* Major Changes With Revised Form 2290 * *
The IRS noted major changes beginning with Form 2290, Heavy Highway Vehicle Use Tax Return, due for the period July 1, 2005 through June 30, 2006. The American Jobs Creation Act of 2004 eliminated the election to pay the tax due in installments; therefore, the balance due shown on the form must be paid in full. Also, if a Canadian or Mexican vehicle is registered in a taxpayer's name, the reduced tax rates no longer are applicable to these vehicles. The reduced rates shown on the Tax Computation Worksheet will apply only to logging vehicles.
THIS WAS POSTED ON MY TAX ASSOCIATION WEEKLY UPDATES.
Frank Katz
Frank's Tax & Business Service
The IRS noted major changes beginning with Form 2290, Heavy Highway Vehicle Use Tax Return, due for the period July 1, 2005 through June 30, 2006. The American Jobs Creation Act of 2004 eliminated the election to pay the tax due in installments; therefore, the balance due shown on the form must be paid in full. Also, if a Canadian or Mexican vehicle is registered in a taxpayer's name, the reduced tax rates no longer are applicable to these vehicles. The reduced rates shown on the Tax Computation Worksheet will apply only to logging vehicles.
THIS WAS POSTED ON MY TAX ASSOCIATION WEEKLY UPDATES.
Frank Katz
Frank's Tax & Business Service