New OOIDA Foundation video addresses International Fuel Tax Agreement
February 18, 2021
•Land Line Staff
The International Fuel Tax Agreement is another critical component in establishing your operating authority. It is the focus of a new educational video from the OOIDA Foundation.
If your truck is over 26,000 pounds, you are required to establish an IFTA account.
IFTA allows motor carriers in the continental United States and Canadian Provinces, who operate in interstate commerce, to pay taxes on their fuel using a single fuel tax license.
To further educate drivers on the matter, the OOIDA Foundation released part three in the “Getting Your Own Authority” series on Feb. 17.
Accurate record keeping of miles traveled and fuel purchased is extremely crucial when filing quarterly IFTA reports. The penalties for incorrectly filing can be serious, according to the video.
The OOIDA Foundation video closed by mentioning that fortunately there are services available to help with any IFTA issues you may have.
The OOIDA Foundation plans to publish more new videos to provide greater outreach to both members and nonmembers. LL