My IFTA Report Is Late! What Should I Do?
Hey, you do know that your IFTA deadline was on Tuesday, July 31st right? Well, we hope you generated your IFTA report and completed your return by the deadline because if you didn’t, you could be in quite a pickle.
If you failed to file and pay by the 2nd quarter IFTA deadline, you will face expensive penalties. So your IFTA report is late. Here’s what you should do:
- Stop panicking
- Pour yourself a drink (Optional)
- Keep reading
My IFTA Report Is Late! What Should I Do?
If you missed the second quarter IFTA reporting deadline, the first thing you need to do is file as soon as possible. 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 the Fed’s notice it’s late. (just saying)
Also, 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 is more. However, the IFTA Nevada penalty is $50 and 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. The IFTA Nevada penalty for administrative fees increases 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 even revoke your IFTA license.
I said don’t freak out.
They are usually more lenient towards first-time offenders and how quickly you can provide your return. So it is not too late yet.
You may feel rushed and like time is of the essence, but a few hours or a day won’t make a big difference. Take your time and make sure your IFTA tax totals and calculations are correct.
You’re Not Alone
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.
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