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1512 Technology Drive Ste 101, Chesapeake, VA 23320

Wisdom & Authority Title Solutions


IFTA Taxes 3rd Quarter 2012

Posted on August 4, 2012 at 10:21 PM Comments comments (2)

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.


Quarter Timings:

  • January 1-March 31 marks the start and end of the first quarter for IFTA
  • April 1-June 30 marks the start and end of second quarter for IFTA
  • July 1-September 30 marks the start and end of third quarter for IFTA
  • October 1-December 31 marks the start and end of fourth quarter for IFTA

Filing Deadlines:
  • April 30 is the deadline to file for IFTA taxes from first quarter
  • July 31 is the deadline to file for IFTA taxes from second quarter
  • October 31 is the deadline to file for IFTA taxes from third quarter
  • January 31 is the deadline to file for IFTA taxes from fourth quarter

What Do You Need to File:
  • Tax ID or IFTA ID Number
  • Well Maintained Mileage log (only one per truck-vehicle specified)
  • Fuel Receipts (for the vehicles that purchased fuel operating under IFTA regulations)

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:
  • Late fee will incur
  • Interest/Penalties are incurring (while filing hasn't been submitted)
  • IFTA/IRP license suspension
  • Threat of DOT citations and other regulation violations
  • Possible shutdown of operations

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.