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An agreement between United States of America and Canada came into enforcement, to bring in efficiency of the highway system, falling within the jurisdiction of the states of these two nations. This agreement is referred as International Fuel Tax Agreement (IFTA). As per the Procedures Manual of this agreement; under the section of preservation of records; it is required by a licensee to preserve all the records for four years, upon which the annual tax return or quarterly tax return is based. This complex recordkeeping procedure is highly simplified by the IFTA Fuel Tax Software. Using this software all the records related to tax return can be efficiently maintained.
All the records based upon which taxes are filed, required to be furnished at the time of auditing. Fuel Tax Software not only helps in carrying out tax calculations but also enables a convenient maintenance of all such records which are required for audit purpose. Failure to provide requisite records may result in the assessment, as stated in IFTA Articles of Agreement section R1200. Non-compliance with any recordkeeping requirement may turn out to be a condition for revocation of the license. Thus every licensee should use Fuel Tax Software to overcome or avoid any such complexities.
According to the 'Procedures Manual', licensees have to maintain distance records to reveal operations on an individual-vehicle basis. Some requisite operational records are:-
Taxable and non-taxable usage of fuel,
Distance traveled for taxable and non-taxable use,
Distance recaps for each vehicle for each jurisdiction in which the vehicle operated.
To substantiate the information reported on the tax return filed quarterly or annually, a licensee would require maintaining an acceptable distance accounting system. Fuel Tax Software contains all the features required to maintain such ponderous records. In addition to this, Fuel Tax Software also contains special features to maintain the supporting information of the records. Some of the supporting information, which a licensee should maintain, includes the following:-
Date of trips (starting and ending);
Origin and destination of the trip;
Route of the journey;
Miles/Kilometers by jurisdiction;
Vehicle Identification Number etc.
Apart from this, Fuel Tax Software also helps in maintaining separate records for motor fuel purchased, received and used in the conduct of the business.
IFTA recordkeeping has been extremely simplified by the Fuel Tax Software. IFTA Fuel Tax Software has made it astonishingly easy for the licensees within the jurisdiction of IFTA members, to maintain and furnish all the records needed as per the rules of this agreement. This highly sophisticated software has turn out to be the most efficient technological device for the whole transportation industry.
The ITS Dispatch - IFTA Fuel Tax Software is a web based, inexpensive , and easy tool that meets the needs of small and medium sized companies. Nothing to buy, download or install and no computer upgrades required! For More Information please visit us: http://www.its-dispatch.com/iftafueltaxsoftware.php
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