Hey, you know that the IFTA deadline was a few days ago on October 31st, right? Well, we hope you generated your IFTA report and completed your return by the deadline because if you didn’t then you could be in quite a pickle.
Failure to file by the deadline and pay the amount of IFTA tax you owe results in expensive penalties! So, what do you do if you missed the deadline? Well, first get all of the panic out of your system by catching your breath, calling your dispatcher for help, or by pouring yourself a drink, then refer to our instructions below.
What To Do If Your IFTA Return Is Filed Late
If you missed the IFTA deadline then stop what you are doing and make time to file as soon as you can. The sooner you complete your return the better. Turning in your information faster makes it look like you care, plus you might get it in before they notice it’s late.
Also, the sooner you file your return the cheaper the penalties will be. For example, if you file late you will face a penalty of $50 or 10% of taxes due, depending on which is greater. Unless you’re in Nevada, then you will pay $50 and 10% of the total 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 fully paid. Plus, in Nevada, you will face a series of administrative fees that increase rapidly. The fees are $100 for the first time, $500 for the second, $1,000 for the third and more.
Not to mention your base jurisdiction reserves the right to suspend or revoke your IFTA license. Don’t freak out, they are usually leaner towards first-time offenders and based on how quickly you can provide your return.
You may feel rushed and like time is of the essence, but a few hours or a day won’t make a major difference. Take your time and make sure your IFTA totals and calculations, you don’t want to rush and make mistakes.
However, you can quickly generate your IFTA report by heading to ExpressIFTA.com. Your report will have all your IFTA totals, plus it can be printed, emailed, and used to instantly complete your return.
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 basic errors.
You’re Not Alone
We understand that IFTA can be confusing, but we’re here to help make it easier. If you need any assistance please don’t hesitate to contact the dedicated, US-based ExpressIFTA support team. Give us a call Monday – Friday from 9 AM to 6 PM EST at 704.234.6005. We also offer live chat and 24/7 email support at support@ExpressIFTA.com.
132 total views, 3 views today