The 3rd Quarter IFTA, KYU, NY HUT & New Mexico Weight Distance filing period October 31st deadline is less than a week away. Note that a Quarterly Tax Return must be filed even if the licensee does not operate or purchase any taxable fuel in an IFTA member jurisdiction during the specific quarter. If you hold a license or permit a return must be filed each and every quarter, regardless if you operated or not.
Failure to to file your return could result in applicable penalties and interest. When a licensee fails to file a return, files a late return, or fails to remit any or all tax due, the licensee is subject to penalty and interest. The penalty is the greater of $50.00 or .4167% of the net tax due to all member jurisdictions. Interest is computed on all delinquent taxes due each jurisdiction at a rate of .4167% per month. The Department will assess interest for a full month.
If a licensee does not operate or purchase taxable fuel, simply enter “0” when filing the return. Many states offer electronic IFTA filing, to find out if your state offers IFTA E-Filing, click here.
As a premier processing agency, Truck Services of North America can set up your IFTA, Kentucky Use Tax, New York Highway Use Tax & New Mexico Weight Distance accounts and file your Quarterly Taxes for you by the deadline. TSNA takes the paperwork out of your way. Check out all our services at TSNAmerica.com and fill out the Service Request Form, email us at support@TSNAmerica.com or call 803.386.0320.
Posts
No comments:
Post a Comment