IFTA Claims And Refunds for Earlier Filed IFTA returns

We have no idea when did trucking started or how, but till date, trucking is one of the profession that is highly paid and demanded job in the nation. Previously, truckers had to buy fuel from each state while they were traveling and the tax part was not introduced yet. However, with the time and technology, IFTA (International Fuel Tax Agreement) was initiated among the 48 jurisdictions and Canadian provinces in order to simplify the reporting of fuel used by each motor carrier in the jurisdictions. Also, truckers who are liable to report tax through IFTA, should possess an IFTA license and a decal to report IFTA each quarter.

Today, we are going to talk about credits and refunds on IFTA return.

Each time you are filing IFTA, there are chances to file and pay more than what you owe and in such situations, and your base jurisdiction can issue a credit to the licensee on behalf of all the IFTA jurisdictions. Additionally, you can ask for a refund on your IFTA return for the overpayment of tax. Do note, before you ask for a refund, check on the minimal refund amount fixed by your base jurisdiction.

A refund would be issued only when it is determined that there are no tax payment pending (including Audit Assessment) or delinquent tax returns under IFTA and any of the tax statutes administered by Taxation Division. Please note that all refunds are subject to audit. Also, if you don’t wish to refund a claim, you can carry over and apply to subsequent tax you owe for the next IFTA tax return.

The credit should be claimed or used as refund within eight calendar quarters after the calendar quarter in, which the credit is earned. For example, if a credit accrues in the 3rd quarter, 2014, the licensee has until October 1, 2015, to request a refund or to apply the credit toward a liability.

Are you wondering if you have any credits? If you have any, do come over to TaxIFTA.com and prepare your return online within minutes. And if you have any queries, you can reach our Tax Experts. You will find our application embedded with user centric ideas and implementation for 100% satisfaction. We are pioneers in the tax industry and we are proud of the fact that we can serve the audience with the best.

Come over, and experience the unique knack in our application and share the same to our Tax Experts only @ 1-866-245-3918 or shoot an email to support@taxexcise.com. We are here to serve you, right.