Qualified motor vehicles traveling between two or more jurisdictions are required to file IFTA quarterly.
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Two or more jurisdictions consist of 48 of the United States and 10 Canadian provinces. If you're driving a qualified motor vehicle you must have an International Fuel Tax Agreement (IFTA) license and decals. Your IFTA license should be carried inside of your equipment. IFTA decals should be on the side of each door.
If you are required to carry an IFTA license, you are required to file a quarterly IFTA return even you had no operations.
If you have two or more axles and a gross weight in excess of 26,000 pounds you are required to register for IFTA & IRP.
If you have three or more axles regardless of weight, you are required to register for IFTA & IRP.
Base jurisdiction just simply means the state your IRP is registered. You should maintain records at this location in case of an audit.
Frequently Asked Question To file an IFTA return
What will I need? You will need the tax rate for each jurisdiction. Keep in mind the tax rate changes.
What does taxable gallons consumed in each member jurisdiction? This relates to the number of gallons purchased per state traveled.
Where do I collect miles and taxable miles? Your miles are collected within your ELD device.
What should I report? All total miles both taxable and nontaxable traveled in all states or jurisdictions including trip permit miles.
Accountants vs Bookkeepers
Accountants conceptualize the overall picture that bridges the maintenance of the general ledger to financial reporting. Accountants will perform a top-level analysis of your data. Generally, the title of accountant requires a bachelor’s degree in Accounting. Accountants, unlike bookkeepers, are eligible to acquire professional certifications. As an example, accountants with sufficient experience and education can obtain the title of Certified Public Accountant (CPA).
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