Welcome back truckers. Today at our article space, we are going to talk about the errors that can be avoided while filing form 2290. Before we talk about the topic, we would like to remind you about the first time used vehicles. If you have used your vehicles for the first time in the month of April, you are liable to report form 2290 by the end of May. However, the due date is over, and still you haven’t file your tax return, you can come over to Tax2290.com, the authentic service provider to file and report form 2290 online within minutes. Penalties would be charged based on the delay, however, you cannot leave the interest and penalties behind it stand mandatory for everyone who files late. Coming to the topic, we have listed out five important mistakes, which can be avoidable any day, coming straight from the e-filing experts themselves. |
1. Incorrect First-Used Month:
This cannot stand as the reason for your rejection, however, if you have keyed the first month of use wrong, the same would be imprinted in your schedule 1 copy and your tags. The tax year for HVUT begins July 1st of every calendar year. This means that for all renewals (trucks that have been in use already), the first-used month is automatically July, even if you’re filing in August. The only time you’d choose a later month is if the truck is purchased after or before the beginning of the tax year. For example, if you purchase a new truck in April, then that would be the first-used month. Obviously, May!
2. Name or EIN Mismatch:
Your name, business name, and EIN must match exactly what the IRS has on file. If any of the mentioned details are different from the information at the IRS end, or with a slight change, your return is likely to be rejected. If you are unsure of the name or EIN on file, you should quickly call the IRS to verify. The IRS EIN Hotline is 1-800-829-4933.
3. EIN Not Showing Up:
There are instances, when your brand new EIN is not accepted by IRS. Well, the reason is new EIN are not accepted by the IRS since they take some time to update the EIN in their books. And if you don’t have an EIN yet, you can apply online. Click here to know more.
4. VIN Errors:
These 17 little digits can make or break your return! Most often, incorrect VIN numbers lead to a duplicate filing error and it occurs when you try to file a return the same truck more than once. As per the IRS, only one return will be processed per VIN within the tax year. And if you have accidentally filing with the wrong VIN, the same is imprinted on your schedule 1 copy. Once you realize you have done a mistake, you will have to re-file your return, or you are answerable to the DMV officers.
5. Incorrect Bank Routing #:
This nine digit bank code is printed at the bottom left of a check, just before your account number. If you elect to pay your taxes by EFW (Electronic Funds Withdrawal), you will need to enter this information correctly, or your return may be rejected. However, if the return is rejected, you can correct the same and re-transmit the return to the IRS, only if you have filed with the same carrier before. Also, you will receive your stamped schedule 1 copy within minutes of your return is accepted, which is something paper filing misses it out. Get in touch with our Tax Expertise/ customer support for more assistance. We would be happy to help.
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