We really have no details since when this trucking actually started, however, it is going on smooth road till date. The old truckers used to buy certain number of gallons from each state while they are traveling. However, with the time taking a leap towards 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, IFTA filing is a quarterly based, IFTA filers should possess an IFTA license and a decal to report, pay and ask for a refund on the quarters filed to the base jurisdictions.

We have always been discussing about IFTA in general, but today we would talk about credits and refunds on your IFTA form.

There are scenarios when you pay more than you have to and in such situations every jurisdictions allow a credit and issues refunds to its licensees on behalf of all IFTA jurisdictions. You can request a refund on your IFTA tax return for any overpayment of tax. Also, you need to check on your base jurisdiction on the minimum refund amount. A refund will be issued once its determined that there are no taxes owing (including audit assessments) 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.

If you do not request for a refund, the amount can be carry over and be applied to subsequent taxes owing on your next IFTA tax return.

Do note, 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, 2005, the licensee has until October 1, 2007, to request a refund or to apply the credit toward a liability.

So if you have any credits to claim or a refund as mentioned above, do come over TaxIFTA.comand prepare your return in minutes. You will find our application embedded with user centric ideas and innovated in a manner to provide 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 hear all you speak, grasp it and implement. And that is why we love having you around.