Accounting and Finance
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Leverage Document AI to Automate Manual Invoice Processes
Technology can reduce the manual human hours to complete tasks by a significant amount and allow the companies to grow and scale without additional headcount.
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Transportation Companies are Struggling
Authored by Tony Faust and Andy Bollman As the 3rd quarter came to a close recently, it’s safe to say that the last few quarters have been interesting for transportation companies. We’ve seen soft freight rates, rising costs, bankruptcies, carriers closing their doors, high interest rates and companies struggling to manage cash flow needs. Economists […]
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IRS Pauses Processing New ERC Claims Until 2024
The IRS is serious about cracking down on fraudulent ERC claims. The IRS issued multiple warnings, a generic legal advice memorandum, and the “dirty dozen” article warning taxpayers against aggressive schemes for claiming COVID-related relief with the employee retention credit program. On September 14, 2023, it announced a moratorium on processing new refund claims through the end of the […]
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Cash is Power – Are you Putting Yours to Use?
Gone are the days of having cash and other liquid investments on our balance sheets earning a fraction of a percentage point. As many of our readers are experiencing, and an observation we’re noticing with the majority of our clients, is that cash reserves in transportation & logistics businesses are at an all time high. […]
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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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Business Transition Planning – Pause and Plan
The last couple of years have been emotional rollercoaster for transportation & logistics company owners. Labor/driver/equipment shortages, volatile markets, higher input costs, and numerous proposed changes in income and estate tax laws have caused owners to seriously think about restructuring their leadership team, transitioning or even altogether exiting their transportation & logistics company. Remember that all […]
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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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Fuel Card Fraud – Are You Reviewing Your Activity?
It’s always Interesting how fraudsters continue to find new ways to commit theft, and often times it’s linked to something that’s going on in the economy. In the last couple of weeks, we have received notice from a couple of trucking companies, that outside parties have stolen their fuel card credentials, and used them to […]
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Mileage Rates Increase for Remainder of 2022
On June 9th, the IRS announced that for the final 6 months of 2022 the optional standard mileage rates to determine the deductible costs of operating an auto for business and certain other purposes would be increased. The updated mileage rate for business travel will be 62.5 cents per mile, up from 58.5 cents per […]
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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.