Filing IFTA fuel tax reports and paying the taxes due is incredibly important. But gathering all of the necessary documents and filing can take up a lot of time.
Unfortunately, if you put it off until the last moment, it can lead to severe penalties–– ones you can easily avoid by filing your IFTA return with ExpressIFTA. So before you forget, here are the IFTA fuel tax penalties you could be facing.
Before You Forget Here Are The IFTA Fuel Tax Penalties
One of our goals at ExpressIFTA is to help you gain awareness about the Internal Fuel Tax Agreement and the penalties you will incur if you miss the deadline. Here is a little extra incentive to file your IFTA return by each deadline.
Federal Fuel Tax Penalties
Your penalty rate is based on the time it takes you to file after the deadline. So if you file late, you will automatically face a penalty of $50 or 10% of your taxes, depending on which amount is more. However, the IFTA Nevada penalty is $50 plus 10% of the total tax amount you owe.
If your payment is late, you will be charged .4167% of the total tax you owe every month until the amount is completely paid off. Meanwhile, the IFTA Nevada penalty for administrative fees increases rapidly. The Nevada fees are $100 for the first time, $500 for the second, $1,000 for the third and more.
Additionally, your base jurisdiction reserves the right to suspend or even revoke your IFTA license if you file late.
To avoid these penalties, your IFTA report needs to be submitted to your base jurisdiction on time each quarter.
File IFTA Online
You can quickly generate your IFTA report here at ExpressIFTA. Your report will have all your IFTA totals, plus it can be printed, emailed, and used to complete your return instantly!
Best of all, ExpressIFTA will handle all of your IFTA calculations for you. Your totals will be automatically calculated with 100% accuracy, so you don’t have to worry about making any mathematical mistakes.
Generating your report is easy, simply enter your distance and fuel records online at your own pace. Enter your information per trip, by month, or bulk upload all of it at once! Then when you’re ready to generate your report, an internal audit check will be performed to catch any fundamental errors.