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Description
Flashcards by Michelle Carlin, updated more than 1 year ago
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Created by Michelle Carlin
over 4 years ago
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| Question | Answer |
| What does IFTA stand for? | International Fuels Tax Agreement |
| What year was IFTA formed? | 1984 |
| What are the 3 original base states? | Kentucky, Missouri, Tennessee |
| What percentage of our licensees have to be audited each year? What does the term audit-sample stratification mean? | 3% of active accounts averaged over 3 years. To break the sample down into subcategories. |
| What are the advantages of IFTA? | Reduce paperwork and standardize fuel tax reporting. |
| Can an IFTA license be cancelled? | Yes. |
| Can an IFTA license be revoked? | Yes for a number of reasons. |
| What is the definition of a jurisdiction? | A member state or province. |
| What does the term base jurisdiction mean? | The state in which the business resides. |
| What does the term IFTA fleet consolidation mean? How is a fleet consolidated | Merging multiple fleets into one. Gaining approval from the affected jurisdiction. |
| What are the operator's requirements to be IFTA in Idaho? | Vehicle has to be designed to transport persons or property, power unit with 2 axles or tractor trailer combination with gvw in excess of 26,000 pounds or power unit with 3 axles regardless of weight. |
| How does your vehicle have to be registered to be IFTA in Idaho? | IRP or Full Fee |
| How are recreational vehicles dealt with in IFTA? | Recreational vehicles are not qualified vehicles. |
| How are household goods carriers different than other carriers? | They operate under intermittent leases. |
| How is an IFTA license renewed and is there a grace period? | License holders can submit their renewal online or use the renewal form mailed to them. Yes, there is a grace period. |
| What is the cost of an Idaho IFTA license and decals? | $10 application fee and .60 per set of decals. |
| What are the requirements for carrying IFTA credentials? | The vehicle has to meet the IFTA definition of a qualified motor vehicle...2 axles or tractor trailer exceeding 26,000 pounds or tractor-trailer in combination exceeding 26,000 pounds. |
| What information is on an IFTA decal? Why does the color change every year? | Year, IFTA, state, ITD account number. The color changes to allow for enforcement. |
| How does IFTA deal with leased vehicles? | Short-term leases (29 days or less) require lessors to report. Long-term leases require the lessor and lessee to decide who is responsible for reporting and note the decision in the lease. A copy of the lease must be kept in the vehicle. |
| What is a temporary permit and decal? | Issued when power unit is registered over 26,000 pounds and operates in two or more jurisdictions and does not have an IFTA license. |
| What is an IVMR and how is it used? | Individual vehicle mileage record and is used to record all carrier movement including loaded, empty, dead-head, or bobtail miles. |
| What are IFTA record keeping requirements? | Keep distance and fuel records for every trip, monthly distance and fuel summaries separately for each vehicle by jurisdiction, and jurisdiction's distance separated into taxable and nontaxable distance. |
| How long must records be kept? | 4 years for IFTA, IRP and Full Fee. |
| What is the due date of an IFTA return for quarterly filers? for annual filers? What is the criteria for an annual filer? | The last day of the month following the quarter end. Quarterly only. |
| What are the consequences if the return is not filed on time? | Penalty is 10% of tax due or $50 whichever is higher and interest. |
| Why is miles per gallon so important for IFTA? | Because IFTA uses average fleet MPG by fuel type to determine tax owed. |
| What is nontaxable fuel in Idaho? | See notes |
| What does the term "tax-paid gallons" mean? | Actual gallons bought in each jurisdiction and placed into an IFTA qualified vehicle. |
| How does IFTA deal with Canadian fuel? | The exchange rate of US/Canadian funds shall be the US Federal Reserve Board Index rate at noon Eastern time of the third Monday of the month immediately preceding each quarter and will be used for all tax returns and other taxable transactions occurring for the subsequent quarter. |
| What are nontaxable miles. | Miles driven using diesel fuel on non public roads or miles driven while operating under a temp fuels tax trip permit. |
| What is highway use fee? | Applies to motor vehicles with a taxable gross weight of 55,000 pounds or more that use public highways. |
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