08/20/2020

Focus on Cyber Security: Security Weakness in Electronic Logging Devices (ELD)

On July 21, 2020, the FBI issued a Private Industry Notification (PIN 20200721-001) describing an industry and academic study performed on a set of self-certified ELDs identifying a number of security vulnerabilities.

03/25/2020

COVID-19: How Coronavirus is Impacting the Transportation Industry

What is essential business? Are my customers and essential business? Who is an essential employee? Am I an essential employee? These are questions that we did not find ourselves asking a couple of months ago but are now forced to examine.

09/16/2019

Focus on Transportation & Dealerships: Business Interest Limitations and the Transportation Industry

For companies with average revenues over $25 million in the three previous years, the Tax Cuts and Jobs Act (TCJA) had a major impact on the deductibility of business interest expense. Prior to 2018, businesses were allowed to deduct 100% of all interest expense that was incurred.

08/25/2016

Focus on Transportation and Dealerships: Enforcement Up, North Carolina Enacts Stricter Insurance Law

North Carolina has passed a new law that will allow increased enforcement on out-of-state commercial vehicle operators who illegally register vehicles by listing their place of residence or business in the state to take advantage of cheaper insurance rates.

07/07/2016

Focus on Transportation and Dealerships: Proposed IRS Guidance Changes Transportation Equipment Taxes

The IRS issued proposed guidance focusing on retailer’s excise tax imposed on highway-type equipment, which if passed, would change the way certain transportation equipment is taxed. The proposed regulations help align the current regulations to properly reflect the current law. Additionally the regulations provide support for any buyer of an incomplete chassis cab that also confirms to the seller that he will not change the incomplete chassis cab into a taxable tractor.

01/04/2016

Focus on Transportation & Dealerships: President Obama Signs 5-Year Highway Bill

On December 4, 2015, President Obama signed a five-year, $305 billion highway reauthorization bill that will reform a safety performance scoring program for motor carriers and pave the way for employers to rely on alternative testing to screen prospective drivers.

06/30/2015

Focus on Transportation & Dealerships: Don’t Think You’re too Small to be Targeted by Cyber Attacks

According to the 2015 Cost of Data Breach Study by the Ponemon Institute, more than 70% of all breaches last year were caused by malicious attacks or human error. Many of these were simple mistakes made by employees unaware of what they were doing.

06/03/2015

Focus on Transportation & Dealerships: Bigger, Better, Faster - Fleet Telematics

Technology and the way its used is constantly and rapidly changing. With these changes come new trends. Fleet telematics are no exception as the technological advances make the possibilities seem endless.

04/28/2015

Focus on Transportation and Dealerships: No Tax Homes for Long-Haul Truck Drivers

The United States Tax Court recently upheld the Internal Revenue Service’s (IRS) determination that a long-haul truck driver could not deduct unreimbursed travel expenses because he was not away from home, as he did not have a tax home.

10/22/2014

Focus on Transportation and Dealerships: Report of Cash Payments Over $10,000

Each person engaged in a trade or business that, in the course of that trade or business, receives more than $10,000 in cash in one transaction or in two or more related transactions, must file Form 8300. 

10/06/2014

Focus on Transportation and Dealerships: Illinois Criminal Background Checks 

A new Illinois law prohibits employers from inquiring into a prospective employee’s criminal background on its application or during the early stages of application review.

08/22/2014

Focus on Transportation and Dealerships: Tangible Property Regulations – Time for Action

All taxpayers that have capital expenditures or incur repair and maintenance costs will be impacted by the Tangible Property Regulations that go into effect for tax years beginning on or after January 1, 2014.  For calendar year taxpayers, the last quarter of 2014 is a great time to take action to make the changes required by the Regulations and take advantage of opportunities that they provide.

06/12/2014

Focus on Dealerships:  Auto Dealer Facility Upgrade Programs

The Internal Revenue Service (IRS) recently stated its position with regard to manufacturer incentives paid to dealers to incentivize them to upgrade their facilities.

As factory image programs have grown in recent years the tax consequences of these payments from the manufacturer have also become more important.

11/18/2013

Focus on Transportation & Dealerships: How Final Tangible Property Regulations Affect Transportation Industry

While the recently released final tangible property regulations provide comprehensive guidance on capitalization of tangible property, the new rules also provide tax planning opportunities specific to the transportation industry.

10/28/2013

Focus on Transportation & Dealerships: State Income Tax Apportionment of Interstate Trucking Businesses

The Uniform Division of Income for Tax Purposes Act (UDITPA) equally weighted three-factor property, payroll and sales apportionment formula was designed to apportion the income of multistate manufacturing and mercantile businesses, and may not fairly apportion the income of businesses in other industries, including interstate trucking companies.

07/25/2011

Focus on Automotive: Revised Cash Reporting Form

The IRS has recently revised its Form 8300, which businesses must file within 15 business days when they receive over $10,000 in cash from a single transaction or related transaction.

07/18/2011

Focus on Automotive: Proposed Tax Law Changes for LIFO

For several years there has been talk about eliminating the last-in, first out (LIFO) inventory accounting method for income tax purposes.

12/06/2010

Focus on Automotive: 2010 Accounting & Tax Dealership Checklist

RubinBrown highly values our relationships with automotive dealerships throughout the Midwest.

12/06/2010

Focus on Automotive: New Ruling on Uniform Capitalization Costs Will Benefit Auto Dealers

The Internal Revenue Service (IRS) has finally issued its long awaited final ruling on uniform capitalization costs under Code Section 263A, also referred to as UNICAP.

05/06/2009

Focus on Automotive: Recent Missouri Income Tax Ruling Affects Dealerships

A recent ruling by the Missouri Supreme Court adds some clarity to the calculation of a Missouri dealership’s taxable income.

02/18/2009

Focus on Automotive: American Recovery and Reinvestment Act of 2009

On February 13, 2009, Congress passed the American Recovery and Reinvestment Act of 2009 (“Act”). President Obama signed the Act into law on February 17, 2009. The Act provides a series of direct spending and tax incentives for individuals and businesses to jump start the U.S. economy.

03/10/2008

Focus on Automotive: IRS Provides Safe Harbor LIFO

Over the years as truck and crossover vehicles have become more popular; most dealers have seen a shift in their mix of inventory from cars to trucks. Most recently, this trend has begun to reverse.

02/01/2006

Focus on Automotive: IRS Announcement Affects Heavy Equipment Dealers

The IRS recently announced that it will allow heavy equipment dealers to value their parts inventories using replacement cost.