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Additional Ways Tax Reform Will Impact the Transportation Industry

Posted 12:30 PM by
When the Tax Cuts and Jobs Act (TCJA) was signed into law on Dec. 22, 2017, companies in all industries braced themselves for impending changes. The key take away of the TCJA is lower tax rates for both businesses and individuals. However, the impacts of this new tax law are extensive and have left many taxpayers wondering how they will be affected. For the transportation industry, guidelines are continuing to emerge. In addition to the key provisions that were highlighted in our earlier analysis, Top Three Things to Know About How Tax Reform Impacts Your Trucking Company, the following changes will likely affect most trucking companies.
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IRS Updates Transportation Industry Per Diem Rates

Posted 12:00 PM by
The Internal Revenue Service issued Notice 2018-77, updating the special per diem rates under tax code Section 274(d), which is used to substantiate the amount of ordinary and necessary business expenses incurred while traveling away from home.
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Despite Challenges, Trucking Industry Outlook Remains Strong

Posted 4:13 PM by
Nearly 71 percent of all U.S. freight is moved by trucks, making the transportation industry an integral part of the nation’s economy. In fact, changing dynamics in trucking could have a ripple effect to many other industries. To discuss the state of the transportation industry, Katz, Sapper & Miller’s Transportation Services Group along with King & Ballow Law Offices and KSM Transport Advisors, hosted its annual Trucking Owners Business Roundtable in Nashville, TN. Experts offered presentations on benchmarking trends, strategic acquisitions, the current market environment, tax law updates, legislative updates, and other key industry topics. Though the transportation industry still faces some of the same challenges as in recent years, particularly related to driver shortage, the overall outlook for the remainder of the year is positive.
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The 20 Percent Pass-Through Deduction: Proposed Guidance and Its Impact on Trucking

Posted 1:00 PM by
When the Tax Cuts and Jobs Act (TCJA) became law on Dec. 22, 2017 there was interpretation of the law, but little guidance on how taxpayers would implement the qualified business income (QBI) 20 percent pass-through deduction. After more than eight months, the IRS has finally issued proposed regulations. Initial commentary that Section 199A would be taxpayer favorable has been confirmed by the recently issued proposed regulations.
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IRS Issues Proposed Regulations on Charitable Contributions and State and Local Tax Credits

Posted 5:58 PM by
Prior to the Tax Cuts and Jobs Act (TCJA), signed into law in December 2017, taxpayers were allowed an itemized deduction for state and local taxes paid without any limit on the amount of such deduction. The TCJA limited the state and local tax deduction, for individuals, to a maximum of $10,000. As a result, some states contemplated the creation of new state charitable funds, the donations to which would qualify for a state tax credit. Since charitable contributions are only limited by a taxpayer’s adjusted gross income, taxpayers that contributed to the state charitable funds, in lieu of paying state income tax, would generally receive a greater federal itemized tax deduction.
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Culp Named to Inaugural Class of Hoosier Women Forward Leadership Program

Posted 7:43 PM by
Katie Culp, president of KSM Location Advisors, part of the Katz, Sapper & Miller Network, has been selected as a member of Hoosier Women Forward’s inaugural class.
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IRS Issues Guidance on 20 Percent Pass-Through Deduction

Posted 6:55 PM by
It took a little over eight months, but the IRS has issued much-anticipated proposed regulations regarding the 20 percent pass-through deduction provided under Section 199A. The 184 pages of proposed regulations provide answers to some, but not all, of the questions considered since the Tax Cuts and Jobs Act (TCJA) was signed into law on Dec. 22, 2017. Since TCJA was enacted, tax advisors have counseled clients to 'stand your ground' and refrain from any radical structure modifications in response to the new provision. Those that heeded this advice will likely be thankful they did.
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Indiana to Implement Heavy Equipment Excise Tax in 2019

Posted 6:40 PM by
Effective Jan. 1, 2019, Indiana will implement a new excise tax on the rental of heavy equipment from a location in Indiana. The rental excise tax is 2.25 percent of the gross retail rental income. The renter is liable for the tax, and it will be collected by the retail merchant and sourced to the location from which the equipment is rented. The tax may be reported in the same manner used to report the retail merchant’s Indiana sales and use tax (INTax).
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(i) on Economic Development: Indy’s Mega Redevelopment Projects

Posted 11:40 AM by
Tim Cook and Katie Culp joined Gerry Dick on the most recent (i) on Economic Development to discuss Indianapolis’ large-scale, high-profile redevelopment projects, including what’s at stake and the potential economic impact.
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Supreme Court Rules States Can Collect Online Sales Tax

Posted 6:01 PM by
In a 5-4 decision today, the Supreme Court turned the sales tax world on its head by overturning South Dakota v. Wayfair. The decision reverses decades of history related to sales tax nexus and a retailer’s obligation to collect and remit tax when it sold its products across state lines. Disavowing the old physical presence standard established by Quill, the high court’s ruling now opens the door for states to impose an economic nexus standard when it comes to sales tax collection responsibilities.
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