HVUT Penalties for form 2290 late filing

IRS imposes penalties for failing to file returns or pay taxes on or before the due date. There are also penalties for filing false or fraudulent returns. Interest is also charged on late payment along with the penalties. The penalty for filing a return late or paying the tax late will not be imposed if you can show reasonable cause for not filing and paying on time. If the filing is done after the due date (including extensions), attach an explanation to the return to show valid reason(s).

If you are filing HVUT for the whole tax year then the penalty for failing to file IRS Form 2290 by August 31st is equal to 4.5 percent of total tax due, assessed on a monthly basis up to five months. Late filers not making an HVUT payment also face an additional monthly penalty equal to 0.5 percent of total tax due. Additional interest charges of 0.54 percent per month accrue as well.

It is important to understand that the penalty is not calculated upfront by the e-filing systems when you e-file form 2290 and you can normally complete and submit the form 2290 e-file. IRS sends a notice for the penalty separately with clear instructions about how to pay it. So it is important for form 2290 e-filers to immediately e-file even if they have missed the deadline so that the penalty is minimized and also prevent the cancellation of your vehicle tag by the Department of Motor Vehicle (DMV).

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