Ifta fuel tax calculator

An electronic logging device (ELD) is a piece of hardware that drivers of commercial motor vehicles use to automatically record driving time for commercial motor vehicles. It plugs into a vehicle’s onboard diagnostics (OBD) port and captures data on the vehicle’s engine, GPS location, speed, miles driven, and more. Under the ELD mandate, the Federal Motor Carrier Safety Administration (FMCSA) requires that most commercial vehicles have an ELD to track and report Hours of Service (HOS).What is IFTA?The International Fuel Tax Agreement (IFTA) is a pact between the lower contiguous 48 states and the ten Canadian provinces that allows inter-jurisdictional commercial motor carriers to use a single fuel tax license to report and pay taxes on the fuel their vehicles consume. The purpose of IFTA is to simplify fuel use reporting for commercial motor carriers and owner-operators that drive in two or more jurisdictions. Before IFTA, motor carriers were required to obtain fuel permits for every jurisdiction they entered into. For example, if a driver pumped 200 miles worth of fuel in Indiana but drove 100 of those miles in Ohio, the driver would have two separate fuel tax reports for each state. This process was inefficient and costly. IFTA simplified the reporting of fuel use by requiring that carriers operating in IFTA jurisdictions submit only a single fuel tax form, reflecting their inter-jurisdictional fuel use to their home state, even when the carrier has fleet vehicles operating in multiple jurisdictions.IFTA requires that commercial carriers record miles driven, fuel purchased,

IFTA Late Payment Penalties IFTA Late Filing Penalties Penalty for Underpayment of Tax Due “Ease, and quality of the end result in a timely manner. I love doing business with this company!” -Danny Collins, Clarence, Missouri Generate Report Now, and print & mail to your Jurisdiction Why ExpressIFTA? Accurate fuel tax calculations Automatic IFTA rate updates Supports State-specific report formats Home IFTA Penalty Your Second Quarter IFTA Report is 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. Why ExpressIFTA? Generate IFTA reports in minutes Accurate fuel tax calculations Automatic IFTA rate updates Bulk data upload or manual data entry Supports State-specific report formats Instant Error Check 100% US-based support 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

Be kept at your business address in a safe place. Your Wisconsin IFTA license is valid for the calendar year January 1 through December 31. Do I file a quarterly fuel tax report if I didn't run during the quarter? Yes, the state of Wisconsin still requires you to submit a "zero" report even if no fuel or IFTA mileage was traveled in that quarter. What is the penalty and interest rate for filing a late quarterly fuel tax report in Wisconsin? Wisconsin charges a late penalty of $50 or 10% of the net tax due, whichever is greater. Interest is computed on overdue taxes in each jurisdiction at a rate of .4167% per month. Even if you are due a net refund, interest still applies to each jurisdiction for any underpayment of fuels use tax to that jurisdiction. This interest is calculated from the day after the IFTA quarterly due date for each month, or fraction of a month, until paid. How do I obtain a Wisconsin IFTA return? You can easily generate and print your IFTA return at ExpressIFTA. The IFTA quarterly/annual tax report will also be sent to all IFTA licensees at least 30 days before the due date. Quarterly tax reports may be filed online at the official DOT website of the State of Wisconsin or obtained online if you feel comfortable doing IFTA calculations on your own. You can also call (608) 266-9900 for assistance. Where can I get more information regarding IFTA in Wisconsin?