The 4th Quarter IFTA Deadline is Almost Here

Hey, trucking nation! We hope you’re staying safe and warm out there. This winter has been one for the books so far. However, while navigating your trips around harsh winter storms don’t forget that tax season is here!

You know what's even harder than staying warm? Explaining to the IRS why you missed important tax deadlines! That’s why you shouldn’t let the 4th quarter IFTA deadline on January 31st sneak up on you.

The 4th Quarter IFTA Deadline is Almost Here

Because the 4th quarter IFTA due date is less than a month away, we’re here to help you prepare to file. In case you need a little refreshing, IFTA is the International Fuel Tax Agreement that was put in place by the 48 contiguous United States and 10 Canadian provinces.

The purpose of IFTA was to simplify the reporting of fuel use by qualified motor vehicles traveling between two or more jurisdictions. The taxes collected are equally redistributed among each participating jurisdiction.

Your vehicle qualifies for IFTA if it:

• Has two axles and a gross vehicle weight exceeding 26,000 pounds
• Has two axles and a registered gross weight of 26,000 pounds 
• Has three or more axles regardless of weight 
• Or has a combination weight exceeding 26,000 pounds. 

To comply with IFTA you will need to apply for your IFTA license with your jurisdiction or state where your vehicle is registered. Then keep it in your cab at all times. You will also receive two IFTA decals that you will need to keep on your driver’s side door. Plus, you have to file your IFTA return four times a year.

The following information is required to complete your IFTA return:

• Total miles traveled per jurisdiction 
• Total gallons of fuel consumed per jurisdiction 
• Total tax paid gallons of fuel purchased per jurisdiction 
• And the current tax rate per jurisdiction. 

If you fail to file your IFTA return you will have some expensive IFTA penalties to deal with. For example, if you don’t file by the deadline you will face a penalty of $50 or 10% of the total fuel tax you owe, depending on which amount is more.

On top of that, you will face a monthly penalty of .4167% of the total amount of IFTA tax you owe until you pay the amount in full. Your base jurisdiction also reserves the right to impose their own penalties and revoke your IFTA license and we know you don’t want that!

ExpressIFTA Is Your IFTA Reporting Solution

At TSNAmerica we have your back to help you easily prepare your IFTA report to file by the deadline. Simply check out our sister, ExpressIFTA to easily import and track all the information you need to complete your IFTA return online in one convenient location.

The process is quick and easy! You can import all of your data at once with the bulk upload feature or even directly upload all of your mileage information right from your GPS. However, you can also keep detailed trip sheet entries. ExpressIFTA lets you handle your reporting at your own pace.

Then at the end of each quarter, all of your totals will be automatically calculated in an easy to read IFTA report. Your IFTA report can be downloaded, printed, emailed, and used to instantly complete your return!

Visit ExpressIFTA for more information.

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2012 IFTA 3rd Quarter Filing Deadline is Coming!

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.We are halfway through the filing period for 3rd quarter. The fuel taxes are due quarterly and October 31st is the deadline for the 3rd quarter. (July, August, September) We are half way through the filing period, so get your IFTA filed today!

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 are new and not sure what to do or would rather not have to take the time to file your IFTA, contact Truck Services of North America at TSNAmerica.com today.  As a premier processing agency, Truck Services of North America can set up your IFTA accounts and file your Quarterly IFTA Taxes for you. TSNA takes the paperwork out of your way! For more details contact us at TSNAmerica.com or call 803.386.0320.

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