Whoa, didn’t you realize that your 4th quarter IFTA report was due on January 31st?! You missed the deadline! Even though these IFTA deadlines happen on a quarterly basis, sometimes the deadlines can sneak up on you. So, what happens if your report is late?
Missing The IFTA Deadline
Don’t panic, or waste time freaking out. Simply get your information together with the help of TruckLogics and turn in your report. Turning in your report late is better than never. Also, having your report together a few days late is nothing to freak out about, you usually won’t get your IFTA license revoked if unless you don’t file a few times.
That doesn’t give you a free pass not to file this time around. Your IFTA license can still be revoked if you don’t file your report on time, depending on how strict your state or base jurisdiction is. It will still be noted on your record and at weigh stations when your decals are viewed and your information is looked up.
Also, you will be subject to fees and penalties, which are never fun. Whether or not you owe taxes this filing period you’ll either be charged a $50 late fee or 10% of the tax amount you owe, whichever is higher. If you don’t owe any taxes the fine will be $50. That’s a lot of movie tickets, meals, or heck, it’s maybe even equal to your cable bill.
The fines don’t stop there though! Your late tax penalty will continue to grow until you turn in your IFTA report and pay the taxes owed. Each month you’ll gain an interest rate of .4167% on the taxes you owe per jurisdiction. Those figures could really start to add up.
Along with not filing your IFTA report on time other reasons for losing your IFTA license include failure to comply with all provisions of the IFTA agreement and failure to fully pay off your taxes owed per jurisdiction.
As soon as you file your IFTA report, even if you file it late, you’ll receive proof of payment within minutes. Keep that proof of payment with you either in hard copy or electronic copy form to avoid any hassles with state troopers and the DMV.
Now just to refresh your memory IFTA is the International Fuel Tax Agreement, and it’s in place for all of the 48 connected states in the US, all of the states in Mexico, and all of the Canadian provinces.
Your vehicle qualifies for IFTA if it has 3 or more axles, regardless of weight, has two axles with a gross vehicle weight of 26,000 pounds or if it’s used in combination with a total gross vehicle weight of over 26,00 pounds. Also, you qualify for IFTA if you regularly travel between two or more jurisdictions (states).
If you only need to travel in another state a few times a year you can get temporary IFTA permits. Each state has its own set of regulations
To file an IFTA report you will need:
- The total miles, both taxable and nontaxable traveled by your qualified motor vehicle(s) in all jurisdictions.
- The total taxable and nontaxable liters or gallons of fuel used by your qualifying vehicle(s) in all jurisdictions.
- The total miles traveled per jurisdiction
- The total of gallons consumed in each member jurisdiction
- The tax-paid on gallons or liters that are purchased in each jurisdiction
- The current tax rate for each member jurisdiction.
Calculate Your IFTA With TruckLogics
TruckLogics has all of the tools to help you keep up with your fuel, taxes, and miles per jurisdiction so you can quickly and easily calculate all the totals needed for your quarterly IFTA reports. Sign up for your free 15-day trial today to see how easy TruckLogics can make managing your entire trucking operation, especially when it comes to calculating your IFTA tax.