Wisdom & Authority Title Solutions
 -
RSS Follow Become a Fan

Delivered by FeedBurner


Recent Posts

TYPES OF AUTO TITLES SERIES: PART 1-Names of Different Auto Titles
What is an Auto Title Service?
SERIOUS AUTO TITLE PROBLEMS: Dealer/Auction Went out of Business Without Giving a Title (Segment 5)
SERIOUS AUTO TITLE PROBLEMS: DMV MADE A MISTAKE ON MY AUTO TITLE! (SEGMENT 4)
SERIOUS AUTO TITLE PROBLEMS: RECEIVED A JUMPED AUTO TITLE (SEGMENT 3)

Most Popular Posts

IFTA FILING 2ND QTR 2011 IS DUE
VEHICLE TITLE SKIPPING
Multiple Owners on a Vehicle Title
WHAT IS A NON REPAIRABLE CERTIFICATE
CAR TITLE MISTAKES BY THE SELLER AND THE BUYER (SEGMENT 1)

Categories

1st Quarter IFTA Tax Filing
3rd Quarter IFTA Tax Filing 2012
4th Quarter IFTA Tax Filing
ABANDONED VEHICLES SERVICE ASSISTANCE
ABANDONED VEHICLES TITLE HELP
AUTO DEALER/AUCTION OUT OF BUSINESS
AUTO TITLE SERVICES
BILL OF SALE
Bought a Vehicle Online Without a Title
Bought a Vehicle That's Stolen?
BOUGHT A VEHICLE WITHOUT GETTING TITLE
Bought Vehicle From Private Seller and Lost Title
Buying a Vehicle With a Lien on It
Buying and Titling a Rebuilt Motorcycle
CAR TTITLE MISTAKES BY THE SELLER AND THE BUYER
CURBSTONING
Department of Transportation Safety Requirements
DMV Title and Registration Expert
Freight Broker
Heavy Vehicle Usage Tax
IFTA ASSISTANCE/FUEL TAX
IFTA Filing 1st Quarter 2012
IFTA FILING 2012 2ND QUARTER
IFTA FUEL TAX FILING HELP
ILLEGAL DEALERS SELLING VEHICLES ONLINE
INCORRECT INFORMATION ON VEHICLE TITLE
INTERSTATE OPERATING AUTHORITY
INTERSTATE REGISTRATION PLAN (IRP) HELP
IRP Jurisdiction Concerns
LEASING A VEHICLE IN VIRGINIA
LIEN MISTAKES ON AUTO TITLES
Liens on Vehicles & Titles: Part Two
MECHANIC & STORAGE LIEN
Mechanic and Storage Liens
Mistakes on Vehicle Titles
Motor Carrier Permits
Multiple Owners on a Vehicle Title
NON-REPAIRABLE CERTIFICATE
Odometer Discrepancies
OPERATING AUTHORITY
Owner Operator Assistance
SALES TAX ON VEHICLE IN VIRGINIA
Salvage Title and Branding
Selling a Vehicle Without a Title
Selling a Vehicle: Necessary DMV Documents
SERIOUS
SERIOUS AUTO TITLE PROBLEMS
Starting a Trucking Company
Tips to Prepare Your IFTA Quarterly Taxes
Title & Register an Antique Vehicle
TITLE SKIPPING
TITLING A TRAILER
TOW COMPANY WON'T RELEASE VEHICLE
Trucking Citations
TYPES OF AUTO TITLE SERIES
Unified Carrier Registration (UCR)
VEHICLE LIENS PART ONE
Vehicle Title Assistance
Vehicle Title Fraud Help
Vehicle Title Services
VIN (Vehicle Identification Number)
VIRGINIA AUTO REGISTRATIONS
When To Title Your Vehicle

Archives

April 2018
January 2018
August 2015
May 2015
April 2015
February 2015
January 2015
November 2014
October 2014
March 2014
February 2014
October 2013
August 2013
June 2013
March 2013
January 2013
November 2012
September 2012
August 2012
July 2012
June 2012
March 2012
February 2012
January 2012
December 2011
November 2011
October 2011
September 2011
August 2011
July 2011
June 2011
May 2011
April 2011
March 2011
February 2011

powered by

Wisdom & Authority Title Solutions

October 2011

Heavy Vehicle Usage Tax Filing

 



For those who are already apart of the motor carrier industry, the term heavy vehicle usage tax is probably second nature to you; so for those who are coming into the motor carrier industry; you will learn what HVUT is and how it affects you.  Heavy Vehicle Usage Tax, also known as HVUT, is an excise tax mandated by the IRS.  Highway motor vehicles (vehicles such as tractors, truck tractors, buses, etc.) that weigh 55,000 lbs or more are subject to HVUT.  In essence, vehicles that operate large loads and carrying weights are subject to the HVUT.  The following areas will provides more insight into the regulation of Heavy Vehicle Usage Tax:  1. Exemptions from filing the tax, 2. Important factors to consider when filing and 3. Filing Time-frame


Exemptions From Filing the Tax:

Mainly those who are exempt from filing the tax are the vehicles of local, state and federal governments.  Also volunteer organizations that assist in public emergency or disaster matters are exempted as well.


Important Factors to Consider When Filing:

  • You must have an EIN (Employer Identification Number) when filing the tax
  • Form 2290 is the form used when filing HVUT
  • Must list all VIN (Vehicle Identification Numbers) in the fleet subjected to the tax
  • Failure to file the Form 2290 or pay the tax on time will call for penalties and interest


Filing Time-Frame:

Congress is implementing changes to the HVUT filing regulations.  Currently, vehicles subjected to the HVUT, who operated during July-September 2011 will have a grace period in filing the tax. The IRS had enacted an extension of filing the tax for those who fall under the July 1 reporting tax period.  Accordingly, heavy vehicle operators have until November 2011 to file their HVUT.  The extension ensures that heavy vehicle operators will have their necessary credentials necessary operate their vehicles and file their taxes on time.


If you are not sure where to start with your Heavy Vehicle Usage Tax situation, are new to HVUT, have tax issues, or just need overall assistance, Wisdom & Authority Titling Solutions is available to assist you with your Form 2290 filing needs.  



LEASING A VEHICLE IN VIRGINIA

 
 
 
 
 
 
 
 
If you are leasing a vehicle in Virginia or are considering doing so, this segment provides comprehension of the titling and registration aspect of leasing a vehicle in Virginia.  In addition to that; light will be shed on some challenges that can transpire when leasing a vehicle in Virginia.
 
 
 
When you are leasing a vehicle in Virginia, that vehicle is subject to Virginia's vehicle titling and registration laws (even if the leasing company is out of state).  In regards to titling and registration the lessee doesn't own the vehicle, the lessor does.  With that being said, the lessor (the leasing company), is responsible for allowing the lessee to get the vehicle titled and registered in their designated state.  Please be advised that as the lessee, you should use due diligence, to ensure that the leased vehicle is titled and registered properly. 
 
The following entails areas that you should be mindful of when leasing or transferring a leased vehicle in Virginia:
 
  • The leasing company sometimes assume responsibility of the costs of the vehicle registration (alleviating you from costs of paying for decals every year, two years, etc.)
  • As the lessee, you are not the vehicle owner, so on the title, you will not appear as the "owner'.  On the registration card, the same matter applies, however you will be listed under the lessor, along with your address and the garage jurisdiction of the vehicle.
  • As a lessee, you don't have to pay property tax in Virginia, because technically you don't own the vehicle.
 
 
The following are challenges that sometimes occur when you are leasing or transferring a leased vehicle in Virginia:
 
  • Dual payment of sales tax may be collected (PLEASE DON'T CONFUSE SALES TAX WITH PROPERTY TAX).  For example, when the lease was first taken out, you may have paid sales tax and then if you buy the lease out, you may pay sales tax again.  The sales tax is transmitted to the DMV. 
  • If your leased vehicle was originally titled out of state and you are transferring the vehicle to Virginia, you may have to pay sales tax (depending on the situation and how long you've been leasing the vehicle)
  • If the leased vehicle isn't titled and registered properly, a property tax mishap might occur; alarming you that you owe property taxes for the "leased vehicle".  Note: once again, you don't own the vehicle, so you don't have to pay property taxes.
 
 
 
Wisdom & Authority Titling Solutions is committed to assisting you with any titling and registration concerns that you may have with your leased vehicle in Virginia.  If you are transferring your leased vehicle to Virginia; you owe it to yourself to be in the know and Wisdom & Authority Titling Solutions  will show you how.
 

INTERSTATE OPERATING AUTHORITY

 
 
 
 
 
 
 
 
 
Some weeks ago, I presented a three part series entitled, Intrastate Operating Authority in Virginia. However, this segment focuses on Interstate Operating Authority.  Interstate Operating Authority is a structure that shows the type of transport that can be conducted, jurisdictions that the authority can be operated in and the overall type of business that can be operated by the operator.  Interstate Operating Authority entails the crossing of state lines and is mandated by federal law and in essence is a part of the Federal Motor Carrier Safety Administration and DOT (Department of Transportation).  In obeserving Interstate Operating Authority, two areas will also will be addressed: A. Who is required to have Interstate Operating Authority? and B. What are Some of the Filing Requirements?
 
 
Who is Required to Have Interstate Operating Authority?
 
 
  • Common Carriers
  • Contract Carriers
  • Brokers (matching loads for trucking companies)
 
Please be advised that private carriers, and for-hire carriers with an exempt status, aren't required to have Interstate Operating Authority.
 
 
 
What are Some of the Filing Requirements?
 
Some of the filing requirements are: (A COMPILED LIST)
 
  • DOT number
  • MC number
  • Cargo Insurance
  • Surety Bond (if applicable)
  • BOC-3
 
 
If you are new to the Operating Authority process, are stuck in the middle of the process or just need overall assistance; Wisdom & Authority Titling Solutions, is available to provide you with solutions for any concern that you may have regarding Interstate Operating Authority.