Federal and state taxation
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Consider a Pass-Through Entity Tax Election to Maybe Save on Federal Taxes
Pass-through entities in many U.S. states now have the option to calculate and pay income tax at the entity level, which may offer tax savings.
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Companies Must Consider Massachusetts Sales/Use Tax on Rolling Stock
Transportation companies traveling through Massachusetts should keep their sales/use tax on rolling stock in mind as risk is considered.
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Cashing in on Inflation Reduction Act Tax Credits
Review an example of how a company could use the Inflation Reduction Act benefits to recognize $50,000 of positive cash flow tax-free.
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Inflation Reduction Act: Learn the Benefits for Transportation, Logistics
The Inflation Reduction Act is a game changer for investing in clean energy, offering new tax incentives, and financing opportunities.
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Tax Relief Act – Now a Waiting Game
For most taxpayers, it may be a good idea to extend returns to see what happens with the Tax Relief for American Families and Workers Act.
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Innovation Could Create an Investment Tax Credit for Transportation, Logistics
It’s cold here in Wisconsin right now but sometimes winter produces the brightest days. Plus, it’s that time of year when we think about taxes. Given that, let’s talk solar power and tax credits. If you are seeking ways to reduce your utility bill, decrease your business’s environmental impact, acquire equipment to depreciate, and receive […]
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Tax Relief On The Way?
This week Jason Smith (R), the House Ways and Means Committee Chair and Ron Wyden (D), the Senate Finance Committee Chair announced a bi-partisan agreement they called “The Tax Relief for American Families and Workers Act of 2024.” The proposed legislation includes some significant changes that could provide some tax relief for transportation and logistics […]
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Changes Coming to Ohio Commercial Activity Tax
If you pay the Ohio Commercial Activity Tax (CAT) you know how simplistic it is. Determine your Ohio gross receipts, pay the minimum tax and if your receipts exceed $1,000,000 the tax is 0.26% on the excess. Regardless of how simple the tax is or how little you might have paid, it’s still an administrative […]
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Commercial Clean Vehicle Tax Credit
It’s been over a year since the Biden Administration’s Inflation Reduction Act was enacted, and we’re starting to see some of the programs starting to take shape. One of the programs that could impact the transportation industry is the Commercial Clean Vehicle Credit under IRC 45W. This is a credit where businesses and tax-exempt organizations […]
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IRS Announces ERC Claim Withdrawal Process
We’ve written about the Employee Retention Credit (ERC) quite a bit over the last two years, trying to coach companies to take a hard look at whether or not they truly qualify for the credit. With the IRS putting a moratorium on processing new ERC claims through at least December 31, it highlighted that potentially […]