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The final date to file IFTA is over, and a new quarter has already started. If you have not paid or filed IFTA form Q3, then here you go. You are already late; still you can escape from heavy penalties if you file and pay your dues to your base jurisdiction, NOW! If you choose to prepare your IFTA return manually, get prepared to spend a quality time with IFTA form and get the calculations right in order to receive an acknowledgement receipt. However, if you choose to prepare your return online, there are many advantages, which can add ease to your filing. We shall leave the topic for the next article. Today, we are going to talk about the penalties and interest you have to face if you are late in submitting your return to your base jurisdiction. Penalties: According to IFTA legislation, penalty of $50.00 or 10% of the net tax liability (the taxes owed), 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, you owe the late fling penalty. However, to avoid penalties for late filing, the tax reports should be submitted to the respected base jurisdiction no later than midnight on the date indicated. Do note if the last day of the month falls on a weekend, or legal holiday, the next business day will be considered the deadline date. Interest: Interest is calculated based on the due you owe to each of the jurisdictions. The rate of interest is .4167% per month. This is applicable for the net refund as well and the interest will be applied to each jurisdiction for any underpayment of fuel use tax. The interest would pile up till you don’t pay what you owe. IFTA License: Did you know, if you don’t file IFTA tax to your base jurisdiction, it is going to affect your IFTA license procedure? Also, this purely depends upon the state, so you need to get in touch with your jurisdiction for how many times you can file late before your license can be revoked. In addition, during the renewal time, if you are current on any quarter, you will not be able to renew your IFTA license. It is always good to check with your base jurisdiction regarding IFTA penalties. On a final note, if you have not filed your IFTA return till date, we would request you to file at the earliest to your base jurisdiction. We know how busy you are behind the wheels, however, filing taxes is an obligation. You can always seek help from TaxIFTA.com, the authentic service provider serving audience since a decade. We have handpicked Tax Experts around to support you and get your queries cleared. Reach us anytime; we will be there to assist you.
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IFTA, Online preparing IFTA, International Fuel Tax Agreement, Truckers, Online preparation of IFTA, time saving,
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