The deadline for filing and paying the Heavy Vehicle Use Tax (HVUT) for most heavy Commercial Motor Vehicle (CMV) owners is right around the corner on September 2nd, 2014. Failing to meet this looming deadline can have expensive and detrimental consequences for your trucking company!
Purpose Of The Heavy Vehicle Use Tax
The HVUT, or road use tax, is often grumbled about as an annoyance and added expense for trucking fleets, but it is an integral part of keeping our nation’s highways in good repair. In 2006, this tax generated $1.4 billion for the Federal Highway Trust Fund! The funds collected are distributed throughout the states for highway maintenance, highway repair, and related programs.
The funds from the HVUT benefit CMV drivers and everyone on the road. They are used for a variety of purposes, including:
- Improving existing highways
- Highway and bridge maintenance
- Safety programs
- Congestion relief programs
- New highway construction
- Increasing mobility
- Improving efficient movement of goods around the nation
- Increasing highway safety
Who Is Subject To HVUT
Companies or individuals who owns a registered heavy motor vehicle that is used on public highways with a gross weight over 55,000 pounds is required to file and pay the HVUT. Although there are some exceptions, this tax generally applies to most big trucks. You can file for a suspension if the truck is not expected to be driven on public highways for more than 5000 miles during the annual filing period.
How To File HVUT Form 2290
Trucking companies and owner-operators can find Form 2290 on the IRS website, along with instructions for filing. The filing season begins July 1st and generally runs until August 31st for trucks that are first used on public highways during the month of July. This year’s deadline has been extended to September 2nd. Please see the table below for more details.
To file Form 2290 correctly, you must have:
- Employer Identification Number
- Employer name to match EIN
- Vehicle Identification Number
- Taxable Gross Weight
To figure out the taxable gross weight of your truck, add up the actual weight without a load, the actual unloaded weight of any trailers that will be used with the vehicle, and the weight of the maximum load that is typically carried.
It saves time and hassle to file for the HVUT online, and truck owners who will be filing for more than 25 vehicles are required to use the online option. Proof of HVUT filing must be submitted to the DMV to renew the vehicles registration.
Trucking Companies Face Big Consequences For Failure To File
Failing to file for the HVUT correctly by the fast approaching deadline can create added penalties and potentially even jail time. Penalties are assessed for each month that a carrier fails to file for the first 5 months. The fees equal 4.5% of the tax due, so for the average $550 use tax, an owner can be liable for over $700 for late filling.
Failure can mean more than just being faced with paying a couple hundred extra dollars. You could face suspension of the vehicles registration, which will cost you tons in lost revenue. If you try cheating or lying on the tax form, you could even be looking at prison time and thousands of dollars in fines for evasion. It’s in your best interest to file Form 2290 on time and with honest and accurate information about your vehicle.
Office Tenders – Helping Trucking Companies Meet DOT Requirements
With services from Office Tenders, you don’t have to worry about your trucking company missing important deadlines! Office Tenders saves you time with our DOT paperwork services so that you can focus on the road. We offer driver qualification file services, random drug and alcohol testing support, and obtaining authority assistance. Feel free to contact us with any questions!
