Wisdom & Authority Title Solutions

January 2013

IFTA 4TH QUARTERLY TAX HELP

Shanel White: Posted on Monday, January 21, 2013 9:55 AM

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?

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

What Happens When You Don't File on Time?

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!

Other Points to Remember When Filing your IFTA:

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.

Vehicle Title Fraud Help

Shanel White: Posted on Thursday, January 17, 2013 10:04 PM

This post will provide insight on what vehicle title fraud is, and 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 are 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 an individual's or business name their 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 title 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 assistance.

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January 2013

IFTA 4TH QUARTERLY TAX HELP

Vehicle Title Fraud Help