So. What Happens If I File IFTA Late?

Well. That depends on how late you are. And since there are four quarterly deadlines each year, it’s easy to forget to file IFTA. We wouldn't recommend that, though. No need to fork out more money towards taxes than you already are.

If you file IFTA one month late.

In the first month, you will be slapped with an additional fee of $50 or 10% of the tax you owe, whichever is greater. That $50 might not sound like much, but let’s put it in perspective.

The actual amount you will owe for IFTA will vary widely, depending on factors like the miles you drove in each jurisdiction and how much fuel was purchased and consumed.

So, for example, let’s say you would have owed $300 for the quarter. This is already a lot to be forking out. But after forgetting for that first month, you will be looking at another $50 penalty on top of that. After a month, you already owe $350.

If you file IFTA more than one month late

But let’s say you fail to file IFTA even longer. Well, you’re going to get another .4167% tacked on each month.

So if you forget to file IFTA for three months, you’ll owe $353.75.

Are you starting to see why it’s important to file IFTA on time? When these kinds of unnecessary expenses pile up, they can sink a business.

And did we mention that your base jurisdiction reserves the right to suspend or even revoke your IFTA license? That’s right. Not filing your IFTA form can get you in big trouble.

Generate your IFTA quarterly report form in minutes

The easiest way to avoid paying these unnecessary late penalties is to generate your IFTA quarterly report form with our sister-product Express IFTA. They make it simple it for you.

Express IFTA is user-friendly, and it does all the complicated calculations for you. Just input your information and Express IFTA will generate a highly-accurate form you can file with.

Best of all, you’ll get a report starting at just $19.90.

Read More »

Zero Report Quarterly Returns Must Be Filed

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.

Read More »

2013 IFTA, NY HUT & KYU 3rd Quarter Filing Deadline Approaching!

The 3rd Quarter Filing Period for IFTA (International Fuel Tax Agreement), KYU (Kentucky Use Tax), New Mexico Weight Distance Tax, and NY HUT (New York Highway Use Tax) is now open. We want to remind you that the deadline for filing is October 31, 2013 and we encourage you not to wait until the last minute to file.

IFTA is the International Fuel Tax Agreement between the 48 contiguous States and 10 Canadian Provinces, where the member jurisdictions act cooperatively to administer and collect motor fuel use taxes.

The purpose of IFTA is to establish and maintain the concept of one fuel use license and one administering base jurisdiction for each license holder (licensee). Under IFTA, you only have to report to one state and the state allocate the fuel tax payments.  For more details see http://www.iftach.org.

The fuel taxes are due quarterly and October 31st is the deadline to file for the 3rd quarter. (July, August and September).

What you need to file:

• Mileage log 
• Fuel Receipts 
• Any IFTA correspondences pertaining to your account (if applicable)

Late Filing or Not Filing could result in the following:

• IFTA filing (late fee) plus interest (if applicable) 
• Possible suspension of IFTA license 
• Possibility of having IRP/Apportioned Plate account affected 
• Citation from DOT if caught operating on a delinquent and or suspending IFTA license 
• Threat of having your entire transport operation shut down

The IFTA filing process may be vary slightly depending on your base jurisdiction state.  If you operate in Kentucky, New Mexico, New York and/or Oregon, you may be required to have additional permits and file quarterly returns.

If you are new and not sure what to do or would rather not have to take the time to file your IFTA, NY HUT or KYU contact Truck Services of North America today. If you would like us to take care your IFTA, we will need copies of your mileage logs and fuel receipts into our office by Tuesday, October 15th, to ensure the paperwork is processed by the October 31, 2013 deadline.

As a premier processing agency, Truck Services of North America can assist with your IFTA,  NY HUT, KYU and New Mexico Weight Distance Taxes.  TSNA takes the paperwork out of you.  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.

Read More »

Tips To Help You Prepare for Quarterly IFTA Return

A Quarterly IFTA 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. You will need to separate your mileage and fuel records for each fuel type. If you operate in New York, Kentucky, New Mexico, or Oregon you will also need to file a Weight Distance Tax Return, in each state.

What you need:

1. Mileage log-whether you use manual trip sheets, GPS, or electronic trip sheets; it is not only necessary to have in order to file your quarterly IFTA, but you will need these if you are ever audited.
2. Fuel Receipts-you will need to know how many gallons of fuel were purchased in each state.

Options to prepare and file your return:

1. Doing it yourself, you can calculate your own return by hand and mail or e-file the return. To find out the current tax rate for each state go to www.iftach.org.
2. Using a software program that will calculate your return for you, like ExpressIFTA.com, which will reduce the chances of miscalculations.
3. Using Truck Services of North America and let them take care of preparing and filing the return for you.

Regardless of the method you choose to file your quarterly IFTA tax return, it is crucial to maintain accurate records and file your returns on time to avoid fines and penalties.

As a premier processing agency, Truck Services of North America can file your Quarterly IFTA Taxes for you.  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.

Read More »