IFTA
- Complete disclosure to both you and your clients
- Easy way to comply with the IFTA Fuel Report
- Support for motor carriers and truck drivers
IFTA Reporting
The requirement to calculate gasoline taxes and get permits for each and every state and province through which truckers and transport businesses must pass to conduct business would paralyse the industry. In accordance with the International Fuel Tax Agreement, truckers can operate with a single licence and submit a single report to cover all 48 U.S. states and Canadian provinces (territories are not members).
This vastly expands the opportunities available to drivers on the road. Drivers now have streamlined access to the whole continental United States and most of Canada owing to the IFTA tax report, saving them from having to go through time-consuming and ineffective application procedures in each state and province. Drivers now have the direct responsibility for meeting customer needs throughout this enormous region. While being more practical than the previous system, trucking businesses cannot ignore the process' crucial reporting requirements.
SPEED TRUCKING's job is to provide the best loads in the market for every driver. Our expert team ensures that drivers from any region and state get high-quality and best-paying loads.
How the Streamlined Process Works
Companies that hold an IFTA licence continue to purchase fuel as usual while also receiving "credit" for any fuel taxes they have already paid. They file an IFTA fuel tax report for each fiscal quarter (by the end of April, July, October, and January each year), which details how much they have travelled and how much gasoline was bought in each IFTA jurisdiction. By using a model that takes average fuel usage into account, the tax obligations to each jurisdiction are determined. You end up with a list of what has previously been paid to each member state or province, along with any remaining balance or overpayment information. Your base jurisdiction (that is, where you got your carrier’s license) refunds you if you have overpaid and receives any amounts owing — then transfers funds to/from the other members. As you can see, the scheme relies heavily on the quarterly report that the carrier must submit.
Who Needs/Gets an IFTA License?
Do you need to file an IFTA fuel tax report and apply for the IFTA license? Not all vehicles are subject to this requirement, and most drivers can move between states and provinces with ease, without the need for additional licensing and reporting. The IFTA applies to commercial vehicles in specific classes or vehicles designated for particular use cases.
If your vehicle:
- is used to transport people or property
- has three or two axles as well as an actual or registered gross vehicle weight that exceeds 26,000 lbs. (11,797 kgs) — or if in combination the actual or registered gross vehicle weight is more than 26,000 lbs. (11,797 kgs)
Then it is qualified under the Act, and you must submit the IFTA quarterly fuel report.
Penalties
Failure to file the trip report, late filing, and underpaying can attract a penalty that works out to the greater of 10% of the amount owing or $50. Note that interest will be applied to the amount owing to each member jurisdiction.
SPEED TRUCKING IFTA Report Service
Since jurisdictions set their own rates, the system revolves around properly completed IFTA reports. Failure to follow the requirements not only has the potential to be quite costly to you if you owe fuel taxes in any member jurisdiction, but it can also affect the reputation of your business. For many trucking companies, even though you can complete and file a lot of the required paperwork and the report online, all of this tedious administrative stuff takes up valuable time the business would rather focus on actually driving and making money. That’s why SPEED TRUCKING is happy to take the IFTA reporting requirement off your hands.
This is what the IFTA Fuel Tax Reporting Service from SPEED TRUCKING is all about. We believe in making life easy for our clients and taking away many of the obstacles they face when they head out on the road. We understand that you love to drive and provide great results for your customers — this is the way you make your living. You didn’t get into truck driving because you love applying for permits and filing fuel tax reports.
Here’s what you can expect from our services.
A Way to Save Money for Your Business and Protect Your Profits
When properly submitted, the IFTA fuel report can see you and your business saving money on your fuel tax, as well as saving time and hassle. With SPEED TRUCKING on your side, you don’t have to worry about overpaying on fuel tax, as we will make sure everything is handled in the correct and proper manner. You’ll find running your business much easier, and you’ll also be able to protect your profits in the process.
Full Transparency for You and Your Customers
Your business relies upon great communication with your customers. These customers want to know what is going on at all times, and they don’t expect any delays and hang-ups to get in the way. Applying for permits and submitting tax reports can make it difficult to achieve this, which is why truck drivers find our services so valuable. You’ll love the enhanced transparency and understanding, too.
A “Hands-Off” Service from Your Point of View
Just like we mentioned above, the IFTA rules provide a much more straightforward situation than the old way of doing things. However, there are still considerations and issues that need to be taken into account. Let us handle those issues for you, providing a fully “hands-off” service that leaves you free to focus on other aspects of running your business.
A Straightforward Route to IFTA Fuel Report Compliance
Compliance is always a major concern for drivers. You don’t want an incident of non-compliance to harm your business and livelihood, and you don’t want to experience the stress of constantly wondering whether you are operating within the bounds of rules and regulations. With the SPEED TRUCKING service, you can be assured that you are fully compliant every step of the way. So all you need to worry about is driving.
A Knowledgeable Team Ready to Support You with Your IFTA Quarterly Fuel Tax Report
You need to know that you can rely on a skilled and expert team to provide you with the necessary support out on the road. If you have any questions or queries about the IFTA quarterly report, we are here for you, and ready to answer them.
These are just some of the factors that make our IFTA fuel tax reporting services so valuable to truck drivers across the USA and beyond. We make sure that the IFTA requirements provide the advantages and benefits they are designed to, rather than causing additional hassle to you and your business.
Supporting Truckers and Motor Carriers
SPEED TRUCKING was created for one purpose: to help trucking businesses earn more money. We help our clients increase their profit by:
- Finding the best loads and load rates over numerous databases
- Negotiating the best rates for loads
- Freeing up valuable time for clients to actually do the work that makes them money
- Providing a cost-effective alternative to in-house dispatch and administrative services
Most clients love our comprehensive services — dispatch, paperwork, and compliance, among other things — knowing that with our extensive industry experience, we’ve got their back. Other clients prefer more piecemeal services. We believe you know your business best, so whether you want the benefit of all SPEED TRUCKING services or just have us onboard for IFTA requirements, we are happy to provide the support you deserve. Contact us to find out more.
Simply put, we buy you time to increase your earnings. The majority of owner-operators enter this industry with the intention of hauling loads and making money, only to become mired in paperwork, regulations, and agreements that prevent them from doing what they should be doing to make money. SPEED TRUCKING helps your business run smoothly so you may take on more loads by handling all the business support tasks you'd like to delegate. Also, when it comes to negotiating, our goal is to secure the greatest prices for your cargoes so that you can increase your income.
Surprisingly, no. If you want to recruit capable and competent talent, you need to develop and undergo a pretty vigorous recruitment process, which takes time and — if you need the services of headhunters — money. Even if you find what you are looking for, you will most likely need to provide office space — yet another expenditure — and in some cases, further training. Meanwhile, as many of our clients have admitted, hiring SPEED TRUCKING turns out to be more cost-effective than even having one full-time dispatcher. Our industry expertise, networks, and experience make us the best at what we do.
Nope. You hire SPEED TRUCKING on a month-to-month basis. We don't make trucker drivers commit long-term upfront because we believe in earning your business. If you aren't happy, we aren't happy, so we'll work hard for you. But we also believe that all business owners should have the freedom to work with whomever they want. It's important for us to keep that freedom for you.
Signing up with SPEED TRUCKING is a breeze since you can submit documents to us online.
- First, you sign our Dispatch Carrier Agreement, a document that clearly sets out our responsibilities and our responsibilities. This is meant to protect both of us — it is not a long-term service contract by any means. Our services are month-to-month, and you are not penalized for discontinuing our service.
- You will also need insurance that names SPEED TRUCKING as the certificate holder. This is common industry practice for shippers, dispatchers, and brokers — it just allows us to conduct business at your behest and on your behalf when you want us to. Make sure the insurance sets out liability as well as cargo coverage.
- We also need the Carrier Set-Up Package and references for the shippers and brokers we work with and for our records. Your MC Permit and signed W9 form should be here as well.
- At SPEED TRUCKING, we keep impeccable and accurate records — and always maintain compliance with all safety, regulatory, and industry requirements — so we also need a copy of the CDL for each driver we will be dispatching.
We offer truck dispatching, billing, paperwork, rate negotiating, IFTA reporting, accounting, and other services to our clients. A comprehensive service package or a number of the goods you require for your organisation are also options.
- IFTA