ExpressIFTA Blog

Tuesday, August 12, 2014

Reminder: IFTA License & Decal Renewal

Do you like a pre-reminder reminder, or the reminder before the actual reminder? Great! That is exactly what today's ExpressIFTA blog is all about; it is your reminder before the reminder to get you prepared for the IFTA license & decal renewals (Am I making sense?)  If you have your calendar handy, pull it up and let's get some information in there so you won't miss the 2015 IFTA Renewal Deadline.

When is the 2015 IFTA Renewal Deadline?
IFTA renewals are done annually and the deadline is December 31st. Well isn't that just convenient, IFTA renewals and New Year's Eve are on the same day. Okay, maybe not that convenient, but it may help you remember.

  • Some states require all renewal paperwork be received in the office BEFORE the December 31st deadline to allow enough time to process everything. Remember to keep this in mind when you're planning out all your December renewal paperwork (there are heaps of renewals due in December including UCR)
How do you renew an IFTA license?
You know that tiny tidbit about IFTA being state specific? That little fact is very important when answering this question. Some states will mail or e-mail out renewal papers, but be aware that some states are updating their methods and may not mail them out anymore. Some states provide online renewal and others require electronic renewals, while others renew IFTA licenses automatically as long as the carrier is current with their quarterly filings and any tax due. Basically, check with your state jurisdiction to see how they handle renewals.

  • Important: If your IFTA account is not in good standing, meaning you missed a quarterly filing or still have tax due, then you will not be able to renew your IFTA license. 
A few things to keep in mind:
If your state sends out renewal papers and you do not receive them, this does not mean you don't have to renew. To be on the safe side, if you haven't received your renewal papers by mail or e-mail by the beginning of December, call up your base state and get the ball rollin'. This is one deadline you really don't want to miss. 

How to make the entire renewal process easier:
Yes, trucking nation you read that right, you can make the entire renewal process easier. Here's how: Get a hold of TSNAmerica and let them file on your behalf. Life changing information, I promise you. Never miss a deadline or have to deal with base jurisdictions ever again. IFTA renewals and IFTA filing isn't all they can do. As a premier processing agency, TSNAmerica can handle all your authorities, permits, registrations (IRP & UCR), IFTA, 2290 HVUT, everything and anything under the sun you need to operate and be compliant. They also provide some handy start up packages for new owner/operators to take the guess work out of all that compliance paperwork. Contact TSNAmerica for more information via phone: 803.386.0320 or email: support@TSNAmerica.com

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Thursday, August 7, 2014

IFTA Filing: Credits and Refunds

When filing your IFTA return, some cases result in a credit or refund. That would definitely qualify as an exciting moment in my book. So you might be wondering how credits/refunds are represented in ExpressIFTA.com and that is exactly what we are going to discuss today...

How it all works in ExpressIFTA.com
When filing your IFTA return through ExpressIFTA, we automatically do all the calculations for you for each state listed on your trip sheet. Life is just so much easier, right? After we do all the calculating magic, it may result a credit or refund is due back to you. If you are due a refund it will be listed on your IFTA Quarterly tax return, and you will be able to clearly the IFTA tax information for each state you traveled through. Your state jurisdiction will issue your refund or credit. IFTA credits and refunds are state sensitive, so be sure to contact your base jurisdiction for details.

Note To Remember: On your completed IFTA tax return, parentheses represent a negative balance meaning that you do owe taxes to your Base Jurisdiction.

If filing late, it all works differently
I got some very important information to share with you from the lovely ladies of TSNAmerica.com. I'll include a bit more about TSNAmerica below. They informed me that if you file late, and have a credit in one state the .4167% interest rate will not be applied to the credited state, but it will be applied to states where you do owe taxes. This particular applied interest is calculated beginning the day after the due date of the return for each month, or fraction of a month, until paid. Basically if you are a month late then you will have the $50.00 (or 10% of the net tax liability, whichever is greater) late penalty, as well as being charged .4167% interest of the tax due applied to every state (that you have not received a credit for), every month until the tax amount is paid.

  • For states that have a surcharge, the interest applies to the state tax AND the surcharge tax. It would still apply to the surcharge tax even if NO tax was due to the state
Nevada Is Special
Nevada is the only exception to this rule. Nevada charges the .4167% of the tax due every month as well as an administrative late fee of $100 the first time, $500 the second time, $1000 the third time, $1500 the fourth time, $2000 the fifth time,, and $25000 for every time after that.

It is in your best interest to file on time so you can avoid all the headache inducing late fees all together. When IFTA filing is just something you don't want to deal with, but need to get done, we have a wonderful sister company called TSNAmerica that can handle everything for you.

More about TSNAmerica.com
When trying to keep up with all your authorities, permits, renewals, IFTA filing, 2290 filing, IRP, and everything else you need to operate takes your focus off the road, TSNAmerica is there to lift that weight off your shoulders. They are a premier processing agency that provides the services and tools to help start your business or simply keep it compliant. No matter what state you are in, they can take care of it all. Contact them via phone: 803.386.0320 or even send an email to support@TSNAmerica.com

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Tuesday, August 5, 2014

IFTA Things To Know: Late/No Filing Penalties

Filing your IFTA return on time is very important and ExpressIFTA.com is dedicated to helping you file your IFTA the easiest way available. Getting any type of paperwork done on time isn't always the easiest goal to accomplish, but for IFTA if you don't file on time you incur penalties. IFTA penalties are the ultimate dark cloud on any parade, so to best avoid them you need to know what they are.

The Penalties
According to IFTA legislation, A penalty of $50.00 or 10% of the net tax liability (the taxes owed), whichever is greater, will be assessed on late-filed reports, failure to file, or for underpayment of tax due. If the net tax liability is zero, or a credit, the late fling penalty will still be $50.00. To avoid penalties for late filing, the tax reports must be postmarked no later than midnight on the date indicated. If the last day of the month falls on a Saturday, Sunday or legal holiday, the next business day will be considered the deadline date.

So basically you will be looking at a $50.00 late fee in addition to the taxes owed on your IFTA return; as long as 10% of the net tax liability is less than the $50.00 late fee.

Interest On The Tax Due
Interest is computed on all delinquent taxes due to each state jurisdiction at a rate of .4167% per month. Even if you have a net refund, interest still applies to each jurisdiction for any underpayment of fuels use tax to that jurisdiction and is calculated beginning the day after the due date of the return for each month, or fraction of a month, until paid. It's like IFTA regulation doesn't believe in the period. 

Your IFTA License 
Filing late can have an effect on your IFTA License status. It all depends on your state, so you need to contact your base jurisdictions for how many times you can file late before your license is revoked. Now at renewal time, if you are not current on ANY quarters, you will not be able to renew your IFTA license.

If you have any questions about IFTA penalties, definitely contact your base jurisdiction for more information. When IFTA filing is just a major hassle you don't want to handle anymore, we have an amazing sister company, TSNAmerica, that can file IFTA on your behalf. All you would do is send in your mileage, and they take care of the rest. You can visit their website, tsnamerica.com, or better yet, give them a call at 803-386-0320 and they will be able to answer all your questions. They also take care of every permit under the sun, IRP, authorities, Form 2290, everything you would ever need to operate.

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