Common IFTA Mistakes

Truck Services of North America receives many questions about the requirements of IFTA.  Here are a couple common mistakes that can be quite costly for IFTA license holders.

I do not have to file a quarterly return since I did not operate.

Many IFTA license holders assume that if they do not have any mies to report, that they do not have to file a quarterly IFTA return. This is not the case, if you hold a valid IFTA license, you are required to file a quarterly return by the deadline, even if no miles were traveled.  In the instance of no operations, you would simply file a zero return and no tax will be owed.  However, if you fail to file the zero return by the quarterly deadline, you will be responsible for the late filing penalty fee.

If I do not renew my IFTA license at the end of the year, my IFTA account will automatically be closed and I will not be required to continue to file quarterly returns.

This is not always true and depends on your state.  The process to close your IFTA account varies from state to state.  Some states revoke and close IFTA accounts as soon as you fail to file for one or two quarters.  Others close the account at renewal time, while others allow the account to remain open and each quarter that is late, is subject to the late filing penalties and interest for any tax due. You want to check with your state to find out what is required to close your IFTA account if you are going out of business or easing operations for any reason.  We have had customers who have been required to file over 4 years of outstanding IFTA returns, because they failed to close their account with the state.

TSNAmerica works very closely with state IFTA offices and can assist you in setting up, maintaining and closing your IFTA account.  We keep you informed of deadlines, file your quarterly returns and notify you of changes in rules and regulations, should they occur.

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Deadline Today For 3rd Quarter IFTA, Use Tax & Form 2290 Returns

The deadline to file 3rd Quarter  IFTA, KYU, NY HUT, and New Mexico Weight Distance returns is today!! You must file a return even if you did not run during the quarter. You would just file a “zero” report.

Failure to file a return, filing a late return, or failure to remit any or all tax due will result in a penalty of $50.00 or 10% of the net tax due to all member jurisdictions, whichever is greater.  Interest is computed on all delinquent taxes dues each jurisdiction at a rate of 1% per month.  Even if you have a net refund, interest still applies to each jurisdiction for any underpayment of fuels use tax to that jurisdiction and is calculated beginning the day after the due date of the return for each month, or fraction of a month, until paid. So the longer you are late, the more you will owe.

It is also the last day to file your Form 2290, if you first placed your vehicle on the road anytime during the month of September.

A Vehicle is considered to be a taxable vehicle if it was operating on public roads between the tax periods of July through June. A vehicle is also considered to be taxable if it has a taxable gross weight of at least 55,000 pounds and travels at least 5,000 miles during the tax period (7,500 miles if used for agriculture).

The deadline for 3rd quarter IFTA and Use Tax & Form 2290 returns is today, October 31st, so if you have not yet filed your return(s), you will want to file now to avoid penalties and interest.  At Truck Services of North America, we make it simple by preparing and filing your quarterly returns 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.

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Tomorrow is the Deadline For 3rd Quarter Returns & Form 2290

Tomorrow, Thursday, October 31, 2013 is the deadline for 3rd Quarter IFTA, KYU, NY HUT, and New Mexico Weight Distance returns as well as Form 2290 for Heavy Vehicle Use Taxes on vehicles first placed on public highways during the month of September.  

On the road and unable to file your Form 2290 on your own?  No problem, just give us a call and we’ll take care of it for you.  We take all your information over the phone and submit it to the IRS on your behalf!  All we need is your information and a signed Form 8453, giving us the authorization to file for you.  We can fax you the form, you sign it a fax it back and we take care of the rest. We can even send your employer proof that you filed your Form 2290 for you.  So don’t risk IRS penalties by missing tomorrow’s deadline.

As a premier processing agency, Truck Services of North America can assist with your IFTA,  NY HUT, KYU, New Mexico Taxes and Form 2290. 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.

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