Why you should maintain proper records for heavy vehicle use tax – IRS form 2290
Keeping proper records of your filed tax information is a good business practice. Be it any kind of tax related return; form 1040, 1099 misc, form 8849 or form 2290. Let's focus on the importance of maintaining record for highway heavy vehicle use tax IRS form 2290.
It is essential that form 2290 filer maintains record for minimum 3 years for taxable highway vehicle registered in his name from the date the tax is due or paid. If you are a fleet owner who has filed form 2290 then always remember to keep the 2290 records handy as one never knows when IRS inspection may take place. Also keep copies of all previous returns and schedules you have filed and above all, even if the taxable vehicle is registered in your name for only a fraction of period, still you should maintain records for that as well. IRS expects you to keep each and every information of form 2290 filed by you. Now, the above information was mainly if you had taxable vehicle registered in your name. But what if you have a suspended vehicle in your name and have filed for that?
In that case let us consider the scenario where you have filed for a suspended vehicle. If the tax is suspended on a highway motor vehicle for a period because its use on public highways during the period did not exceed 5,000 miles (7,500 miles for agricultural vehicles), then in such situation you as a filer for form 2290 must keep the records for a minimum of at least 3 years after the end of the period to which the suspension applies.
Wondering what all information needs to be maintained for proper record keeping. Below is the answer to your question:
Keeping proper records of your 2290 information will save you from any future audits or civil and criminal penalties and keep you stress free. Greentax2290.com is an IRS authorized e file provider who not only assists you in completing your e filing of form 2290 on time but also maintains your previous filed records and furnishes and provides them to you as and when you require
It is essential that form 2290 filer maintains record for minimum 3 years for taxable highway vehicle registered in his name from the date the tax is due or paid. If you are a fleet owner who has filed form 2290 then always remember to keep the 2290 records handy as one never knows when IRS inspection may take place. Also keep copies of all previous returns and schedules you have filed and above all, even if the taxable vehicle is registered in your name for only a fraction of period, still you should maintain records for that as well. IRS expects you to keep each and every information of form 2290 filed by you. Now, the above information was mainly if you had taxable vehicle registered in your name. But what if you have a suspended vehicle in your name and have filed for that?
In that case let us consider the scenario where you have filed for a suspended vehicle. If the tax is suspended on a highway motor vehicle for a period because its use on public highways during the period did not exceed 5,000 miles (7,500 miles for agricultural vehicles), then in such situation you as a filer for form 2290 must keep the records for a minimum of at least 3 years after the end of the period to which the suspension applies.
Wondering what all information needs to be maintained for proper record keeping. Below is the answer to your question:
- A detailed description of the vehicle, including the VIN.
- The gross weight of loads carried by the vehicle in the same form as required by any state in which the vehicle is registered or required to be registered.
- The date you acquired the vehicle and the name and address of the person from whom you acquired it.
- The first month of each period in which the taxable usage of the vehicle occurred and any previous month in which the vehicle was used in the period while registered in your name, with proof that the earlier vehicle's use was not a taxable use.
- The date the vehicle was sold or transferred and the name and address of the purchaser or transferee. If it was not sold, the records must show how and when you disposed the vehicle.
- If the tax is suspended for a vehicle, keep a record of actual highway mileage. For an agricultural vehicle, keep accurate records of the number of miles it is driven on a farm/field.
Keeping proper records of your 2290 information will save you from any future audits or civil and criminal penalties and keep you stress free. Greentax2290.com is an IRS authorized e file provider who not only assists you in completing your e filing of form 2290 on time but also maintains your previous filed records and furnishes and provides them to you as and when you require
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