What are the 'Pros' and 'Cons' of each IRS payment method?
595 views | Last modified 8/24/2020 2:14:53 AM EST | Added by ExpressTruckTax Team

Applicable To
Form 2290 Form 8849 Amendments

Form 2290 filers have three different payment options to pay their Heavy Vehicle Use Tax (HVUT) to the IRS. Let's take a look at the 'Pros' and 'Cons' of each payment method.

Electronic Funds Withdrawal (EFW) 
EFW is an e-pay option offered by the IRS exclusively for paying your federal taxes through an e-file provider.

Pros

  • You can pay your taxes while e-filing your return. No additional steps required.
  • There aren't any hidden charges involved.

Cons

  • The IRS will debit the tax amount from your account within 2-3 days. You cannot delay the HVUT payment until the deadline.

Electronic Federal Tax Payment System (EFTPS)
EFTPS is a free tax payment system made available by the United States Department of Treasury.

Pros

  • You can e-file your Form 2290, receive your stamped Schedule 1 instantly irrespective of your tax payment status.
  • There aren't any hidden charges involved.

Cons

  • You have to log in to your EFTPS account and initiate the payment.
  • If you do not have an EFTPS account it will take up to 15 days to set one up. Visit www.eftps.gov to create an EFTPS account.

Check or Money Order
You can send in a check or money order directly to the U.S. Department of Treasury. Make sure to attach a 2290-V payment voucher along with your check.

Pros

  • You can e-file your Form 2290, receive your stamped Schedule 1 instantly irrespective of your tax payment status.

Cons

  • You must draft a check or money order and mail it to the IRS after e-filing your return.
  • You will be required to print Form 2290-V and there are also other additional charges involved.

The payment of HVUT through credit/debit cards are temporarily suspended by the IRS until further notice.

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