Here are the 3 most important tips you will need to accurately report your vehicle identification numbers (VINs) on HVUT Form 2290.
When it comes to reporting your federal highway vehicles to the IRS, there is only one qualifier that defines the uniqueness of your vehicle and it’s known as the Vehicle Identification Number or VIN.
And it’s a pretty important one.
Submitting HVUT 2290 return without specifying your Vehicle Identification Number is the perfect recipe to get your files rejected.
Reporting your vehicle identification on your 2290 return is important. Period.
But there is more to it.
VINs save most taxpayers from scams and straining tax liabilities.
Scenario #1: Reporting VINs For Used Vehicles
If you’re reporting a vehicle identification number for a used vehicle that you just bought, then you might want to check if the seller also sold you the tax burden with the vehicle.
New truckers and fleet owners are sometimes lured in with suspiciously good deals on used vehicles. But once the deal has been closed and the money has been paid, the tax burden surfaces, which brings with it a chaotic wave of tax reporting and worse penalties.
Some sellers price their vehicles at a low price point because they no longer want to deal with the taxes they owe on that vehicle.
And worse, some sellers do not file or pay taxes on their vehicles at all, and when you buy a vehicle with such a complex tax history, you ultimately have to bear the entire tax liability.
And at this point, the “good” deal doesn’t seem that good.
Scenario #2: Reporting Incorrect VINs
Now, in a different scenario, if you do happen to land a good deal but report your vehicle identification number incorrectly, you are in trouble.
Reporting an incorrect will not only result in rejected files but the IRS can also assess noncompliance measures, including unannounced audits and penalties.
But all’s not gray here.
Fleet owners are aware of the dangers of misreporting or not reporting their vehicle identification numbers. So, they depend on certain “hacks” and measures that verify the vehicle identification number.
So, today, we will be introducing you to a tri-step regime to help you report the correct vehicle identification number on your HVUT Form 2290.
Identifying Your VINs Before Reporting
In order to understand if you are actually reporting a VIN that belongs to the vehicle you own, you need to identify the vehicle identification number of the vehicle.
Vehicle identification numbers are a combination of alphabets and numbers. Not all VINs are long, some VINs can be short. This is because of the standardization of the vehicle identification number format. Read more about the history of VINs here.
A vehicle identification number will give away the original geographical location of the manufacturer, model number, and other details about the vehicle.
You can decode the vehicle identification numbers with the help of this detailed read on identifying VINs from EZ2290 without depending on a VIN Lookup tool. If you need additional help, a simple and free VIN decoding tool like VIN Decoder from NHTSA will help you view the details about the vehicle. This will further accelerate identifying the correct VIN that belongs to your vehicle.
Validating Your VINs Before Reporting
Check your vehicle identification number with an authorized VIN Lookup tool such as NICB VIN Check. VIN Validation gives you an inside view of the vehicle history.
Right from checking any public records of accidents in which the vehicle was involved, insurance coverage status and disputes, legal cases, to criminal history in correlation with the VIN you’ve entered, and other important details – VIN validation helps you make well-informed purchases and tax decisions.
Further, all these details help you understand if the vehicle is even worth the effort and the money you are spending.
What’s more? VIN Validation helps you derive your tax liability.
If the previous owner did not pay the taxes or if they paid their taxes in part, you might have to pay those taxes once the ownership changes.
For this reason, the IRS encourages taxpayers who bought used cars to accurately specify the month of first use.
This way, vehicle owners can be taxed appropriately.
Verifying Your VINs Before Reporting
Similar to VIN Validation, VIN Verification is a process where you check if the vehicle identification number and details that you own match the records of the IRS and federal authorities.
When you’re verifying the VIN, be sure to enter the correct VIN characters into the search tools. And be careful and conscious of reporting the correct VIN.
Accurately specifying the month in which your vehicle was first used saves you from straining tax burden.
Submitting Your 2290 VIN Corrections With EZ2290
EZ2290 is an IRS-authorized HVUT compliance enabler, helping over 10,000 trucking businesses to report their truck taxes and stay compliant.
You can easily eFile Form 2290 VIN Correction with EZ2290 in just 3 simple steps.
- Step 1: If you are registered with EZ2290, you can log into your account and select the previous 2290 files from your filing history.
If you haven’t used EZ2290 to eFile your 2290 returns, you can still eFile your 2290 VIN Corrections. Sign up here to create your free EZ2290 account and get started.
- Step 2: Provide the correct EIN/TIN. This must match the details you have provided in your original 2290 returns.
- Step 3: Verify your VINs and report the correct vehicle identification numbers.
You can securely submit your 2290 VIN Corrections to the IRS after furnishing the required information per the above steps.
Do note that Form 2290 VIN Corrections must be used to report only the VIN Corrections.
If you want to amend other tax or vehicle details, you must file a separate return.
Recommended Reads From Ez2290 Blog
- Here’s Everything You Need To Know About VIN Corrections
- 5 Quick Tips To eFile VIN Corrections Successfully
- The Importance Of VIN In HVUT Compliance
- How EZ2290 Helps You Achieve Complete HVUT Compliance
- Here’s Why Trucking Businesses In 2021 Are Choosing EZ2290 For 2290 eFiles
- Understanding HVUT Form 2290 Schedule 1 & 5 Super Easy Tips To Get It Instantly