Attention truckers! Quarterly Fuel Tax Reports are due on July 31st, 2024 under the International Fuel Tax Agreement (IFTA). IFTA is an agreement between the lower 48 states and 10 Canadian provinces aimed at simplifying fuel tax collection for interstate commercial carriers. Quarterly IFTA reports help determine the amount of fuel tax owed in each jurisdiction based on miles traveled.
Why File IFTA Reports?
Filing IFTA reports is crucial for maintaining compliance with state and provincial tax laws. These reports ensure that fuel taxes accurately reflect the miles driven in each jurisdiction, promoting fair tax distribution across state and provincial lines. Remember, exemptions to IFTA reporting include Mexican States, Washington DC, Hawaii, Alaska, and Canadian territories.
Maintaining Compliance
Carriers are required to keep meticulous records of all IFTA and non-IFTA reported vehicles. This includes fuel receipts, mileage records, and trip reports for at least six months. Failure to maintain accurate records can lead to additional taxes, hefty penalties, and accrued interest.
Assistance from TrueNorth Compliance Services
Navigating the complexities of IFTA reporting can be daunting. If you’re encountering challenges with your second-quarter Fuel Tax Report, TrueNorth Compliance Services is here to assist you. We specialize in comprehensive compliance solutions, offering expertise in filing IFTA Quarterly Reports accurately and on time. Ensure you file your reports by July 31, 2024, to avoid penalties. For more information on how TrueNorth Compliance Services can support your IFTA reporting needs, fill out a contact form or give us a call at (701) 281 – 2299.