What is IFTA Reporting?
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Last modified 6/24/2021 8:08:42 AM EST |
Added by TruckLogics Team
To stay in a trucking business and be compliant with the law, a fleet or truck owner must adhere to several rules and regulations that govern the roads. One such important and often confusing regulation is IFTA reporting.
In a trucking business that operates over multiple jurisdictions, it is the driver's responsibility to keep track of every mile traveled and the fuel expenses made in every trip route's jurisdiction. The information of the miles traveled and the fuel type must be reported by the truck owner to file an IFTA return every quarter, based on which the amount of tax due or credit will be calculated.
Filing an IFTA return must be done every quarter. For example, if a truck owner is filing an IFTA report for the quarter of January to March, the deadline to file the IFTA return will be on the 31st of April. In case of late filing, a penalty greater than $50 or 10% of the tax will be imposed on the truck owner. The penalty will also be imposed upon late payment or underpayment of taxes. If the deadline falls on Saturday, Sunday, or a legal holiday, the filing must be done within the next business day.
In case of changes in the report, an amended return can be filed for any previously filed IFTA return. An explanation of the changes made should also be attached, along with the amended IFTA return.
With TruckLogics, having several years of experience handling trucking tax, fuel tax, and compliance, you can rely on us for IFTA! We will automatically pull in the miles traveled and fuel-ups for the quarter and generate the IFTA reports with filing instructions.
Watch the video below and learn more about IFTA Reporting in TruckLogics.