IFTA Penalties for Late & Not filing

Filing your IFTA return on time is very important and TaxIFTA.com is dedicated in helping you Prepare your IFTA return online. Filling out any paper work for taxes manually is not that easy as we all think, especially when it involves a lot of calculations mostly in cents. IFTA penalty is one thing that most taxpayers have no idea about.

 Troubling Penalties
According to IFTA legislation, A 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, the late fling 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 basically you will be looking at a $50.00 late fee in addition to the taxes owed on your IFTA return; as long as 10% of the net tax liability is less than the $50.00 late fee.

Interests that makes a hole on your pockets
Interest is computed on all delinquent taxes due to each state 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. It’s like IFTA regulation doesn’t believe in the period.

Dangers with your IFTA License 
Filing late can have an effect on your IFTA License status. It all depends on your state, so you need to contact your base jurisdictions for how many times you can file late before your license is revoked. Now at renewal time, if you are not current on ANY quarters, you will not be able to renew your IFTA license.

If you have any questions about IFTA penalties, definitely contact your base jurisdiction for more information. Like most of your fellow truckers, if you are looking for an easier way, let’s introduce you to the best IFTA preparing online application www.taxifta.com . Reach us @ 1-866-245-3918 or write to us @ support@taxexcise.com .