Today is TruckerTuesday, so I will first start off by saying, thank you truckers for everything you do. Now we are going to hop on the serious road and discuss the penalties for filing your IFTA past the deadline. IFTA penalties won’t physically harm you in any way, but they can take a heavy toll on your wallet. So if you do file past the deadline, here is what to expect…
The official IFTA legislation states:
A penalty of $50.00 or 10% of the net tax liability, whichever is greater, will be assessed on late-filed reports, failure to file, or for underpayment of tax due. If the net liability is zero, or a credit, the late filing 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 if you file past the deadline you are probably looking at a $50.00 late fee in addition to the taxes owed.
Interest On Tax Due
On any late tax due to each state jurisdiction, an interest rate of .4167%, per month, will be added. Even if you have a net refund, interest still applies to each jurisdiction for any underpayment of fuel 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.
There is a great way to avoid IFTA Penalties and the entire hassle of IFTA filing…want to know what it is? You have a professional processing agent take care of it for you. We have the most amazing full service department called Truck Services of North America, and they can handle all your IFTA filing for you. Yes, it’s a dream come true. And they don’t just handle IFTA filing, they can take care of all your permits, IRP, UCR, NY HUT, HVUT, anything and everything you need to stay compliant and operable, they can get it done. Just give them a call for more information at 803-386-0320.
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