Wisdom & Authority Title Solutions

March 2013

IFTA 1ST QUARTER TAX HELP

Shanel White: Posted on Saturday, March 23, 2013 4:23 PM

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:

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.

Miscellaneous Items to Take into Consideration:

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.

Wisdom & Authority Title Solutions 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.

Buying a Vehicle With a Lien on It

Shanel White: Posted on Sunday, March 03, 2013 8:08 PM

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 lien 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.

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March 2013

IFTA 1ST QUARTER TAX HELP

Buying a Vehicle With a Lien on It