What a year it has been! As the year wraps up, it is the perfect time to make sure you have good records when entering the New Year. You never know when you will receive an audit from the IRS, and keeping good records will help prepare you for this.
Record Keeping Requirements
There are permits, licenses and stickers to get/renew. Double check everything you have in your glove box and make sure everything is up-to-date.
Once all your documents are renewed, take the time to make sure your record keeping requirements are in order too. At the beginning of this year, we recommended that everybody keep a 3-ring binder for each year in their truck. In that binder, there should be these following documents:
- Commercial Driver’s License (CDL)
- Registration Cab Cards, Single State or International Registration Plan (IRP)
- Insurance
- Form 2290 (Expires June 30th)
- IFTA License (Expires December 31st)
- Hazmat Permit (Expires July 1st)
- New Mexico Permit (December 31st)
- New York Highway Use Tax (HUT) (No Current Expiration date)
- Oregon Permit (Expires December 31st)
- Unified Carrier Registration (UCR) (Expires December 31st)
Do this for the upcoming year as well. Please note that these are only the basic record keeping requirements. This is not a complete list- we didn’t even mention log books or all the documents that come along when working with the DOT!
Covering All Your Bases
Just to be on the safe side, I recommend that you keep all documents for at least 5 years. This will ensure that anytime anyone asks you for documentation, you will have it readily available.
A new year is a time for new beginnings. This is the perfect time to start new, efficient record-keeping habits.
Written by Molly Harris