SEPTEMBER 2011 NEWSLETTER
IMPORTANT changes to 2290 tax due date – see below for more information.
2012 ARIZONA IFTA RENEWAL INVOICES AND INSTRUCTIONS were ALSO INCLUDED IN THIS month's MAILING
NEW MEXICO TAXATION & REVENUE
As of July 1, 2009, a new law in New Mexico imposed significant new penalties on any carrier who underreports actual miles traveled in New Mexico or reports less than the actual gross vehicle weight. This bill applies to all reports that are due after July 1, 2009.
If your records are audited by the New Mexico Taxation and Revenue Department and it is determined that you underreported the mileage actually traveled on New Mexico highways, you will be assessed the new penalty. These penalties start at $100 and go all the way to $4,000 and are in addition to any other penalties and interest currently allowed under the law. In addition, the new penalties are applicable to each reporting period, just as the existing penalties are.TCS PAYMENT OPTIONS
Due to changes in banking practices, our availability to funds deposited is limited. As we cannot issue payment checks to ADOT or any other agency until the funds are available to us by our bank, there will sometimes be a waiting period for your credentials, depending on your chosen method of payment to TCS. See our website for a guide to any waiting period you may incur between your payment to TCS and the processing of your credentials. This schedule is subject to change as banking practices are adjusted.
2290 TAX (HVUT)
The Federal Highway Use Tax (Form 2290) is normally due and must be filed and paid no later than August 31, 2011; however, in July, the IRS changed the due date for form 2290.
The IRS issued a notice advising truckers and other owners of heavy highway vehicles that the due date for their next federal highway use tax return (form 2290) has been changed from August 31, 2011 to November 30, 2011. This extension is designed to alleviate any confusion and possible multiple filings that could result if Congress reinstates or modifies the highway use tax after September 30, 2011, when it is scheduled to expire. The November 30 filing deadline for form 2290 for the tax period that began on July 1, 2011 applies to vehicles used during July, as well as those first used during August or September. Returns should not be filed and payments should not be made prior to November 1st.
If you have already paid TCS to process your 2290 tax form, we will process on November 1st and mail out your receipt at that time. If you have not yet paid us but have been invoiced and still want us to do this for you, please have your payment in our office by November 1, 2011.The IRS no longer mails a tax form to be used when filing your 2290 so do NOT consider yourself exempt from reporting because you did not receive one. Every power unit that exceeds a GVW (registered) of 54999# must be reported. The IRS accepts payment through the mail, by hand delivery, or electronically. There will be a link to the Federal Form 2290 on the forms page of our website as soon as the IRS releases the final form. Remember, a copy of the 2011/2012 stamped 2290 paid receipt with the VIN # will be required when processing any registrations after November 30, 2011. As this filing date has been extended, we will need a copy of your 2010/2011 stamped 2290 paid receipt with the VIN# to issue your September renewal or any other registration forms.
If you are already set up for TCS to process this for you, you should have already received your invoice. If you are not already set up for TCS to process for you and would like to be, or did not receive your invoice, please contact Myriam or Elaine in our office.ADDITIONAL FUEL TAX SERVICE FEE
An additional charge will be imposed upon customers turning in trip sheets late. The last quarter, we still had a high percentage of people turning in April, May, and June trip sheets into our office for processing in July. Although we only guarantee anything turned in by the 10th will be completed on time, our fuel tax preparers take the extra effort to process as many as they possibly can by the due date.
Turning in trip sheets late severely increases the processing time as the workload is tripled at the last minute. We ask that trip sheets be turned into our office no later than the 10th of each month for the previous month. (January trip sheets should be in our office by February 10th, February trip sheets should be in our office by March 10th, etc.). Trip sheets turned in late will incur an additional processing fee.ADOT Reminder
Every Arizona licensed IFTA carrier must prepare and submit a quarterly Arizona IFTA Tax Report. The quarterly reports must reflect miles and gallons for all IFTA jurisdictions traveled. It is the taxpayer’s responsibility to comply with the IFTA Agreements and make sure all reports are filed.
Any reports not filed or paid late during the year could result in ADOT requiring you to post a bond in order for you to receive additional IFTA stickers or your next IFTA license or even to register another truck.
Arizona IFTA license holders whose license has been revoked due to non-compliance will be responsible for filing the delinquent reports and will be required to post an Arizona IFTA bond. The total amount of the bond shall be at least twice the estimated average tax liability for the reporting period but not less than $3,000.00.
If you have a bond with ADOT and you are late paying your IFTA taxes, you will have to attend a hearing to justify why you should be able to keep your IFTA. If you do not attend the hearing, ADOT will revoke your IFTA license for 6 months.ARIZONA IFTA BONDS
Labor Day Holiday
TCS OFFICE HOURS
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Monday - Thursday: 8:00 to 5:00
- Friday - 8:00 to noon
