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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Infrastructure Bill Update
On Tuesday night, Senate Majority Leader Chuck Schumer announced that the Senate Democrats have agreed to a $3.5 trillion spending/tax plan. Schumer indicated that the bill would fund every major program that President Biden had laid out in the the American Jobs Plan and American Families Plan. Details are expected to be announced later today. […]
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CERTS Grants are Taxable
The IRS released some FAQs on the CERTS grants yesterday. The IRS indicated that the CERTS grants are taxable to the recipient. They also indicated that the expenditures the grant money is spent on, such as payroll costs, are still deductible expenses to the extent they would normally be deductible expenses. The IRS released similar […]
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SALT Deductions and Entity-Level Elections
In the transportation world, it’s not uncommon for companies to file in income and franchise tax returns in multiple states depending upon where they are located, where they have employees, and where they are driving. For some companies, it can mean filing returns in 30+ states/jurisdictions. With a $10,000 state and local tax (SALT) limitation […]
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IRS to Send Advanced Child Tax Credits Starting in July
The American Rescue Plan (ARP) increased the 2021 child tax credit from $2,000 per child to $3,000 for each child ages 6 to 17, and $3,600 for children under the age of 6. The ARP also called for the IRS to deliver half of the expected credit to families eligible beginning in July. The advanced […]
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Infrastructure Agreement Announced
A weeks ago, I had a great time with Susan Roberts, Carey Heymen, and Jen Rohen on the CLA Livestream. We discussed President Biden’s recent tax proposals and ways you can stay flexible while tax planning. You can watch a replay of the livestream here. As we discussed in the livestream, the infrastructure bill was […]
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Getting Ready for the CERTS Application
The CERTS portal has only been open a few days, but questions and panic is setting in. Like most of the government programs over the last 15 months, there has been vague guidance and more information is likely to come out in the future. It’s good to remember that the CERTS grant is non-competitive, so […]
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The CERTS Portal is Now Open
Treasury opened up the CERTS portal today on June 20th, and will be open through July 19, 2021. The portal is only open for 30 days, and applications will NOT be accepted after the deadline. In order to gain access to the CERTS portal and submit an application, you must first register through the ID.me […]
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Certs Grants – Who’s Eligible?
The updated guidance from Treasury laid out the criteria for who is eligible for a CERTS grant. After the requirement of experiencing a revenue loss of 25% or more on an annual, calendar year basis from 2019 to 2020 as a result of COVID-19, the biggest criteria is that a company must be a “Qualifying […]
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CERTS Grant Program Guidance Finally Released
The Department of Treasury released guidance on the CERTS grant program earlier today on their website: Coronavirus Economic Relief for Transportation Services (CERTS) Program | U.S. Department of the Treasury We’ll discuss the details over the next few blog posts, but here are some of our initial takeaways: the grant will be formula based and […]
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Motorcoach Companies Still Waiting for CERTS Guidance
The motorcoach industry has been devastated over the past year as a result of COVID. In December, the Consolidated Appropriations Act provided some help with $2 billion allocated to transportation relief grants (CERTS). It’s been nearly 3 months, and there still hasn’t been any formal guidance provided on the program itself. This week the Treasury […]