• 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.