Heavy vehicle owners and businesses are required to pay a dedicated federal tax known as the Heavy Vehicle Use Tax or HVUT. Every heavy vehicle owner or operator using heavy vehicles for transport on US public highways is required to file form 2290 and pay the HVUT return annually.
One is required to file 2290 Form for payment of the necessary tax amount. Filing of the form and payment of the necessary tax amount to a dedicated Internal Revenue Service or IRS becomes an essential process.
Who is liable to pay the tax amount?
- Heavy vehicle owners and limited liability companies who own trucks or other heavy vehicles with a weight of 55,000 pounds or more.
- Operators of heavy vehicles who use the heavy vehicle for transport of dedicated goods and have covered 5000 miles or above (7500 miles or above for agricultural vehicles) are required to pay the dedicated HVUT tax amount.
Filing of Form 2290 and payment of the necessary tax amount can be made possible through the e-filing process. Provision of necessary information such as Vehicle Identification Number and Employee Identification Number are necessary for the payment of HVUT amount.
After completion of the dedicated process of filing Form 2290 and making the HVUT payment, one is required to obtain a stamped Schedule 1 copy from the IRS. But what is Schedule 1 Form 2290?
The Schedule 1 copy serves as proof for both IRS as well as the taxpayer regarding the payment of the dedicated HVUT amount. After completion of the dedicated process of filing Form 2290 and payment of the tax amount through an online e-filing process, the taxpayer receives an IRSa IRS stamped and watermarked Schedule 1 Form 2290.
- How does the taxpayer receive the Schedule 1 copy?
The online process of payment of the HVUT Tax amount and receiving the Schedule 1 Form 2290 has been made quite hassle-free and convenient for the taxpayers. One can easily receive the same through his or her official email ID.
- What are the assistance services available if the Schedule 1 copy is lost?
In case a taxpayer loses their Schedule 1 copy, then he or she can easily get it by logging into their e-file service provider’s account and downloading it from the dashboard. They can also receive the Schedule 1 copy from the registered email id.
The importance of Schedule 1 copy can be further explained through the following given points:
- Schedule 1 copy serves as a proof of HVUT payment.
- The document also serves as proof for reporting suspension from payment of the HVUT tax. It means if a taxpayer is not required to pay the tax amount, then this document serves as proof for the same.
- The receipt enables easy and hassle-free movement of heavy vehicles on commercial highways.
- In the case of leasing and sale of a heavy vehicle, one is required to submit the dedicated Schedule 1 copy.
- The Schedule 1 copy is also essential to claim a refund on the overpaid HVUT amount.
Also, to obtain the Schedule 1 copy, one has to furnish various kinds of details like business name, address, gross weight of the vehicle, dedicated details about the first-month usage, number of vehicles owned, etc.
Schedule 1 Form 2290 is an essential piece of document that taxpayer receives upon payment of the HVUT tax. Truck operators and owners have to apply, obtain and keep the same within one’s possession for movement on commercial highways.
