The 3rd quarter of the year ended just a few days ago and trucking companies all over the country are reconciling fuel purchases and miles driven to ensure proper International Fuel Tax Agreement (IFTA) tax filings. If you are not in the trucking business, IFTA is just another acronym to be thrown around, but here is a quick run down so that you can look smart at social gatherings or answer a jeopardy question in the future.
In recent years many of us can look back a decade or less when our lives were simplified with the help of app technology for mobile devices or cloud-based tools. There have been countless swings in the innovative technology that helps with time efficiency in both our personal and professional lives. However, in the professional aspect the argument could be made that the commercial and industrial sector of businesses might be lacking in tech savvy tools.
Everyone involved in the world of commercial trucking is familiar with the term IFTA (International Fuel Tax Agreement), but not everyone knows why IFTA exists and what its intended functions are. IFTA is an agreement between the majority of U.S. states and the majority of Canadian provinces designed to simplify the way that commercial truck or bus drivers who travel through multiple tax jurisdictions report the taxes on the fuel they purchase.