Today Is The 1st Quarter IFTA Deadline
April 30, 2015 | 1st Quarter IFTA, IFTA, IFTA filing | No Comments|
The 1st Quarter IFTA Deadline is here! IFTA is the International Fuel Tax Agreement between the 48 contiguous states and 10 Canadian Provinces where the member jurisdictions act cooperatively to administer and collect motor fuel taxes.
The purpose of IFTA is to establish and maintain the concept of one fuel use license and one administering base jurisdiction for each license holder. Under IFTA, you only have to report to one state and the state allocate fuel tax payments.
A Quarterly IFTA Tax Return must be filed even if the licensee does not operate or purchase any taxable fuel in an IFTA member jurisdiction during the specific quarter. If you hold an IFTA license, a return must be filed each and every quarter, regardless if you operated or not. You will simply enter “0” when filing the return.
IFTA Late Penalties
It is very important to file quarterly IFTA returns on time to avoid possible penalties. ExpressIFTA.com makes filing your IFTA return a breeze, just enter your trip information and we automatically calculate the tax due. If you do file past the deadline, which is today, here are the IFTA Late 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 a 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 fuel 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.
2nd Quarter IFTA Return Information
The 2nd Quarter Reporting period is April-June, so the filing deadline will be July 31st. If you have any questions about filing your IFTA Return, please do not hesitate to contact our US-based support team located in Rock Hill, SC via phone: 704-234-6005 or email: firstname.lastname@example.org. You can read more about IFTQA by visiting:
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