IFTA 101: How IFTA Works
Welcome to IFTA 101. We went over the Basics To Understanding IFTA, now we’re ready to move on to the next item on your syllabus – How IFTA Works. Before we begin, here is some quick information on ExpressIFTA:
ExpressIFTA let’s you ditch all that paper and allows you to easily track your mileage, fuel purchases, and automatically create your IFTA return for each quarter – all conveniently online. You can easily find information for each state jurisdiction and there is always someone available on our support team to help you out, if you need it.
Okay, back to the lesson.
How IFTA Works
To get started with IFTA, a carrier will first submit a license application to their base jurisdiction.
After you have submitted your IFTA license application, your base jurisdiction will review and process your application. Once you are approved your base jurisdiction will issue one IFTA license to the carrier and two decals for each operating vehicle. As long as you have your IFTA license, you will need to prepare a quarterly IFTA tax return with your base jurisdiction.
Your Quarterly IFTA Return
For every IFTA Quarter you will file a tax return with your base jurisdiction for taxes owed. You will always file an IFTA return as long as you have your IFTA license, even if you do not operate or travel outside of your base jurisdiction.
After you have submitted your IFTA Quarterly Return, your base jurisdiction will review and process your tax return. Your base jurisdiction will take care of issuing the fuel tax acquired to the states jurisdictions that were traveled.
Here is some extra information for your Distance Records Maintenance . Next week we will cover IFTA Compliance then dive into 2nd Quarter IFTA filing to get you ready for the July 31st deadline.
Before you leave, if you want an amazing processing agency to handle all your IFTA returns, compliance, and every authority under the sun, our sister product TSNA is exactly what you need. You can reach their delightful processing agents via phone: 803-386-0320 or email: support@TSNAmerica.com
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