Paying your dues via IFTA is a very important step and TaxIFTA.com is here to guide you in preparing your return online with the utmost ease. Getting your papers ready and manually filing taxes can be tedious and we are sure, you don’t have much time to get going with manual preparation of taxes. However, this may also lead to penalties, as you may not be able to take time out of your busy schedule. And that is when TaxIFTA.com paves the best road towards meeting taxes, with ease.
However, to create awareness, we are going to talk about the penalties incur if there is any late payment taking place. All well said and done, it is better to avoid penalties than paying them.
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. 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 computed on all taxes due to each state jurisdiction at the rate of .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.
Your IFTA License:
Filing your IFTA tax can have its effects on your IFTA license status. However, this depends on 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. You can always check with your base jurisdiction regarding IFTA penalties.
The Verdict:
If you are looking forward to get your IFTA prepared for the 3rd quarter this October, you can try a hand with TaxIFTA.com. We assure you; we will not let you down. We have handpicked Tax Experts around to assist you and get your queries cleared. So what is the wait for. Waiting for the last minute will do no good. Get your documents ready and prepare IFTA today with TaxIFTA.com.
Reach us @ 1-866-245-3918 or shoot an email to support@taxexcise.com.