Today at our article space, we are going to talk about the IFTA penalties that are applicable if you file your IFTA tax return late. These penalties will not harm us physically harm you in anyway, but they can take a heavy toll on your wallet. So if you do file past the deadline, here is what to expect... IFTA Penalties: |
The official IFTA legislation states:
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.
So if you file past the deadline, you are probably looking at a $50.00 late fee in addition to the taxes owed.
Interest On Tax Due:
When you file IFTA after the due date, the interest rate is applicable up to .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.
TaxIFTA takes every initiative to remind you and keep you updated about the due date since penalties can get expensive if prolonged. If you are having a bad time with the calculations and that stand as the reason for not filing, then we advise you to drop by at TaxIFTA.com, the only service provider to prepare your IFTA return with ease This way, you can avoid a great deal of penalties and entire hassle of IFTA preparations.
TaxIFTA as an application holds wonderful things to deal with, from varied features to advantages. One among them is one time registration. Once you are a part of our family, we won’t bother you with registration forms each time to drop by. Simply log in and prepare IFTA online and you will receive the IFTA form in PDF version sent to your email ID for easy print and later submission.
What else do you need? Life is simpler than ever thought through online preparation and filing. Do reach our customer support for more assistance.
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