When you file your quarterly IFTA Return late you run the risk of late fees and/or penalties and interest. 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 tax liability is zero or a credit, the late filing penalty will still be $50.00. To avoid penalty for late filing, the tax reports must be postmarked no later than midnight on the date indicated.
Interest is computed on all delinquent taxes dues each jurisdiction at a rate of .4167% per month. Even if you have a net refund, interest still applies to each jurisdiction for any underpayment of fuels 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.
If the last day of the month falls on a Saturday, Sunday or legal holiday, the next business day will be considered as filed timely. Prepare now and don’t wait until the last minute to avoid filing late. The deadline to file your 3rd Quarter IFTA Return was October 31, 2013. If you missed the deadline you will want to get your return filed as soon as you can to avoid further interest.
ExpressIFTA makes it easy to maintain the records required for your IFTA return, so you can file on time. To find out more about IFTA filing or get started today, contact our friendly Express Tax Support Center in Rock Hill, SC at 704.234.6005 between the hours of 8am – 6pm EST, Monday through Friday or email us at support@expressIFTA.com.
1,068 total views, 9 views today