These new rules will significantly impact the financial statements of transportation companies leasing real property, equipment, vehicles, and any other fixed assets. Here are five ways the new lease rules may affect transportation companies.
Over the past 45 years, we have dealt with several IRS audits involving the fuel tax credit claimed by our bus company clients.
Smith Schafer Tax Managers, Joe and Kyle, presented at the IFC National Marketing conference at Treasurer Island. They gave updates on the state of taxes in 2022, pass-through entity taxes, planning strategies, and more.
The pandemic had a significant impact on Minnesota businesses. The combination of forced business closures, new employee safety standards along with supply chain disruptions and sharp increase in materials costs made it very difficult.
If the federal estate tax exemption is cut approximately in half in 2026, as is currently scheduled, it may create significant issues for Minnesota taxpayers. The matter becomes especially challenging when one considers what may happen if the portability election is not made.
The manufacturing industry continues to grow, even with labor and supply chain challenges. According to the May 2022 Manufacturing ISM Report, the US manufacturing sector’s economic activity grew for the 24th consecutive month