Trucking Companies: Special Tax and Accounting Considerations (TCST)

Date: 9/18/2008
Fargo Holiday Inn
Time: 8:15 AM - 4:00 PM (Please verify this time on your confirmation.)
8 CPE Hours
$250 Member
$300 Nonmember
Add $25 after 9/4/2008
Instructor: E. Lynn Nichols

This program explains and illustrates the many special issues facing the motor freight transportation industry; including worker classification of drivers, prepaid tires, other revenue equipment, economic performance, loss and damage claims, deposit premiums, revenue recognition, depreciation, federal reporting requirements, and other regulatory issues.

Objectives:

• Advise owner/operators regarding the effect of business decisions on the financial statements and tax returns.
• Interpret and respond to current industry trends
• Apply audit programs for the trucking industry with a focus on management consulting opportunities.
• Understand the BTS reporting requirements and form preparation
• Distinguish between drivers who are employees vs. independent contractors
• Identify and plan for revenue recognition or deferral opportunities
• Understand the various excise taxes that are imposed on truckers
• Interpret multi-state filing requirements

Major Topics:

• ACCOUNTING: Presentation of standard chart of accounts (ICC Chart of Accounts) accounting for revenue equipment; audit programs; revenue recognition; worker's compensation and other insurable risks; industry regulations update and Form M filing requirements. Current events facing the industry.
• TAX: Treatment of trade-in revenue equipment; application of IRC Sec.461; tire purchases; deposit premiums on insurance; Heavy Vehicle Use Tax (Form 2290) and new electronic filing procedures; multi-state tax issues; independent contractor vs. employee; loss and damage claims; IRS audit guide; depreciation; court cases; Private Letter Rulings; Revenue Rulings; Revenue Procedures.

Designed For: CPAs with basic accounting and tax knowledge, who want to learn the "ins and outs" of providing tax and financial services to motor carriers, and build a consulting practice based on applying their financial problem solving skills to unique trucking operation issues.
Level: Intermediate
Developer: Mares Nichols CPE, Inc.

About the Speaker:
E. Lynn Nichols, CPA
E. Lynn Nichols, a practicing CPA for 40 years, provides tax consulting services to accounting firms from his office in New Castle, Pennsylvania. He also presents more than 100 CPE seminars sponsored by state societies of CPAs each year, and is a featured speaker at major tax conferences. He is a regular contributor to Bisk Education’s "CPE Network" audio and video tax updates, and the monitoring expert on AccountantsWorld.com, the leading web portal for accountants. The University of Oklahoma awarded his degree in business administration in 1965. He is a member of the American Institute of CPAs, Ohio Society of CPAs and served two years as Chair of the Board of Visitors of the University Of Oklahoma School Of Accounting. In 2005, The Ohio Society of CPAs awarded Lynn their Gold Medal for Meritorious Service to the Accounting Profession. Lynn is well known for useful interpretation of current tax developments as they relate to local and regional practitioners. His tax update program, Current Federal Tax Developments, has been an annual offering in some states since 1987, and he continues to develop new and timely programs on related topics. His newest program, Advanced Tax Practice, offers a clear analysis of IRS and AICPA rules and Standards governing the ethical conduct of tax practitioners and provides useful practice aids for adoption of a quality control program, and offers clear guidance on "best practices" in your tax practice. In addition, the program includes practical approaches to the determination of "more likely
than not" for the purpose of satisfying code Section 6694 and Financial Accounting Standards Board Interpretation Number 48 (FIN 48).