More about Andrew Bollman
Andy is a CPA and trusted advisor with 15 years of experience providing tax, accounting, assurance, and consulting services to transportation industry owners and operators. He is a tax principal with CLA in the Minneapolis, MN office. He also consults with high net worth individuals and owners of closely-held transportation businesses on all aspects of tax planning, estate planning, and retirement planning. Andy is also the tax leader for transportation industry across CLA.
Blog Posts by Andrew Bollman:
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New Retirement Rule Changes
At the end of December, President Biden signed a $1.7 trillion spending bill into law. Included in the bill were some significant changes to the retirement system in the US that are known as the SECURE 2.0 Act of 2022. Here are a few of the biggest changes included in the bill: Our colleague Steve […]
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Update – 1099-K Reporting Rules
Last week we made a post laying out the new 1099-K rules. Shortly after our post went live, the IRS announced that they are delaying the implementation of the $600 reporting threshold for third party payment platforms. The IRS outlined that the 2022 calendar year will be a transition period as part of the implementation […]
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New 1099-K Reporting Rules
As part of the American Rescue Plan that was passed in March 2021, the IRS has modified their rules to lower 1099-K reporting from payment apps such as Venmo, Paypal, and Cash App. Prior to December 31, 2021, third parties would be required to report (and provide a 1099-K) for gross payments that exceed $20,000 […]
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New Connecticut Highway Use Fee
Starting in January 1, 2023, Connecticut will be imposing a new use fee on certain carriers for the “privilege of operating” certain heavy, multi-unit motor vehicles on any highway in Connecticut. Companies such as transportation or construction companies will be impacted by this as it applies to class 8 through 13 vehicles. Here’s a chat […]
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IRS Warns of Improper ERC Claims
We’ve discussed the employer retention credit (ERC or ERTC) a fair amount of the last few months, and how for the most part it can be difficult for transportation companies to qualify for the credit due to increased revenues with rising freight rates in 2020 and 2021, and the fact that it was an essential […]
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The Good and Bad with the Employee Retention Credit
With almost all of the COVID relief programs having run their course and a new landscape ahead for businesses recovering from the experiences of the past 26 months, some owners are still losing sleep at night wondering how they’re going to rebuild, whether they claimed all funds that were made available by the various legislative […]
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Research and Development Tax Credits
Normally research and development (R&D) tax credits aren’t something we think of in the transportation industry. However, with all of the technological advances that have happened in the past few years, and companies looking to upgrade their current technology and software, it’s something that shouldn’t be overlooked. Michael De Prima and Mark Hall from CLA’s […]
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Opportunity Zones (Update)
Investing in an opportunity zone allows for taxpayers to both defer some capital gains and invest in great projects. CLA professionals put on a webinar exploring the potential benefits of investing in qualified opportunity funds (QOF). You can watch the recorded video and grab the materials here.
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Business Interest Expense Limitations
As Nate mentioned last week in his early tax planning post, one of the big changes for 2022 is the limitation for business interest expense. While the law may not be new (it’s been around since the Tax Cuts and Jobs Act in 2017), it’s likely going to be the first time it will have […]
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CERTS Reporting Due February 15
We’ve had been waiting for the Treasury to release guidance on the quarterly reporting requirement for months. We finally got that guidance in mid-December. The guidance laid out how the quarterly reporting will work, and Treasury also added a user guide and updated their FAQs section. Grantees are required to submit their first CERTS quarterly […]