Uncategorized
-
National Truck Driver Appreciation Week 2023
This week we celebrate the truck drivers! September 10th-16th is National Truck Driver Appreciation Week. If you see a driver, thank them for their time and dedication. Drivers hold one of the key jobs to keeping the economy moving. They make sure freight is delivered timely, safely, and often sacrifice significant amounts of time from […]
-
Have We Been Experiencing a Freight Recession?
While many experts have argued we haven’t been in an economic recession for the last 12-18 months, the transportation space may be in a different spot. Over the last few weeks, we’ve seen results from the publicly traded motor carriers with decreased revenues, earnings, or both. There have been statements referencing a softening economy, tough […]
-
California Looking to Ban the Sale of Diesel Trucks
A couple weeks ago, the California Air Resources Board (CARB) voted to ban the sale of NEW diesel semi-trucks by 2036, and to require all trucks to be zero-emissions by 2042. CARB has said that the ban is necessary to protect the environment and public health from greenhouse gas emissions. Currently, approximately 90% of all […]
-
Navigating an Uncertain Labor Market
The labor market continues to be uncertain as we enter 2023. What can companies do to maximize retention and acquisition? The trucking industry will likely see a continued slowdown in driver recruiting as demand continues to normalize in 2023. Growth positions will slow but there will still be demand for key, professional positions. Companies will […]
-
Update – 1099-K Reporting Rules
Last week we made a post laying out the new 1099-K rules. Shortly after our post went live, the IRS announced that they are delaying the implementation of the $600 reporting threshold for third party payment platforms. The IRS outlined that the 2022 calendar year will be a transition period as part of the implementation […]
-
New 1099-K Reporting Rules
As part of the American Rescue Plan that was passed in March 2021, the IRS has modified their rules to lower 1099-K reporting from payment apps such as Venmo, Paypal, and Cash App. Prior to December 31, 2021, third parties would be required to report (and provide a 1099-K) for gross payments that exceed $20,000 […]
-
IRS Warns of Improper ERC Claims
We’ve discussed the employer retention credit (ERC or ERTC) a fair amount of the last few months, and how for the most part it can be difficult for transportation companies to qualify for the credit due to increased revenues with rising freight rates in 2020 and 2021, and the fact that it was an essential […]
-
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 […]
-
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 […]
-
CERTS Reporting Due February 15
We’ve had been waiting for the Treasury to release guidance on the quarterly reporting requirement for months. We finally got that guidance in mid-December. The guidance laid out how the quarterly reporting will work, and Treasury also added a user guide and updated their FAQs section. Grantees are required to submit their first CERTS quarterly […]