(Air Ashe – Transport Topics)
From large carriers to single-truck fleets, many in the industry are analyzing how the federal Tax Cuts and Jobs Act will impact their income and are formulating strategies to adapt to the new rules — including the possibility of restructuring their companies, accountants said.
“Most of the conversations we’re having right now are about the long-term consequences of such a decision, including what happens if the ‘C’ corporation rates go up in the future,” said Randolph Smith, a tax partner with Grant Thornton and head of the firm’s transportation, logistics, warehousing and distribution practice, in an interview with Transport Topics. “We began some of the discussions in December, but now we’re getting into the nuts and bolts of it with our clients.”
The nuts and bolts of how the law will affect trucking businesses depends on business type. Click here to read more.