Truckers, only 8 days remain until IFTA 1st Quarter 2013 comes to a close! This post will serve as a reminder that IFTA filing for first quarter is drawing near, as well as how to prepare for filing and other miscellaneous items to take into consideration. For those who are new to IFTA tax filing, the information you are about to read will help you to digest important factors that goes into IFTA filing and for those who are used to IFTA and may even be facing some challenges; now is the time to stay in compliance or get a new start as well.
IFTA 1st Quarter Tax Deadline:
IFTA 1st Quarter ends on March 31, however the deadline to file 1st Quarter's taxes ends on April 30. As a reminder, if you don't file your 1st quarter IFTA taxes by April 30, you will face late charges, and interest/penalties.
How to Prepare For Filing:
Staying on top of your IFTA tax filing from the beginning makes the preparation process much easier for the trucker and the IFTA tax preparer. Tips to consider are:
Miscellaneous Items to Take into Consideration:
- Keep track of fuel and mileage records on a weekly basis rather than waiting until the the last minute or until the quarter has ended.
- Only use one mileage log book per truck at a time (using multiple log books per truck at one time opens the door for possible citations and audit issues)
- If you are leased onto a company, ask early on whether they file IFTA taxes for you automatically or will you be responsible for filing them yourself.
- Keep logical Point A to Point B routes recorded. Routes or paths of direction must be logically connected.
Wisdom & Authority Title Solutions
- If you close your trucking business and or had no operations during a particular quarter, you must notify your IFTA tax preparer or Motor Carrier Services and do so before the filing deadline. Failure to do so will constitute a late fee and possible interest/penalties
- Weight Distance Filing is due quarterly like IFTA tax filing and falls on the same deadline dates.
- If you hauled in NY, KY, NM and or OR; you are required to file quarterly weight distance for those states. If you had no operations in the states named, you must notify your IFTA tax preparer or Motor Carrier Services. and do so before the filing deadline. Failure to do will constitute a late fee and possible interest/penalties.
is committed to helping you stay in motor carrier compliance. Motor Carrier tax matters can be complex and extremely frustrating for truckers, so whether your tax matter is mild, basic or complex, we can help. If your taxes are late by one quarter or seriously delinquent, help is available for that as well.
During this briefing I will reveal details about buying a vehicle with a lien on it. With that being said, areas that will be covered are: how can a vehicle that's being sold have a lien on it, and should you buy a vehicle with a lien on it?
Before I address the above points, I feel the need to address a lien matter that I discuss with my clients everyday. First, let me say that liens don't automatically drop off of vehicles, nor do they drop off of vehicles based on the year of the vehicle. As an example a person can have a 2000 Ford Explorer, which one might assume has been paid off, however, if the vehicle has been used as collateral through a title loan service, and the title loan service still has interest in the vehicle, then the vehicle has a lien on it! Second, the finance company or lien holder doesn't automatically remove a lien from a vehicle, but rather will sign off on the title and it is the responsibility of the vehicle owner to get the title cleared (from DMV) at that point. However, an exception is with electronic (or Elien) lien holders-because some lienholders prefer electronic versus paper titles. Keeping these matters in mind, the following will shed light on buying a vehicle with a lien on it:
How Can a Vehicle That's Been Sold Have a Lien on It?
A vehicle that's been sold could have a lien on it due to the following scenarios:
A. the seller may assume that the lien is gone off of the vehicle due to the fact that the vehicle was paid off a long time ago; thus selling a vehicle with (with or without a title). Note: sometimes a vehicle owner may have the title with the lien on it-the vehicle owner must get it cleared though, if the lean has in fact been satisfied.
B. the lien on the vehicle hasn't been satisfied and the seller is aware of this, but still may try to sell the vehicle for quick cash. Note: the seller may assure the buyer that there is no lien.
C. The legal way that a vehicle can be sold with a lien on it, is through the consent of the lien holder; thus the lien is transferred or bought out by the buyer.
Should You Buy a Vehicle With a Lien on It?
I recommend not buying a vehicle with a lien on it! However, if you choose to do so, I suggest, dealing directly with the lien holder, to ensure that you have clearance from them to either take over the payments or complete the buy out. Doing this, will ensure that everything is done legally. Failure to go this route, will put you in jeopardy of facing title delays when you try to get the vehicle titled and registered in your name, also there is the possibility that the lien holder may report the vehicle as being stolen (if the seller ceased to make payments and the vehicle can't be located for repossession). Note: this will place you in a situation of "driving a stolen vehicle".
Wisdom & Authority Title Solutions is able to help you with your lien dilemma. If you bought a vehicle with a lien on it knowingly or unknowingly, get help today.
This post will act as a reminder that 4th Quarter IFTA tax filing ends on January 31, as well as a source of motivation to help you get your taxes submitted on time. In this briefing I will focus on what you need to file your IFTA taxes on time, what happens when you don't file on time and other points to remember when filing your IFTA taxes.
What Do You Need to File Your IFTA Taxes?
What Happens When You Don't File on Time?
- Accurate mileage logs/records
- Accurate fuel records/receipts
- If you are late from previous quarters you will need to have the documents that you received from Motor Carrier Services stating penalties, late charges, additional requirements, etc. (FROM YOUR BASE STATE)
- If you are facing an audit and still need to file your IFTA taxes, you will need all of the items listed above as well as prior IFTA tax filing documents, fuel receipts and mileage logs/records from 3-5 years of filing, from the start of your operation or the date/s in question as requested by the auditor
Other Points to Remember When Filing your IFTA:
- An IFTA late fee is imposed by your base state
- Penalties and interest accrue continuously on your IFTA account until the tax is paid
- If your taxes aren't paid within a certain amount of time your IFTA license will get suspended and this will affect your IRP (apportioned registration as well)
- Your overall trucking operations will be at stake. If you choose to operate on invalid credentials (IFTA, IRP, etc.), you will face more citations and penalties from Motor Carrier Services, Scale officials, DOT, etc. and your trucking operations will shut down!
- If you are hauling in KY, NM, OR and or NY; (based on weight limits) you will be required to obtain weight distance and hauling permits for these jurisdictions
- If you obtain a KY, NM, OR and or NY permit, you will be required to file the quarterly weight distance tax for these jurisdictions. The quarterly tax has the same quarter start and end dates as well as filing deadlines as IFTA Tax requirements.
Wisdom & Authority Title Solutions is committed to helping you stay in motor carrier compliance. Don't avoid getting the help you need with your IFTA filing. If your tax filing is out of hand, help is available to you today. From basic to complex fuel tax matters, your situation is covered.
This post will provide insight on what vehicle title fraud is, what to do if you are the victim of such a situation . Vehicle title fraud is the intent to sell or acquire a vehicle/title illegally, while manipulating vehicle data with the purpose to defraud. Keeping that in mind, vehicle title fraud can come across in many degrees; however the two most frequent measures are: deceptive acts to the title document itself and the acquisition or distribution of auto titles. The following entails:
DECEPTIVE ACTS TO THE TITLE DOCUMENT ITSELF:.
In this situation, the fraud is actually taking place on or with the title itself. Examples are:
- Odometer Rollbacks
- VIN Switching
- Make, Model, Year Discrepancies
- Counterfeit Title Occurrence
- Manipulation or "Creation" of Ownership Data
- Purposefully omitting recordings such as lien holder, dealer, seller, sales price, etc. information
ACQUISITION OR DISTRIBUTION OF VEHICLE TITLES:
In this case, certain matters occur that affect how titles passed along or handled. Examples are:
- Title skipping (selling a vehicle without providing because another party didn't provide you with a title as well or receiving a that wasn't transferred properly)
- A lien holder, dealer or another party fails to provide a title to the customer, even though the vehicle is paid off or was paid in full
- Acquiring a title for a vehicle that is non-repairable with the intentions of operating it on the road or selling it to someone who plans to operate the vehicle on the road
- Selling salvage vehicles without disclosing the damage and extent of the damage to prospective buyers
- Getting a vehicle titled in someone's name without his or her consent
If you are the victim of title fraud, it is necessary to take immediate action, by notifying DMV, and law enforcement. Retaining the name and other pertinent information of the seller is important to have as well; so use caution when buying vehicles from people with obscure locations, online, contact information, etc. If you are the victim of a tile fraud situation, Wisdom & Authority Title Solutions
, can help. If someone titled a vehicle in your name without consent, inquire about our title/vehicle history research investigation.
We are in the midst of 4th quarter IFTA filing and there is no better time than now to stay in compliance with your IFTA filing. In this post, I will provide insight on the basic requirements to make your filing easier as well as some important tips that can save you from an audit nightmare.
When it comes to preparing for your IFTA filing, the basic requirements are:
- Accurate and legible fuel receipts for all trucks in your opeation
- Accurate mileage records for all trucks in your operation
While preparing IFTA tax returns, I come across mistakes that can be major when it comes to audits but can actually be minor if caught in time. The following are things to be mindful of when you are preparing for your IFTA tax filings:
- You can't use fuel receipts for states in which you don't have miles for
- The states and resulting miles that you travel through must connect logically. For example, you can't list having a certain state, but don't include certain states that you would've gone through on a logical route, going to that state.
- Having multiple mileage logs for one truck is illegal and can constitute a problem
As an IFTA tax preparer, I understand that truckers, are under pressure to meet load deadlines. If you are having a challenge keeping your records in order, please note that Wisdom & Authority Titling Solutions
is available to retain your fuel and mileage records on a weekly basis for you and will file your quarterly IFTA taxes as well.