The peak season to file the Form 2290 is finally over, and if you have already submitted your HVUT form, you can exhale. Just because the peak season is over does not mean it's over, so here's what you need to know about what comes next after filing Form 2290 and how to prepare for future filings.

Looking Back on Peak Season

The period leading up to the Form 2290 deadline is always hectic for truck owners and operators, as well as for tax professionals. Amid the scramble between gathering documents and putting the e-filing together, it was absolute chaos. If you did get your filing completed on time, you should be feeling pretty proud of yourself. But now that that busy season is behind you, take some time to reflect on the process and how you might make next year's filing even easier.

What to Do After Filing

Verify that Your Filing was Accepted: Once you e-file Form 2290, the IRS will provide a stamped Schedule 1 in order to prove the tax was paid. Be sure this is in your possession and all information on the document is correct. In case of any incorrect information, it would be better to get them cleared as soon as possible in order to avoid any problems regarding vehicle registration.

• Organize your records: Recordkeeping is important. File the stamped Schedule 1, Form 2290 copies and related documents in a safe place for future reference. This will help facilitate future filings and provide you with necessary information in the event of an IRS examination or audit.
• Prepare Vehicle Changes: Remember, if you are going to buy or sell any vehicles, you'll want to adjust your HVUT filings accordingly. If there is a change in your fleet, then a note should be made that it would be necessary to update the records and file an amendment.
• Prepare Now for Next Year's Filing: Although next year's deadline may be quite a ways off, now is literally the best time to prepare. Make note of what worked and what didn't this filing season. Set reminders for important dates, and be better organized ahead of time to make the process much less stressful when the next deadline arrives.

Miss the Deadline? Here's What to Do

If this was a peak season, and you passed the deadline, there is no reason to freak out. You can still file for Form 2290, but the sooner the better, quite literally, so that you may avoid more penalty and interest. The IRS charges penalties for late filing, which could accumulate even faster than you think. You also have to pay any HVUT back, along with the interest accrued on the balance owed.

• Outlook: Remaining Compliant Compliance does not stop at filing Form 2290. Keeping in good standing regarding your HVUT throughout the year will go a long way in ensuring your operations continue to run without hitches. Here are a few ways to stay in compliance:
• Track Your Vehicle Mileage: For those of your vehicles that are considered to exceed the 5,000 miles (7,500 for agricultural), you will have to file Form 2290 and pay the HVUT on them. This will put you in a better position regarding mileage tracking to avoid unexpected tax liabilities.
• Amendments should be filed in a timely manner: When the weighted value of your vehicle goes up or comes down, or there is a change in mileage or other information, an amendment will have to be filed for your Form 2290 with immediate effect. This will keep your records updated.
• Stay Up to Date: Remember that the IRS tax laws and filing requirements can change anytime. Keep an ear out for periodic updates from the IRS about HVUT and Form 2290 to stay ahead of the game.

Conclusion

With the close of this year's peak season of Form 2290 e-filing, one welcomes relief but is also reminded of one's responsibility to tax obligations. Be organized; plan ahead. Remain vigilant through the year, and next year will be even smoother. Whether you have filed on time or are still filing your form, it means staying ahead will keep your business on the road and in compliance with federal regulations.

Note: For more information, visit IRS website