What Are The Aftermath Of Missing Out The Last Date To File IFTA?

Welcome back filers, today we are going to talk about aftermath of the due date set by the jurisdiction to report IFTA to the base jurisdiction on or before the quarterly due date. As we all know, it is mandatory to file and report IFTA by the due date, however, there are times, when you really don’t file on time and penalties come your way. That is what we are going to talk today!

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.

If you are looking for a method to avoid penalties the tax report should be submitted to your base jurisdiction no later than the midnight of 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 per late filing is calculated 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:

Did you know your IFTA tax could have its effect on your license? However, this keeps varying from state to state, and it is mandatory 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.

On a conclusive note, if you are looking to prepare your second quarter IFTA filing return this July, you know where to come, right? TaxIFTA.com is one stop-shop-service-provider for filers to deal with their IFTA filing and within minutes, you can take a print of your prepared return and submit it to your base jurisdiction. 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.