• Transportation

    International Fuel Tax Agreement and its Penalties

    Selecting the best IFTA software is always time taking. However, when we get the one it can increase the ROI. IFTA software used the latest technological advancements to produce innovations. The IFTA reporting software is designed to adapt and change to the ever-evolving business. If you won’t be successful in the business, you will need a solution which adapts to the emerging technologies. Where to begin? The first issue is to understand the question, what’s IFTA. Well, the International Fuel Tax Agreement (IFTA) is an agreement between the US states and Canadian province. IFTA is the taxes paid on the motor fuels. Every licensee must fill the IFTA under the state authority. When you receive the full knowledge of IFTA, next comes the duty to fill it. You must know that missing or filing IFTA inaccurately can be due to hefty fines.

    IFTA tax filing is not straightforward. Nobody enjoys spending the time of filling up the forms. However, taxes are a really important part of the business and can not be simply ignored. But using an IFTA software you can minimize the hassle and the odds of getting audited will be less. The process becomes painless with the software and you might not find a tax collector in your door. During the audits, the odometer readings will be checked. As well as odometer readings, the auditor will check the IRP miles, DOT records, and excursions logs. They’ll also check real miles covered by the motor vehicle. Additionally, the receipts given by the drivers are verified at the time of the audit. Should they find any discrepancies, the auditor will determine how much tax required to pay. The auditor can impose a heavy fine for incorrect reporting. So the only solution to not making any mistakes is embracing IFTA software. Of course, there are a variety of organizations developed the IFTA software.

    IFTA software

    But, selecting the one among them is the challenging task. Let’s discuss the important points you can bear in mind while considering the IFTA software. The first and foremost thing to consider when selecting the IFTA software is that it matches up to your small business expectation. It is highly recommended to go through all of the features and see if that you can match up with your organizational goal. Manually filling up the IFTA reports require great time and effort. Before adopting software you will need to analyze the source utilization. This, in turn, can be used in another aspect of the business. You must trust the provider and the security features it provides. No owners want to land up a situation of buggy software.

    The software provider does give safety. The changing rates and attributes will need to be updated regularly. You need to test the provider provides the upgrades with no additional costs. IFTA software also should have all the latest regulations and rules updated automatically. The previous point, but not the least. Your staff should face no difficulty and no additional training costs to run the IFTA software. The software itself needs to have an excellent user interface and should be quite easy to use. The above points are merely a glimpse while considering the IFTA software. IFTA reporting doesn’t have to be tough once you are using good software.

  • Transportation

    Effective Guide To Choose IFTA Fuel Tax Reporting Software

    If are you currently running a trucking company, then you know what is IFTA in trucking? Or else if you’re wondering how it’s applied to your vehicles? Being a trucker that you need to know about IFTA and details of it. The Entire form of IFTA is The International Fuel Tax Agreement. It is an arrangement made between 48 lower states of the U.S and 10 Canadian Provinces. Based on IFTA, every authority will get fuel tax revenue for the fleet went inside. It doesn’t matter you’ve purchased fuel in that state or not. Heavy Highway Use Tax is a national tax. It needs to be compensated by anyone who wishes to register a vehicle classified as a heavy highway motor vehicle in their title.

    The Heavy Highway Use tax is collected on the vehicles having a gross weight of 55,000 or more. The vehicles which operate on public highways and have travelled a distance of 5,000 miles annually. The taxes are collected once a year. It’s used for the building and maintenance of the highways. Form 2290 is used to cover the highway use tax. IFTA tax reporting has ever been a complex and tiring process. IFTA tax reporting software is intended to make IFTA reporting simple and quick. But choosing the ideal software in this crowded marketplace is a significant challenge. There are a few of the strategies to choose IFTA fuel reporting software. The first and foremost thing that the truckers look in almost any software is its user-friendliness.

    So, the port of the IFTA reporting software should be easily navigated. No special seminar or training must operate the software. You require a tool that will automatically compute your IFTA taxes. So, it will help you with incorrect IFTA reporting. The IFTA fuel reporting software can track mileage, paths, loads, and invoices. The automated system generates fuel in addition to fleet-related data extremely fast. Another feature you should look at the IFTA tax reporting software is its precision to create reports. Generally, standard software is accurate and precise and provides error-free outcomes. It also decreases the odds of mistakes and raises your time on the street.

    The IFTA reporting tool enables you to monitor driver’s miles to find comprehensive information about the fleet action and current tax liability. A strong IFTA fuel tax reporting software can monitor plenty of information. The information includes miles travelled, fuel usage, fuel purchased, credits due together with laden and unladen weights on the way. The mathematical calculation makes the IFTA reporting more complicated.

    Generally, the truckers find it hectic and hard to perform the calculations manually. In this circumstance, IFTA reporting software is an impeccable choice to choose. The innovative calculation considers the laden/unladen weights and truck axle count. The software also should have the feature to allow the user to create unlimited reports at ease. A fantastic fuel tax reporting software will help to enhance the performance of your trucking company. It’ll turn your biggest headache of IFTA reporting into an easy and straightforward process.