Today is the day Trucking Nation, when your mileage and fuel consumption for April-June is due to your state jurisdiction, more commonly known as your 2nd Quarter IFTA Return. ExpressIFTA.com makes filing your IFTA return an efficient process where all you do is enter your trip information and we automatically calculate the tax due.
If you don’t get your IFTA return filed on time there are some late penalties and we will go over them so you know exactly what to expect.
First let’s quickly review the IFTA basics everyone filing IFTA returns should know…
The purpose of IFTA is to establish and maintain the concept of one fuel use license and one administering base jurisdiction for each license holder (also known as the licensee). Under IFTA, you only have to report to one state and the state allocates fuel tax payments.
A Quarterly IFTA Tax Return is required to be filed even if the licensee does not operate or purchase any taxable fuel in an IFTA member jurisdiction during the specific quarter. This is very important and can not be stressed enough: If you hold an IFTA license, a return must be filed each and every quarter, regardless if you operated or not. This should honestly be the IFTA Mantra – I must file my IFTA return even if I did not operate. When filing for a quarter you didn’t operate in, you will simply enter ‘0’ when filing the return.
OK now we got the basics out of the way, are you ready to go over the late penalties? They aren’t that terrible, and it is always good to know what to expect if you are filing past the deadline.
A penalty if $50.00 or 10% of the net tax liability, whichever is greater, will be assessed on late-filing reports, failure to file, or for underpayment of tax due. If the next tax liability is zero or a credit, the late filing penalty will still be $50.00. To avoid a penalty 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.
Interest is computed on all delinquent tax due to each 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.
Definitely give the ExpressIFTA support team a call (or send an email) if you have any questions regarding IFTA filing. We already to help you out and we provide support in English, Spanish, and Russian! You can reach us via phone: 704.234.6005 or email: firstname.lastname@example.org.
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