The International Fuel Tax Agreement (IFTA) requires qualified motor carriers operating in multiple jurisdictions to report fuel usage and mileage. For 2024, the crucial deadline to submit your IFTA quarterly report is October 31, 2024. As a motor carrier, it’s essential to ensure your report is filed accurately and on time, as failing to meet this deadline can result in significant penalties.
Let’s dive into the key aspects of IFTA filing, when is the IFTA filing due for 2024 and what happens if you miss the deadline.
Consequences of Missing the IFTA Reporting Deadline
Missing the IFTA filing deadline can have serious financial consequences. If you fail to submit your report on time, penalties will apply. These penalties can be imposed for several reasons, including:
- Failure to File: If you don’t file your IFTA report by the deadline.
- Late-Filed Reports: Filing your report after the due date.
- Underpayment of Tax Due: If the taxes owed are not fully paid at the time of filing.
The penalty amount is either $50 or 10% of the net tax liability, whichever is greater. This means that if your calculated tax liability is low, you will still be subject to the minimum $50 penalty. Additionally, it’s important to note that the penalty may vary depending on the jurisdiction where your base state is located. On top of the penalties, interest will be applied to any late payments, increasing the amount you owe.
Failing to file or pay on time can also affect your standing with IFTA, potentially resulting in the suspension of your IFTA license. Such consequences can lead to operational delays and further complications for your business.
To avoid these penalties, it is crucial to ensure your report is completed and submitted by October 31, 2024.
Information Needed to Generate an IFTA Report
Accurate and timely IFTA reporting requires gathering specific details about your business operations, vehicles, and fuel consumption. Although the requirements can vary slightly between jurisdictions, here are the basic pieces of information you will need:
- Business Information:
- Employer Identification Number (EIN)
- Company name
- Type of business
- Business address
- IFTA Details:
- Country and base jurisdiction (your home state)
- IFTA Account Number
- Vehicle Details:
- Truck/unit number
- Gross vehicle weight
- Fuel type (diesel, gasoline, etc.)
- Fleet name and number
- Vehicle make and model
- Mileage Information:
- Total miles traveled in all jurisdictions, including those that don’t participate in IFTA.
- Taxable and nontaxable miles, along with any trip permit miles.
- Fuel Consumption:
- Total fuel (gallons or liters) consumed by your vehicles in all jurisdictions.
- Fuel types, including taxable and nontaxable fuel used across IFTA and non-IFTA jurisdictions.
By compiling all of this data, you’ll be ready to generate your IFTA report. Most jurisdictions now allow or require digital submissions, which makes tracking and reporting more efficient.
Simplifying Your IFTA Filing Process
Manually gathering all this information can be time-consuming, but with the right tools, you can streamline the process. Using IFTA-Manager, the cloud-based reporting software from TMS-Digital, you can quickly enter your data, generate an accurate IFTA report, and ensure compliance with your base state’s regulations.
With IFTA-Manager, you can:
- Enter your fuel and mileage data in just a few clicks.
- Automatically calculate tax liability.
- Generate state-specific reports in minutes.
This system reduces the risk of errors and late submissions, helping you meet the October 31, 2024 deadline without the stress of manual calculations.
Final Thoughts
The IFTA filing deadline for the third quarter of 2024 is fast approaching on October 31, 2024. Missing this deadline can lead to hefty penalties and additional interest, impacting your business operations. However, by preparing all necessary details in advance and utilizing a tool like IFTA-Manager from TMS-Digital, you can simplify the reporting process and ensure your report is filed accurately and on time.
Don’t wait until the last minute—start preparing your data today to meet the upcoming IFTA filing deadline and avoid costly penalties with TMS-Digial.
