Steps on Filling the Form of 2290
The Federal Motor Carrier Safety Administration (FMCSA) is a United States Department of Transportation agency that regulates the trucking industry. The FMCSA was created in response to the Commercial Motor Vehicle Safety Act of 1986. One of the main functions of the FMCSA is to collect taxes on goods transported by commercial motor vehicles, known as heavy trucks.
One of the tax forms that the FMCSA requires trucking companies to file is known as Form 2290. If you are a trucking company owner or operator, you must understand how to properly file Form 2290. This article will provide an overview of the form and instructions on how to complete it.
What is 2290
How to Fill the Form 2290
Form 2290 reports the annual highway use tax for vehicles with a gross weight of 55,000 pounds or more. The tax is paid by the owner of the vehicle and is based on the number of miles the vehicle travels.
• To fill out the form, you will need the following information:
• The date the vehicle was first used on public highways during the current tax year
• The vehicle identification number (VIN)
• The total weight of the vehicle
• The taxable gross weight of the vehicle
• The name and address of the registered owner
Once you have gathered the necessary information, you can begin filling out the form. The form is divided into two sections: Part I and Part II.
• In Part I, you will need to provide your name and address, the vehicle identification number (VIN), and the vehicle’s taxable gross weight. You will also need to indicate the type of tax payment you make. If you are paying by check or money order, you will need to provide the information for the financial institution where the payment will be made.
• In Part II, you will need to provide the total miles the vehicle was driven during the year and the number of miles the vehicle was driven in each state. You will also need to indicate the type of vehicle and the purpose for which it is used.
Once you have completed both sections of the form, you will need to sign and date the form. Be sure to keep a copy of the form for your records. You can mail the completed Form 2290 to the address listed on the form or submit it electronically. If you choose to file electronically, you will need to provide your credit card or bank account information for payment.
When to File the Form of 2290
Form 2290 must be filed by the last day of the month following the month the vehicle was first used on public highways. For example, if the vehicle was first used on public highways in June, Form 2290 must be filed by July 31. If you file electronically, you have until August 31 to file the form.
You may be subject to penalties and interest if you fail to file Form 2290 or pay the highway use tax when it is due. The penalty for late filing is 4.5% of the tax due, plus interest at the rate of 0.5% per month. The maximum penalty for late filing is 25% of the tax due.
If you do not pay the highway use tax when it is due, you may be subject to a penalty of 10% of the tax due, plus interest at the rate of 2% per month. The maximum penalty for failure to pay is 20% of the tax due. In addition, if you do not pay the highway use tax when it is due, your vehicle may be subject to seizure and sale.
