As a motor carrier or freight broker, you need to familiarize yourself with IFTA audit reporting requirements. IFTA is the International Fuel Tax Agreement and it stipulates that your fuel and miles need to be reported to the proper tax authorities at the end of each quarter.
Sometimes Free Freight Search members ask us who needs to comply with IFTA reporting requirements. Any vehicle over 26,000 pounds that crosses state lines must be IFTA audited.
All miles and all fuel for these vehicles must be reported. You will need to complete each trip sheet with the following basic information: the start and end date, the unit number, the name of the driver and the licensee or registrant name. The information that is recorded for reporting purposes includes the origin, destination, route of travel (which means the major highways that were travelled), the beginning and ending odometer reading for each trip, the total miles that were driven and the mileage for each jurisdiction.
Trying to keep track of this information retrospectively or on an ad hoc basis can become an administrative nightmare, which is why Free Freight Search transportation professionals advise motor carriers to keep a relevant trip sheet handy for all of your trips. Keeping up with your trip sheets every day will make your IFTA audit reporting much easier each quarter.
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