At Polston Tax, we provide transportation and freight industry consulting, tax planning and legal services that can improve your tax standing. Our company consists of project managers, accountants and tax attorneys who collaborate to develop personalized solutions for transportation companies.
With experience partnering with companies that transport passengers and goods by road, rail, air and sea, we are a reliable partner for services that save businesses time and money. Together, we will optimize your documentation processes, reporting strategies and cash flow.
You facilitate trade, commerce and movement across the state or country, and your work benefits your clients and the overall economy. As you do these valuable tasks, Polston Tax can help you optimize your tax process through credits. These incentives allow you to lower the amount you pay in taxes. They may apply at the federal or state level.
A fuel tax reduction may support particular businesses in the transportation industry, such as those who operate intercity or school buses. Transportation businesses involved in creating new technology for logistics, vehicle efficiency or alternative fuels may qualify for a research credit.
If your company invests in new or used commercial clean vehicles, you may qualify for an alternative fuel vehicle credit. You can also earn benefits for investing in electric vehicle recharging property for your business.
Other general business incentives, such as the Work Opportunity Tax Credit (WOTC), may apply. Transportation companies that adopt diverse hiring practices, such as hiring particular veterans or previously incarcerated individuals, can gain tax relief.
At the state level, transportation companies can gain credits by purchasing electric vehicles for their fleets. New York and California are states that offer such incentives.
With Polston Tax, your business will maintain accurate accounting records, meet tax obligations and retain more revenue. Additionally, our tax attorneys help transportation industry clients navigate claims from the Internal Revenue Service (IRS) or state revenue departments.
As an experienced transportation industry accounting and tax advisory firm, we develop and implement accounting strategies that improve bookkeeping accuracy and efficiency. We tailor these services to transportation industry clients by leveraging knowledge gained through years of combined experience in the industry.
Partner with Polston Tax for an advanced approach to these processes:
Navigate revenue reporting intricacies when receiving partial payments for reaching delivery milestones, full payments at the time of service completion and dispersed payments from a long-term contract in alignment with generally accepted accounting principles (GAAP).
Satisfy lease accounting requirements established through Accounting Standards Codification (ASC) 842 and other relevant standards.
Track and optimize expense distribution across numerous operators, transportation assets, maintenance services, contract acquisition processes and transportation processes.
Complete forms to declare and deduct expenses related to employee travel, asset management and other relevant costs.
Develop strategies for reporting and reducing sales taxes, income taxes, payroll taxes, property taxes, excise taxes and other taxes relevant to transportation and logistics.
Distribute and complete all necessary tax forms that report employee compensation, revenue from contracts, expenses incurred to obtain contracts and other information the IRS requires.
In the transportation industry, businesses accept large contracts that can span numerous tax years. Payments occur at various stages, often in partial amounts that the company must follow specific practices to report. A small oversight or misunderstanding could cause the IRS to flag your company.
Polston Tax can bolster your business’s response to IRS claims and insulate it against future audits. We offer comprehensive tax resolution services, with the ability to adapt our offerings as your needs change. As your dependable tax resolution partner, we can:
Polston Tax has over 100 years of combined tax planning experience that translates to the transportation industry. We interact with the IRS daily and can help you remain in good standing. Our professionals will provide the services and peace of mind you need to prioritize daily logistics and transportation processes, so contact us online to request a consultation.
