Motor Fuel Tax Schedules And Reports Instruction (Page 29 of 43) in pdf

Line 22: Penalty = .05 x line 21 (min. $5.00).

A penalty applies when the tax report is not ﬁ led on or before the due date.

A penalty also applies when there is additional tax due on an amended tax report.

● For a late-ﬁ led original report, compute the penalty by multiplying .05 (5%) times the tax on line 21.

If the computation is less than $5.00, enter $5.00.

● If there is additional tax due on an amended report, compute the penalty by multiplying .05 (5%)

times the additional tax due on line 21. The additional tax due is the difference between the tax

reported on line 21 of the original report and the tax reported on line 21 of the amended report.

Line 23: Interest = .01 per month x line 21.

Interest applies when the tax report is not ﬁ led on or before the due date.

Interest also applies when there is additional tax due on an amended tax report.

► Interest is 1% per month for each month the tax payment is late, beginning with the 1st of the month

after the due date.

EXAMPLE FOR COMPUTING INTEREST:

For taxes due July 25, 2005 and not paid until October 15, 2005 interest applies at 1% beginning

August 1, 2005, 2% on September 1, 2005, 3% on October 1, 2005, and so on.

● For a late-ﬁ led original report, compute the interest by multiplying the tax due on line 21 by the

applicable interest rate.

● If there is additional tax due on an amended report, compute the interest by multiplying the additional

tax due on line 21 by the applicable interest rate. The additional tax due is the difference between the

tax reported on line 21 of the original report and the tax reported on line 21 of the amended report.

NOTE: An Excel worksheet programmed to compute interest can be E-mailed to you upon request.

Line 24: Insp. Fees = total of Col. F (lines 8+9+11) x .00025.

Compute inspections fees imposed for the state Health and Consolidated Laboratories.

● Add lines 8, 9, and 11, and multiply that total by .00025 (1/40 of 1%).

Line 25: Tax credits available from prior months or audit.

Tax credits may result from overpayments in prior months, amended tax reports, adjustments made by the

Tax Commissioner, or from audit adjustments.

● Enter the amount of available tax credit you want to use to cover the liabilities on this report.

○ Do not enter an amount greater than the liabilities due on this report.

○ When submitting an amended report, do not enter payments made with the original report or with a

previous amendment. Previous payments for the same report do not constitute prior month credits.

Line 26: Total Due = lines 21+22+23+24-25.

Compute the total tax, penalty, interest, and inspection fees due and payable.

● Add lines 21, 22, 23, and 24, and subtract line 25.

● Make the remittance payable to the State Tax Commissioner.

► For paper reports, the remittance must be by check, bank draft, or money order.

► For electronically ﬁ led reports paid by check, bank draft, or money order, a voucher must

accompany the remittance. Voucher forms are available at our Internet website at:

Filing.

► For electronically ﬁ led reports, ACH credits are an option.

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Motor Fuel Tax Schedules And Reports Instruction Page 29