Experience Everything Compliance Network Has to Offer
Copyright 2023 J. J. Keller & Associate, Inc. For re-use options please contact copyright@jjkeller.com or call 800-558-5011.
Copyright 2023 J. J. Keller & Associate, Inc. For re-use options please contact copyright@jjkeller.com or call 800-558-5011.
NewsIndustry NewsFleet SafetyFocus AreaIn-Depth ArticleFleet OperationsFuel managementEnglishFuel ManagementTransportationUSA
Fuel receipts are money in the bank
2020-12-10T06:00:00Z
What are your thoughts on fuel receipts?
Most people think a fuel receipt is just a small slip of paper that’s required as part of your records for compliance with the International Fuel Tax Agreement (IFTA). While technically that may be true, that small slip of paper holds so much value. Fuel receipts are money in your bank.
Don’t underestimate a receipt’s importance
Out on the road when your drivers purchase fuel at the pumps, taxes are paid into the state or province in which the fuel was purchased. The fuel receipt is proof that fuel was purchased and that taxes were paid at the time of purchase. You can obtain tax-paid fuel credit for those fuel purchases on your IFTA returns.
This is why it’s so important to ensure drivers retain all fuel receipts and submit them to you on a regular basis. If a fuel receipt is lost, it’s like taking money out of your bank. Why? Well, when a fuel receipt is lost, tax-paid credit cannot be claimed on the return. And, you effectively end up paying for the taxes on the fuel twice – once at the pump, and, again on the IFTA return. This can get expensive, especially if drivers lose a receipt for a fuel purchase in a state with a high fuel tax.
For example, Pennsylvania’s diesel fuel tax is currently running at a steep $0.741 per gallon. For a 100-gallon diesel fuel purchase in Pennsylvania, you’re paying nearly $75 in fuel taxes. Losing just one receipt like this each month for one year results in $900 in additional fuel taxes paid during the year.
Manage receipts more easily
How can you keep more money in your bank? The following tips can help you manage your fuel receipts:
- Consider a fuel card. A fuel card can be an excellent method for tracking fuel purchases. Fuel card vendors will compile all fuel purchase data on one handy report that is, in effect, your fuel receipts for the entire quarter. If you end up using a fuel card, try to assign the fuel cards by vehicle rather than driver. This helps ensure each fuel purchase is tied to the appropriate vehicle. If you must assign by driver, ensure drivers are diligent about ensuring fuel records include the correct vehicle identification information.
- Don’t procrastinate. Compile your fuel and distance data on a regular basis and do not wait until the end of the quarter to back-track to find missing fuel receipts. Remember that insignificant piece of paper which is not given much thought? The longer you wait to compile your receipts, the more likely the receipt will be gone.
- Use technology. Have drivers take photos of or scan their fuel receipts on their smartphones and email/text them to your office on a regular basis.
Key to remember: Keeping track of fuel receipts and having internal controls in place to manage your receipts will help you keep more money in your bank.
NewsIndustry NewsFleet SafetyFocus AreaIn-Depth ArticleFleet OperationsFuel managementEnglishFuel ManagementTransportationUSA
Fuel receipts are money in the bank
2020-12-10T06:00:00Z
What are your thoughts on fuel receipts?
Most people think a fuel receipt is just a small slip of paper that’s required as part of your records for compliance with the International Fuel Tax Agreement (IFTA). While technically that may be true, that small slip of paper holds so much value. Fuel receipts are money in your bank.
Don’t underestimate a receipt’s importance
Out on the road when your drivers purchase fuel at the pumps, taxes are paid into the state or province in which the fuel was purchased. The fuel receipt is proof that fuel was purchased and that taxes were paid at the time of purchase. You can obtain tax-paid fuel credit for those fuel purchases on your IFTA returns.
This is why it’s so important to ensure drivers retain all fuel receipts and submit them to you on a regular basis. If a fuel receipt is lost, it’s like taking money out of your bank. Why? Well, when a fuel receipt is lost, tax-paid credit cannot be claimed on the return. And, you effectively end up paying for the taxes on the fuel twice – once at the pump, and, again on the IFTA return. This can get expensive, especially if drivers lose a receipt for a fuel purchase in a state with a high fuel tax.
For example, Pennsylvania’s diesel fuel tax is currently running at a steep $0.741 per gallon. For a 100-gallon diesel fuel purchase in Pennsylvania, you’re paying nearly $75 in fuel taxes. Losing just one receipt like this each month for one year results in $900 in additional fuel taxes paid during the year.
Manage receipts more easily
How can you keep more money in your bank? The following tips can help you manage your fuel receipts:
- Consider a fuel card. A fuel card can be an excellent method for tracking fuel purchases. Fuel card vendors will compile all fuel purchase data on one handy report that is, in effect, your fuel receipts for the entire quarter. If you end up using a fuel card, try to assign the fuel cards by vehicle rather than driver. This helps ensure each fuel purchase is tied to the appropriate vehicle. If you must assign by driver, ensure drivers are diligent about ensuring fuel records include the correct vehicle identification information.
- Don’t procrastinate. Compile your fuel and distance data on a regular basis and do not wait until the end of the quarter to back-track to find missing fuel receipts. Remember that insignificant piece of paper which is not given much thought? The longer you wait to compile your receipts, the more likely the receipt will be gone.
- Use technology. Have drivers take photos of or scan their fuel receipts on their smartphones and email/text them to your office on a regular basis.
Key to remember: Keeping track of fuel receipts and having internal controls in place to manage your receipts will help you keep more money in your bank.
Recent Industry highlights
NewsSafety & HealthEnvironmentalAir ProgramsUSAInjury and Illness RecordkeepingVideoEnforcement and Audits - OSHACERCLA, SARA, EPCRAToxics Release Inventory ReportingEnglishOSHA Violations and PenaltiesAir ProgramsIndustry NewsGeneral Industry Safety300-A Annual SummaryAir QualityFocus AreaMonthly Roundup Video
EHS Monthly Round Up - January 2023
NewsEnforcement and Audits - OSHASafety & HealthInfectious DiseasesCOVID-19EnvironmentalVideoEnforcement and Audits - OSHAConfined SpacesConfined Space HazardsMonthly Roundup VideoEnglishOSHA Violations and PenaltiesIndustry NewsGeneral Industry SafetyShipyard OperationsSpecialized IndustriesAir QualityFocus AreaUSA
EHS Monthly Roundup - February 2023
Popular Industry highlights
Manufacturing (31/Food/Textiles)Waste ManagementWholesale DistributionPersonal ServicesWarehousingProfessional ServicesRepair ServicesEntertainmentHealthcareMiningConstructionReal EstateRetailTransportationPublic AdministrationManufacturing (32/Non-Durable)Manufacturing (33/Durable)UtilitiesRecyclingTrashListed WasteCAAClean Air ActPrecious MetalsUsed BatteriesOily RagsHazWasteConditionally Excluded WasteCathode Ray TubesWaste BurnersResource Conservation and RecoveryWaste BurningGarbageSolvent Contaminated WipesIndustrial FurnacesMunicipal Solid WastePharmaceutical WasteCharacteristic WasteShop RagsCRTsAcute WasteLandfillingBoilersSolvent WasteRCRAHazardous Secondary MaterialsNon-Acute WasteSMS Trial EnterpriseSMS AdvancedSMS PremiumSMS TrialSMS Essentialr40CFR60.17r40CFR63.1208r40CFR63SubpartAAAAAAAr40CFR60AppendixA-7r40CFR266.104r40CFR60.2125r40CFR63.1625r40CFR60.2690r40CFR63.84940 CFR 60.1740 CFR 63.120840 CFR 63 Subpart AAAAAAA40 CFR 60 Appendix A-740 CFR 266.10440 CFR 60.212540 CFR 63.162540 CFR 60.269040 CFR 63.84940 CFR 60.17 Incorporations by reference.40 CFR 63.1208 What are the test methods?40 CFR 60 Appendix A-7 Appendix A-7 to Part 60 - Test Methods 19 through 25E40 CFR 266.104 Standards to control organic emissions.40 CFR 60.2125 How do I conduct the initial and annual performance test?40 CFR 63.1625 What are the performance test and compliance requirements for new, reconstructed, and existing facilities?40 CFR 60.2690 How do I conduct the initial and annual performance test?40 CFR 63.849 Test methods and procedures.
RELATED NEWS
RELATED TOPICS
['Fuel management']
Introduction
['Idling']
Introduction
J. J. Keller is the trusted source for DOT / Transportation, OSHA / Workplace Safety, Human Resources, Construction Safety and Hazmat / Hazardous Materials regulation compliance products and services. J. J. Keller helps you increase safety awareness, reduce risk, follow best practices, improve safety training, and stay current with changing regulations.