IFTA 3rd quarter is underway and the time to stay on top of your IFTA mileage logs and fuel receipts is now. For those who are new to IFTA tax reporting; this is a tax that is mandated by the Federal government. With this type of tax, the federal government ensures that motor carriers are taxed based on the amount of fuel purchased in accordance to mileage driven in each jurisdiction. Accordingly the tax is reported by the jurisdiction that is your base state. IFTA tax filing is due at the end of each quarter. In this post, focus will be on important IFTA dates, what is needed to file and consequences for not filing.
IMPORTANT IFTA DATES:
What Do You Need to File:
Consequences of Not Filing:
Before I state the consequences of not filing, I must share that it is imperative that you still file your IFTA taxes, even if you had no operations during a particular quarter or your trucking company is no longer in business. Don't wait for your jurisdiction state to send you a notice of filing,but instead notify them that you didn't have any operations during a particular quarter or that you are no longer in business.
If you fail to file your IFTA taxes the following can occur:
Wisdom & Authority Titling Solutions, is available to assist you with all of your IFTA tax filing needs. If you are delinquent from previous quarters, need to amend a previous return, or need overall assistance with your IFTA filing, get the help you need today, so you can stay in motor carrier compliance.