The law issues penalties for failing to file Form 2290 or pay taxes by the deadline. There are also penalties for filing false or fraudulent returns. These penalties are in addition to the interest charge on late payments. 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 (or paying) on time. If you file after the due date (including extensions), attach an explanation to the return to show reasonable cause.
The penalty for failing to file IRS Form 2290 by August 31 is equal to 4.5% of the 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% of the total tax due. Additional interest charges of 0.54% per month accrue as well.
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