At ExpressIFTA, you can easily generate and print a quarterly IFTA return. You can also download the return of www.mvd.newmexico.gov and fill it out by hand. Yes, the State of New Mexico still requires you to submit a “zero” report, even if no IFTA fuel or miles were driven this quarter. They must file a tax return, even if no miles were driven during the quarter or if no taxable fuel was consumed. I signed up for IFTA. How many times do I have to file tax reports? In most jurisdictions, drivers must file quarterly fuel tax returns with their IFTA jurisdictional office. To avoid penalties, IFTA returns must be accompanied by a postmark with all payments for taxes due on or before the deadlines indicated below: prior to IFTA, each state had its own fuel taxation system and the necessary tax clearances for each state in which it worked. Most states have created ports of entry to issue permits and enforce tax collection, which has been a burden on the truck industry and states. Pre-IFTA trucks traded intergovernmentally carried special license plates (“bingo plates”) on which were affixed the approval stickers of each State. This has been ineffective and has proven costly for each state. New Mexico collects a penalty of $50, or 10% of the net tax due, whichever is greater. Interest is calculated on outstanding taxes in each jurisdiction at a rate of 0.4167% per month.
Even if you are entitled to a net refund, the interest of each jurisdiction applies for each underpayment of fuel consumption tax to that jurisdiction. This interest is calculated from the day following ifta`s quarterly due date for each month or fraction of a month until payment. How do I retrieve the mileage and fuel purchase information I need to complete my quarterly return? Ifta license holder, you are responsible for managing detailed distance and fuel purchase readings for all qualified vehicles. Concretely, you need to be prepared: do you have any questions about the fuel tax? In the frequently asked questions below, give us a basic overview of your IFTA requirements, including who should submit fuel tax purchases and how to document fuel tax purchases. If you`d like to learn more about how Foley can help you manage your data and fuel readiness, please click here. What is IFTA? The International Fuel Tax Agreement (IFTA) is a cooperation between the 48 states and 10 Canadian provinces to simplify the reporting and payment of fuel taxes. Under the agreement, road hauliers register and submit the corresponding financial adjustments to their basic jurisdiction and pay taxpayers` money to the competent courts. Where can I get help meeting my IFTA requirements? Foley offers affordable programs to help motor carriers meet their quarterly IFTA reporting obligations. All you need to do is submit the completed travel and fuel purchase data, and we prepare your quarterly IFTA return. Daily driving reports and/or monthly rally bulletins and five-year electronic record retention are included in the programmes.
Please call 1-800-253-5506, number 0869 for more information. How to document fuel purchases? You must collect and keep supporting documents and/or detailed fuel invoices….