Regulatory and Policy Updates
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Bye Bye Bonus?
If you haven’t heard yet, 2022 is the last scheduled year of 100% bonus depreciation. From 2023 through 2027, bonus depreciation will phase down by 20% each year. Businesses have enjoyed the benefits of 100% bonus since 9/28/17 with the passage of the Tax Cuts and Jobs Act. Effectively, bonus depreciation has allowed businesses to […]
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Clean Fuel Tax Credits Get Extended
The Inflation Reduction Act had a nice benefit buried within the pages in regards to alternative fuel, an extension of credits through December 31, 2024! The credits had previously expired December 31, 2021. This extension includes the alternative fuel and the alternative fuel mixture credit. Alternative fuels include natural gas, propane, liquefied hydrogen, P-Series fuel, […]
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Commercial Vehicles Included in the Push for Clean Energy and Other Tax Changes
The Inflation Reduction Act of 2022 (IRA) had plenty to unpack, but not the tax increases initially proposed under the Build Back Better Act which fizzled due to a lack of support. The IRA was significantly scaled back and included very little tax law changes and perhaps none that will effect the majority of the […]
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Supreme Court Denies Review of California Assembly Bill 5
At the end of June the Supreme Court denied the review of California Assembly Bill 5 (AB5) and returned the case to the 9th U.S. Circuit Court of Appeals. A ruling by the 9th Circuit had previously overturned a lower court’s injunction that had kept AB5 from applying to the transportation industry. Despite overturning the […]
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Will a Fuel Tax Holiday Provide Relief?
President Biden recently called for a fuel tax holiday to help reduce the costs at the pump. Will it help? Sure, a little bit. A little bit are the key words. The President is pushing for a three-month holiday that would remove the federal fuel tax. Currently, the federal tax is 18 cents per gallon […]
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Further Guidance on Per Diem Deductibility
Back in November we posted about guidance under IRS Notice 2021-63 allowing for the temporary 100% deduction for the meals portion of the special per diem rate for motor carriers with drivers who are subject to the hours of service rules. Sometimes, guidance can create more confusion and questions than clarity. Under Notice 2021-63 it […]
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Cross-Border COVID-19 Requirements
While there has been a lot of buzz and concern around supply chains and inflation the last few months, Canada and the United States have entered into a vaccine mandate in order to cross the border. Canada’s vaccine mandate to enter the country went into effect Saturday January 15th, while the United States vaccine mandate […]
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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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A Big Break for Per Diems?
There has been a significant amount of relief passed through various bills due to the coronavirus. While the employee retention credit, paid leave credit and paycheck protection program received a lot of the glory, something smaller yet potentially impactful passed with the Consolidated Appropriations Act, 2021 (CAA 2021). The CAA 2021 includes a provision that […]
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The Transportation Impact from the Infrastructure Bill
It can sometimes be difficult to see how bills affect your company or your industry but you would think an infrastructure bill would impact transportation, right? It certainly does. Within the bill there are various opportunities for grants, mostly to state and local governments, to improve current infrastructure as well as build infrastructure for the […]