So filers, welcome back to TaxIFTA.com. Last week, we had posted the basics of IFTA Part –I. We hope and trust that all your queries you held upon IFTA are cleared. However, it is time to complete the next part of IFTA.
When Should You File IFTA?
IFTA is supposed to be filed Quarterly Fuel Tax Returns. IFTA Returns are due on the last day of the month following the end of each calendar quarter. In order to avoid late filing penalties, the tax should be reported no later than midnight of the date indicated. Also, if the last day of the month falls on a weekend or a legal holiday, the next business day is considered as the last date of filing. A quarterly fuel tax return must be filed even if the no fuel was used. You submit a “zero” report.
Penalties for Late/No Filing:
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. 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. However, the interest rate is computed on all delinquent taxes dues each jurisdiction at a rate of .4167% per month. The interest is applicable 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, irrespective of a net refund.
Do note you are liable to renew your IFTA decal annually. Also, there are some states out there mail out the renewal paper but it is solely your responsibility to renew. All quarterly IFTA returns should be filed and paid in full in order to renew.
Finally, How Do You We Prepare IFTA?
Some states offer online filing for quarterly filing, while others require paper filing. Check your state requirements and you can follow accordingly. If you are preparing online, TaxIFTA.com is the most authentic service provider to get your online preparation correct and authentic.
So do you have any queries related to the form, which is settled behind your head, drop us an email to support@taxexcise.com or simply call us @ 1-866-245-3918. Our Tax Experts would get them in place.