Last month Casey and Nancy attended the IFTA/IRP Audit workshop in San Antonio TX.
This is a meeting of the heads of each jurisdiction’s audit department and industry representatives. It’s purpose is to bring up new challenges, changes and recent problems so that we all work together to administer IFTA and IRP programs consistently.
We spent 2 ½ days “auditing” a sample company – from the pre-audit questionnaire to the closing conference-and every thing in between. Long discussions with auditors from many different states about records, procedures and how to come through an audit helped us “get inside their heads” and learn the best ways we can help our clients.
Our biggest takeaway is . . . Now – more than ever – keeping good, complete, accurate records is critical to your success in trucking.
Electronic records are being accepted more readily – but it’s not as simple as we think. It is important to retain source data and provide it to an auditor in a manner they can use to recreate the same tax return as was originally filed. That’s a tall order and you should confirm with your GPS and fuel vendors that they can and will support you in the event you are audited.
Be forewarned – obtaining source data 3 years later from vendors can be more expensive than paying an audit liability!
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