1st Quarter 2008 IFTA Taxes are due soon.  Are you in Compliance?  If you were to be audited today, would you PASS with flying colors?  Did you know that your IFTA records/filings must match your annual IRP renewal miles?  Also, if you file New Mexico Weight Distance taxes, those records must also match your IFTA and IRP filings.  Sound overwhelming?  It doesn't have to be so long as you are keeping proper records.  Below is a quick look at the IFTA record keeping requirements.  Please READ ON or call TRC if you have any further questions.

Notes from the IFTA Procedures Manual:

Section P530 of the IFTA Procedures Manual defines non-compliance as the “failure to maintain records upon which the licensee's true liability may be determined….” From this, compliance is to maintain records upon which the licensee's true liability may be determined.

What are those records? For distance verification, Section P540.100 states that licensees shall maintain detailed distance records which show operations on an individual vehicle basis. Section P540.200 indicates supporting information should include:

• dates of travel – beginning and ending
• trip origin and destination
• route of travel
• odometer or hubometer readings
• total trip miles
• distance by jurisdiction
• unit number or vehicle identification number
• the vehicle fleet number
• and licensee’s name.

Please remember to keep these records along with any other documentation that could determine or prove that your vehicles did, in fact, travel the routes you had traveled.  (fuel receipts, scales tickets etc.)