What a year it has been! As the year wraps up, it is the perfect time to make sure you have good records when entering the New Year. You never know when you will receive an audit from the IRS, and keeping good records will help prepare you for this.
A Preparers Tax Identification Number (PTIN) is an IRS business tax identification number issued to paid preparers of U.S. federal tax returns, like the Form 2290. Anyone who receives compensation for preparing tax returns is considered a paid preparer and must have a PTIN issued by the IRS.
Suspended vehicles are vehicles that travel less than 5,000 miles on public highways (7,500 miles for agricultural vehicles). These types of vehicles still need to file a Form 2290, but will owe $0 in taxes. Since there is no tax amount due to the IRS for these kinds of vehicles, the IRS wants proof that your vehicle travels under that mileage limit.
We have been noticing more and more of our customers who have filed suspended returns get audited by the IRS and did not have the right kind of proof to defend themselves. We don’t want this happening to anyone else.
You have spent a lot of time collecting all your tax information, filing the Heavy Vehicle Use Tax, and you finally received your stamped Schedule 1. To your surprise and dismay, you see that a typo was made in the VIN. Where do you go from here?
Thankfully, we offer VIN corrections at no charge. “No charge” meaning completely free– you don’t pay us anything and you don’t pay the IRS any more taxes.
There are four methods of payment for IRS Form 2290 Taxes. They are as follows:
- Payment Voucher: This method is used if you want to pay your taxes by mailing in a check. Simply print the voucher, write a check with the tax amount due, and mail it off to the U.S. Treasury.
- Bank Account: To pay by bank account, type in your routing and account number. The website will also ask you for your bank name, account type (checking or savings), and phone number.
- Electronic Federal Tax Payment System (EFTPS): This is a government website where you can schedule most federal tax payments. Payments by EFTPS can be made both online or over the phone. We do not recommend this method of payment if you do not already have an existing EFTPS account. You can always register for an EFTPS account at www.eftps.gov or by calling (800) 555-4477.
- Credit Card: This is a new option to our website. Customers can now pay with a Visa or Mastercard. This feature has a 5% non-refundable convenience fee attached to it.
Before you can file your 2290 Form, you MUST have an Employer Identification Number (EIN). An EIN is a 9-digit number issued to you by the IRS. This number recognizes you or your company as a business identity. Since the 2290 Form is a business tax, the IRS wants a business ID on the form. Though the IRS has accepted Social Security Numbers in the past, they no longer accept them for this tax. Even if you are a Sole Proprietor, you still need an EIN.
Most people don’t realize the work it takes to actually get a truck on the road, but I’m sure you do! From licensing, registration, permits, and taxes like the Heavy Highway Vehicle Use Tax– the list just goes on and on. You’re in luck because one of my favorite things to do is save people money. I have listed below different ways to save some money when it comes to the Heavy Highway Vehicle Use Tax.
The IRS hasn’t been known for making anything simple. Like, at all. Ever. In all their existence. When it comes to the Form 2290 instructions, it’s okay that the IRS is not simple because you have me to make it simple for you.
My goal of this article is to take IRS jibberish that seems to be written in this fashion-
IRS: The motor vehicle parked adjacent to the standing infrastructure on the northeast corner of the 1600 block is painted by an irrelevant painter *insert irrelevant name here* to whom chose the shade of red to coat the exterior portion of the motor vehicle to give it a distinct, vibrant shade according to the 11th jurisdiction of the United States.