How to Prepare for an IFTA Audit
Worried about being selected for an IFTA audit? Well since you could be randomly selected for an audit at any time, it’s something you ought to be prepared for.
Here’s everything you need to know about how to prepare for an IFTA audit.
How the IFTA audit process works
You will be notified by your base jurisdiction in advance about an IFTA audit.
Then, they will have an in-person visit to examine your organization. This is a fairly comprehensive process that might include examinations of your record-keeping process, individual truck odometers, and more.
Finally, the auditor will compile all this information and notify you of what fees or penalties, if any, that you owe.
IFTA auditors don’t want to fine you
It’s important to remember that IFTA auditors aren’t trying to be malicious. They don’t want to hit you with penalties, though it might feel like it.
What you can do, however, is prepare yourself for audits.
What IFTA auditors are looking for
Auditors really just want to see that you have a comprehensive, accurate system for recording mileage and fuel purchases — and that you’ve reported accurately.
This means having a shoebox full of receipts isn’t going to good look for you.
You need accurate, readily-accessible mileage records, fuel purchase information, and odometer readings to make the reporting process as painless as possible.
What to do before ever being audited
Establish a simple, accurate, and repeatable system for recording IFTA information.
TruckLogics can do all of that for you.
Always file on time
If you file your IFTA returns late, this will be an immediate red flag to an auditor. It will show that you haven’t been responsible with your time.
Also, remember to keep IFTA reporting records on file for at least four years. That’s as far back as auditors can typically go in your timeline.
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