As 2024 draws to a close, transportation professionals must review their regulatory requirements to ensure a seamless start to the new year. Staying on top of deadlines and renewals not only keeps your operations compliant but also sets the tone for a successful 2025. Here’s your comprehensive checklist to stay ahead:
1. Renew Your IFTA License (Due December 31, 2024)
Ensure your International Fuel Tax Agreement (IFTA) license is renewed before the year-end deadline. Gather all necessary documents, verify your license status, and allow ample time for processing. Late renewals can result in fines or operational delays.
2. Prepare for IFTA 4th Quarter Filing (Due January 31, 2025)
While preparing for the new year, don’t forget the final filing of the year. Organize your fuel receipts, mileage logs, and trip sheets to ensure accurate and timely filing for the 4th quarter of 2024.
3. Renew Your Unified Carrier Registration (UCR) (Due December 31, 2024)
If you’re a motor carrier, broker, or leasing company operating across state lines—or within states adhering to the UCR program—this renewal is mandatory. The UCR program ensures regulatory compliance and helps fund essential motor carrier safety and enforcement initiatives.
To stay compliant:
- Verify the status of your UCR registration.
- Gather all necessary documents, including your US DOT Number and associated information.
- Submit your renewal on time to avoid disruptions or penalties.
TrueNorth Compliance Services simplifies this process for you. If you need assistance, our team can handle the renewal on your behalf.
For detailed guidance, visit our dedicated blog post: Unified Carrier Registration (UCR) 2025 is Now Open.
4. Review North Dakota IRP Account Expirations (Varies by Account)
North Dakota International Registration Plan (IRP) accounts may expire on December 31, depending on your registration cycle. Check expiration dates and ensure timely renewal to avoid interruptions in interstate operations.
5. Prepare for BOI Reporting Requirements (Effective January 1, 2025)
A critical new reporting requirement goes into effect on January 1, 2025. Businesses will be required to submit Beneficial Ownership Information (BOI) to the Financial Crimes Enforcement Network (FinCEN).
Key Points to Know:
- Who needs to comply?
- Existing companies (before January 1, 2024): File your initial BOI report by January 1, 2025.
- New companies (January 1, 2024 – January 1, 2025): File within 90 calendar days of creation or registration.
- Companies formed on or after January 1, 2025: File within 30 calendar days.
- Why this matters: The BOI reporting requirement aims to combat financial crimes by increasing transparency around company ownership. Non-compliance could result in penalties.
- How to file: Reports must be submitted electronically through the FinCEN BOI E-Filing system.
To learn more about this update, please visit our blog: New Beneficial Owner Information (BOI) Reporting Requirements.
Need Help? TrueNorth Compliance Services Has You Covered
Completing these tasks ensures your fleet can operate smoothly and without penalties as we move into 2025. Staying proactive in meeting deadlines reduces stress and avoids last-minute rushes.
Compliance can be overwhelming, but you don’t have to navigate it alone. TrueNorth Compliance Services specializes in streamlining your regulatory processes, so you can focus on what you do best—running your business. If you have questions or need assistance with any of the items on this checklist, contact us today.