IFTA Tax Reporting in the Border Region
The International Fuel Tax Agreement (IFTA) established a fuel use license for interstate carriers and a single base jurisdiction for each license holder. Like the International Registration Plan, the IFTA is an agreement between U.S. states and Canadian provinces to simplify reporting. Border Trucking Compliance offers IFTA tax reporting services to keep your fleet compliant.
Our IFTA Tax Reporting Services
To best aid our clients, we offer a robust suite of IFTA tax reporting services to ensure complete compliance.
Fuel and Mileage Tax Reporting
Fuel and mileage tax reporting is crucially important for smooth trucking operations. Without the IFTA, fuel and tax mileage would have to be handled separately between jurisdictions. With the IFTA, the process is dramatically simplified for states, allowing the base state to collect the tax revenue and distribute it amongst other jurisdictions.
Failure to properly and accurately report can result in big fines for your company, or even being barred from operating your fleet entirely.
IFTA Quarterly Reports
As part of the IFTA, your fleet will be required to file a tax return with your base state each quarter. Once you have filed with your base state, that money will be dispersed among all other jurisdictions that your fleet operated in.
The IFTA report is a relatively straight-forward process, but it is easy to let slip in the throes of a busy business. Border Trucking Compliance can help you stay on top of your quarterly tax reporting.
Mileage Tax Reports (KY, NM, NY, OR)
Border Trucking Compliance offers mileage tax reports for several base states, including Kentucky, New Mexico, New York, and Oregon.
Why You Should Work with a Reputable Team
Mismanagement of your fuel and tax mileage can cost your fleet time, money, and even your business altogether in the most extreme circumstances. Border Trucking Compliance is well-versed on current IFTA laws and regulations, ensuring that you won’t have to deal with the fines or penalties of bad reporting.
Tax Rates, Due Dates, Penalties, Interest, and More
Motor vehicles required to adhere to IFTA:
- Those with 2 axles and a gross vehicle weight above 26,000 pounds
- Any vehicle with 3 axles
- Any combination of vehicles with a gross vehicle weight above 26,000 pounds.
Tax Due Dates:
- January – March: April 30th
- April – June: July 31st
- July – September: October 31st
- October – December: January 31st
Penalties:
The penalties against failing to file a tax return or make a payment on the return (including late fees, interest, etc) can lead to your license being suspended and a Jeopardy assessment being applied to your truck or fleet. Once the Jeopardy has been assessed, you will need to file and pay the late fee before applying to reinstate your license.
Interested in more information regarding the IFTA? Don’t hesitate to give our team a call to learn more!
Contact The BTC Team Today!
For IFTA tax reporting or any other compliance services, Border Trucking Compliance is ready to help. For years, we’ve helped countless trucking fleets stay compliant and productive, and we’d be delighted to work with your company as well. Give us a call today to get started!