring penalties.
Form 2290 is essentially an excise tax that will pay for maintaining the highway. If you just bought a truck or added a new unit to your fleet, the IRS considers it a newly acquired vehicle, and thus the prorated tax period corresponds to the first month of operation. You must file the form and pay the Heavy Vehicle Use Tax (HVUT) by the last day of the month immediately following the month in which the truck was first operated on public highways. This rule applies whether you purchased the truck new or used.
Unlike the August 31 annual deadline, new trucks have a rolling due date. Meaning, if you first used the vehicle in March, you would have your Form 2290 filed and payments made by April 30. Missing the deadline would subject you to IRS late filing penalties, interest charges, and possible suspension of your vehicle registration. Therefore, in order to stay compliant, keep a record of your first-use month and count down to the due date thereafter.
You will need key details when you file your Form 2290 online or via mail: your EIN, VIN, taxable gross weight, and the vehicle's month of first use. Filing online via the internet saves a great deal of time, is more secure, and provides immediate access to the Schedule 1 proof of payment that is required by the Department of Motor Vehicles (DMV) for the truck registration.
That said, the IRS encourages electronic filing of Form 2290, especially in the case of fleets with 25 vehicles or more. E-filing will be an important means of ensuring that single-truck owners maintain their convenience and low error margins. Timely filing ensures waiver of penalty, FMCSA compliance, and legal running of trucks on the road. Knowing the special Form 2290 requirements that apply to new trucks will help keep your business clear of unnecessary penalties and downtime.
Note: For more information, visit IRS website
