4th Quarter IFTA: Late Filing Penalties
If you are planning to wait until the last minute to file your 4th Quarter IFTA return, let me offer you some advice; Don’t Do It.
Waiting until the last possible second is the best way to get hit with late filing penalties. For a little added shock value, I’m going to tell you exactly what you will face when you file past the deadline. Now it might not seem that bad at first, but if you are continuously late on filing your IFTA return, it can really add up. You work too hard to let all your hard earned money go to late penalties.
Let me paint this Late Filing Fees picture for you.
IFTA Penalties
I’m going to quote the IFTA Legislation for this one:
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.
Basically, you are looking at a penalty of $50 for filing late. More penalties can be added the longer you wait to file. It is very important to file on time so you don’t lose your IFTA license.
Penalty On Late Tax Payment
Now there isn’t just the late filing penalty, there is also a penalty on any late tax due to each state jurisdiction you travelled.
An interest rate of .4167% will be added to the late tax due to each state jurisdiction you travelled every month until it is paid. If you have a net refund, this interest rate will still be applied for all states and is calculated beginning the day after the due date of the return.
Filing past the deadline creates a whole tornado of trouble for you and can even cause you to lose your IFTA license. ExpressIFTA.com provides everything you need to get your 4th Quarter IFTA return filed and off your To Do List.
When You Want Someone Else To File On Your Behalf
If IFTA filing is just something you don’t want to deal with anymore, we have a full service department that is exactly what you need. Truck Services of North America is a premier processing agency that can take care of all your IFTA filing for you; bonus- it’s all over the phone. Just give them a call and I’m certain they can make your life a lot easier. Their contact number is 803-386-0320 or you can send them an email: support@tsnamerica.com
For More Info on 4th Quarter IFTA Filing, click on over to:
What You Need To File A 4th Quarter IFTA Return
4th Quarter IFTA: How Do I File If I Didn’t Run?
IFTA Records: What You Need To Keep
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