Hence, to get back to license cancellation. You can make the cancellation process via sending a written request or via the cancellation box of the final IFTA quarterly tax report.
Once the IFTA cancellation has been accepted, you will have to return the original IFTA license. The one that your trucking company had received, as well as the unused IFTA stickers. Their things have to be returned to the Comptroller’s office.
Last but not least, you will have to make sure to retain all relevant records for 4 years- count it from the due date of your last IFTA tax report.
Conclusion
All in all, we can conclude that IFTA does work as a “pay now or pay later system”, and as such it makes the work of all trucking companies that are part of the U.S. trucking industry much easier.
IFTA makes the life of all people that are part of the U.S. trucking industry much easier by calculating interest beginning of the day after the due date of the report for each month up until the payment takes place. In regards to IFTA stickers, trucking companies should make sure that all of their trucks have it placed on both external sides of the truck.
