Due on
July 31, 2020
IFTA Fuel Tax Filing and Payment Penalties
If you fail to file or submit your IFTA Report by the deadline you will be forced to face severe IRS penalties. Penalties may also apply for incorrect information on IFTA Reporting. You will also face an additional interest charge on late payments.
1. Payment Details
If you are due a refund the amount will automatically be calculated by ExpressIFTA and will be listed on your IFTA Quarterly tax return. This amount will show you if you owe taxes or are due a refund. Parentheses represent a negative balance meaning that you do owe taxes to your Base Jurisdiction. Any tax balance due will be automatically calculated by ExpressIFTA and will be listed on your IFTA fuel tax return. In order to pay your IFTA tax, simply submit a check or money order for the amount owe with your completed IFTA form to your Base Jurisdiction/State.
2. Late Filing Penalty
For most states, the penalty for late filing is a flat rate fee of $50 or 10% of the taxes due, whichever is greater. The only state that is different is Nevada. Nevada's penalty for Late filing is a $50 flat fee plus 10% of the
taxes due.
3. Penalty for Late Payment
Starting the month after you receive your original penalty for late filing, you will be charged .4167% of the tax due every month until the tax amount is paid. Again, Nevada is the only exception to this rule. Nevada charges the .4167% of the tax due every month as well as an administrative late fee of $100 the first time, $500 the second time, $1000 the third time, $1500 the fourth time, $2000 the fifth time, and $2500 for every time
after that.
4. Penalty for Underpayment of Tax Due
Penalty for underpayment of taxes due is calculated the same way. You will be charged a penalty amounting to .4167% of the unpaid taxes on a monthly basis until the taxes are paid in full.
Avoid Late Filing Penalties by Choosing our IFTA Reporting Software
ExpressIFTA is the simplest way to track all of your fuel & mileage records and generate your quarterly fuel tax reports online.
- Accurate Reporting
- Generate your IFTA report in minutes
- Automatic IFTA rate updates
- State-specific report formats
- Instant error check
- 100% US-based customer support