ExpressIFTA Blog

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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