IFTA Tax Periods and Late Penalties

It’s time for a fun filled IFTA info blog. The first quarter of the 2014 IFTA ended in March, and you have until April 30th to file your 1st quarter IFTA return. Here is a schedule of the upcoming IFTA Quarter

Quarter                                                Reporting Period                                      File Deadline
1st Quarter                                          January – March                                       April 30, 2014
2nd Quarter                                         April – June                                              July 31, 2014
3rd Quarter                                         July – September                                      October 31, 2014
4th Quarter                                         October – December                                 January 31, 2015

The “Reporting Period” refers to each calendar quarterly period. If you file your IFTA quarterly return late or underpay the taxes due, the penalty and interest rate applied will be based on the base jurisdiction/state that you belong to.

IFTA Late Penalties
It is important to file quarterly IFTA returns on time to avoid possible penalties. ExpressIFTA makes filing your IFTA return a breeze, just enter your trip information and we automatically calculate the tax due. Ok back to the penalties…

A penalty of $50.00 or 10% of the net tax liability, whichever is greater, will be assessed on late-filing 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. If the last day of the month falls on a Saturday, Sunday or legal holiday, the next business day will be considered the deadline.

Interest is computed on all delinquent tax due to 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.

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