Wednesday, March 5, 2014

TSNAmerica Can Prepare & File Your Quarterly IFTA

March marks the final month of 1st Quarter for IFTA.  IFTA is the International Fuel Tax Agreement, an agreement between the lower 48 states of the United States and the Canadian provinces (except Northwestern Territories, Nunavut and Yukon), to simplify the reporting of fuel use by motor carriers that operate in more than one jurisdiction. Under IFTA, you are able to file one return in your base jurisdiction and that jurisdiction will allocate the money appropriately.  This agreement definitely simplified what used to be a very long and time-consuming process.

The deadline to file your 1st Quarter IFTA return is April 30, 2014.  Good record keeping now helps you avoid rushing around at the last minute and possible lates and/or penalties.

Who is required to file?
This tax is required for motor vehicles used, designed, or maintained for transportation of persons or property and:
  • Having two axles and a gross vehicle weight rating or registered gross vehicle weight in excess of 26,000 pounds, and/or
  • Having three or more axles regardless of weight, and/or
  • Is used in combination, when the weight of such combination exceeds 26,000 pounds gross vehicle or registered gross vehicle weight.

Exceptions exist for Recreational Vehicles (such as motor homes, pickup trucks with attached campers, and buses when used exclusively for personal pleasure by an individual). Some states have their own exemptions that may apply to farm vehicles or government vehicles, so check your state for their specific exemptions.

What is Required?
The following information is required on the IFTA quarterly tax return:
  • Total miles, taxable and nontaxable, traveled by the licensee’s qualified motor vehicles in all jurisdictions, IFTA and non-IFTA, including trip permit miles;
  • Total gallons of fuel consumed, taxable and nontaxable, by the licensee’s qualified motor vehicles in all jurisdictions, IFTA and non-IFTA;
  • Total miles and taxable miles traveled in each member jurisdiction;
  • Taxable gallons consumed in each member jurisdiction;
  • Tax-paid gallons purchased in each member jurisdiction; and
  • Current Tax Rates for each member jurisdiction.

As a premier processing agency, Truck Services of North America can set up your IFTA accounts and file your Quarterly IFTA Taxes for you.  You just send us the required information and we handle the rest!

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