There is a new extension for those that drive trucks for a living. The IRS has extended the federal highway tax return. For those truckers and other owners of heavy highway vehicles, their tax federal tax returns will be due Nov 30, 2011 instead of Aug 31.
The highway use tax applies to that weigh 55,000 pounds or more. Vans, pick-up trucks, and panel trucks usually don’t count because they do not reach the minimum weight.
The extension is used to alleviate any complications with possible multiple filings. This could occur if Congress because the highway use tax is supposed to expire on Sep 20, 2011. The extension will be helpful if Congress reinstates or modifies the tax after that date.
The Federal Registrar recently proposed regulations that apply to Form 2290, Heavy Highway Vehicle Use Tax Return. The tax period begins July 1, 2011, and it applies to all vehicles used during July to September. According to this, truckers should not file returns or make payments before Nov 1.
In order to make the process easier for those that applying for state vehicle registration, states must accept the Schedule 1 of Form 2290 issued by the IRS ending on June 30, 2011. Usually, states normally accept a stamped Schedule 1 as a substitute proof of payment only through Sept 30.
If you are registering a new or used vehicle between July and November, new regulations require a state to register the vehicle if the owner purchased the vehicle in the past 150 days.
Remember, the maximum tax of up to $550 per vehicle is calculated by the weight of the vehicle. Other variables include logging or agricultural vehicles and those with minimum road use.
The IRS received approximately 650,000 Form 2290 that totaled $886 million dollars. Trucking is big business, and the drivers are great potential clients. TaxSlayer Pro offers guidance in how to deal with all customers. If you live in a urban area, or near a prominent interstate, there are bound to be transportation by truckers everyday. Take advantage of these client opportunities by using a an efficient tax preparation program with unlimited e-filing and great support.