Accounting and Finance
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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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The Year of Early Planning
Proposed tax legislation may not be moving quickly, but that doesn’t mean there isn’t significant changes that warrant early planning for 2022.
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Is a Strong Balance Sheet a Risk to Your Business?
As part of the continued web series, “In the Hot Seat with Tenney Group”, I was invited to discuss a variety of issues around the risks of a strong balance sheet and the value of Quality of Earnings engagements, all with a focus around insight and perspective to transportation business owners. Please check out our […]
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Consider Your Leverage
For asset-based carriers trucking is usually a high leverage business. It involves constant equipment trade cycles that often requires financing to be able to afford the costs or protect cash reserves. With inflation and technological improvements, we have seen equipment costs rise and expect that trend to continue. Why do I mention this? Because interest […]
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Compensation, Accountable Plans and Per Diem
Authored by Thomas Schultz, PHR, SHRM-CP; Human Resources Consultant Organizations are seeing compensation pressure today more than ever. As a result, some are looking at compensation that comes from employee reimbursements. When employees pay for allowed, work-related expenses, organizations generally reimburse those expenditures. The amount reimbursed, can be taxable if it is not aligned with […]
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Schedules K-2 and K-3 — What Transportation Companies Need to Know
The IRS has released final versions of two new international-related tax filing schedules that are being added to passthrough entity returns (including Forms 1065, 8865, and 1120-S). Many people may, at first glance, may be lead to believe that K-2 and K-2 reporting matters are primarily a global tax issue; however, nearly every pass-through entity […]
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The IRS Lately: the Good, the Bad, and the Ugly
The IRS has been getting a lot of attention lately, for a variety of reasons. Most of it has been highlighting some frustrations taxpayers have been experiencing along with being a piece of the pending legislative proposals. Over the past 18 months, the pace of change has caused some major headaches for both taxpayers and […]
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Lease Accounting – Changes Are Coming Quickly!
Authored by Chris Nieman and Brandon Knight Key insights Implementing the new lease standard will likely require more time and resources than most realize. Choosing the right software solution is a critical component. Taking steps to prepare now will help ensure successful implementation of this landmark standard. In 2016, the Financial Accounting Standards Board (FASB) […]
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Tax Proposals from the Chairman of the Senate Finance Committee
For those anxiously waiting to hear more about possible tax changes through a reconciliation bill, read on! Last week we posted about several of the proposals issued by the House Ways and Means Committee. Senator Ron Wyden, Chairman of the Senate Finance Committee, released a series of tax proposals as well that could be included […]
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Potential Legislation Could Eliminate Q4 ERC Benefits
Late Sunday night, the bill text of the bi-partisan infrastructure bill (H.R. 3684) was finally released to the public. As expected, it included funding for roads, bridges, rail, ports, broadband, and waterworks, as well as some energy/climate provisions. The bill has been presented as a bill with no new tax hikes, and is still waiting […]