Trucking news & briefs for August 7, 2020:
NATSO joins coalition asking for clarification of tax treatment of PPP funding
The National Association of Truck Stop Operators, joining a large coalition of mostly non-trucking-related trade associations, called on Congress to use the next round of COVID-19 coronavirus-related legislation to clarify certain aspects of the treatment of forgiven Paycheck Protection Program small business loans in tax filing. Specifically, the groups want Congress to clarify that businesses are able to deduct business expenses paid for by the loans.
Without the amended tax treatment, struggling businesses, the coalition argued, could be subject to as much as $100 billion in taxes in the aggregate.
The coalition points to a recent Internal Revenue Service notice regard the PPP loans that it says in effect reverses Congress’ original intent with the PPP when it comes to taxes. “Congress intended for the loan forgiveness under PPP to be tax-free,” the Coalition said. “The IRS Notice reverses that position and eliminates any [tax] benefit, let alone a double benefit,” which some IRS defenders say would be the case if expenses covered by PPP funds are allowed to be deducted as usual. On the contrary, “if a business has $100,000 of PPP loans forgiven and excluded from its income, but then is required to add back $100,000 of denied business expenses, the result is the same as if the loan forgiveness was fully taxable” as income.
Those interested can read the coalition’s full letter via this link.
Association honors influential list of women-owned transport businesses
The Women in Trucking Association (WIT) announced recipients of the 2020 “Top Woman-Owned Businesses in Transportation.” The list was created to recognize women in leadership and encourage more women to become proactive leaders in their organizations, WIT said.
Criteria used to identify qualified applicants included majority ownership by a woman, financial stability and growth, innovation, and entrepreneurial spirit. Each company was nominated and chosen based upon business success and accomplishments – including those related to gender diversity.
The list includes motor carriers, third-party logistics companies, and original equipment manufacturers:
AGT Global Logistics (Angela Eliacostas, President and Founder)
Aria Logistics (Arelis Gutierrez, President and CEO)
Brenny Transportation, Inc. (Joyce Brenny, CEO and Founder)
Kenco (Jane Kennedy Greene, Owner Chairwoman)
Knichel Logistics (Kristy Knichel, CEO and President)
Powersource Transportation (Barb Bakos, President and Owner)
RFX Inc. (Kimberly Welby, President and CEO)
Rihm Family Companies (Kari Rihm, President and CEO)
S-2international, LLC (Jennifer Mead, CEO)
Tru-Pak Moving Systems (Allyson Siegel, CEO and Owner)
United Federal Logistics Inc. (Jen Behnke, President and Owner)
Veriha Trucking, Inc. (Karen Smerchek, President)