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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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A Transportation Shift for the Climate?
The Biden administration released The U.S. National Blueprint for Transportation Decarbonization and it is sure to raise some eyebrows for those in the truck transportation industry. The plan to cut greenhouse gas (GHG) emissions calls for a strategic shift to achieve net zero emissions by 2050. The plan has a three pronged approach to get […]
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Mileage Rates for 2023
The IRS has issued updated optional standard mileage rates for 2023. These rates are often used to calculate the deductible cost of operating a vehicle for business purposes as well as used by employers for calculating employee reimbursements for business mileage driven with personal vehicles. Beginning January 1, 2023, mileage rates will be: The mileage […]
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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 […]
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Simple Tax Planning Tips
Sometimes there’s a mystique around tax planning. People think there is some hidden magic. A strategy they don’t know about and way they can have their cake (income) and eat it too (low/no tax). The tax code is long and complicated to avoid things such as that. When it comes to tax planning you have […]
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The Missing Pieces from the Omnibus Bill
Congress passed a $1.7 trillion dollar spending bill at the tail end of last week. In likely the last major piece of legislation Congress will pass before Republicans take control in the new year, many initiatives were included as lawmakers pushed to avert a government shut down and get home for the holidays before winter […]
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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 […]
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New Connecticut Highway Use Fee
Starting in January 1, 2023, Connecticut will be imposing a new use fee on certain carriers for the “privilege of operating” certain heavy, multi-unit motor vehicles on any highway in Connecticut. Companies such as transportation or construction companies will be impacted by this as it applies to class 8 through 13 vehicles. Here’s a chat […]
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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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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 […]
