Trucking
Tax, accounting, and financial reporting for motor carriers, fleets, and owner-operators who need clean numbers to manage thin margins and satisfy their lenders.
Overview
Trucking companies operate on narrow margins with expensive, fast-depreciating assets. A carrier’s books have to track fuel, tolls, maintenance, driver pay, and equipment financing across many jurisdictions, and the tax return depends on getting each of those right. Fuel tax reporting under the International Fuel Tax Agreement, apportioned registration under the International Registration Plan, and the federal heavy vehicle use tax all rely on accurate mileage and fuel records. Pease Bell, a Top 200 U.S. CPA firm headquartered in Cleveland, Ohio, helps carriers and owner-operators keep those records organized and their tax positions supportable.
We work with asset-based carriers, small fleets, and independent owner-operators. Our focus is the operating business that owns or leases the trucks and employs or contracts the drivers. For freight brokers, third-party logistics providers, and warehousing companies, our logistics practice addresses the different revenue and lease questions those businesses face. For trucking clients, we bring tax, audit, and advisory together so equipment, payroll, and financing decisions are made with the full picture in view.
How We Help Trucking Companies
Carrier Tax Preparation
Federal, state, and local returns for motor carriers and owner-operators, with attention to multistate filing obligations, the deductibility of driver per diem, and the treatment of fuel, tolls, and other operating costs.
Fuel Tax and Registration Support
Help organizing the mileage and fuel records that support IFTA returns, IRP apportioned registration, and heavy vehicle use tax filings, and reconciling those records to the general ledger so reported figures agree.
Equipment Depreciation and Leases
Analysis of buy versus lease decisions for tractors and trailers, depreciation method selection including Section 179 and bonus depreciation, and proper accounting for equipment leases under ASC 842 for financial statements.
Driver Classification Review
Review of how company drivers and leased owner-operators are classified and paid, with attention to payroll tax, per diem, and independent contractor arrangements, coordinated with your legal counsel on regulatory questions.
Lender and Covenant Reporting
Reviewed or audited financial statements, covenant calculations, and equipment schedules prepared for banks and equipment finance companies, helping fleet expansion financing and line renewals proceed with clear supporting information.
Outsourced Accounting
Monthly bookkeeping, settlement and payroll reconciliation, and per-truck or per-lane profitability reporting for carriers that want controller-level insight without building out a larger internal accounting team.
Challenges We Help Carriers Address
- ✓Fuel and mileage records that do not reconcile to IFTA and IRP filings
- ✓Choosing between buying and leasing tractors and trailers
- ✓Applying per diem rules correctly to drivers subject to hours-of-service limits
- ✓Classification risk when using leased owner-operators or contract drivers
- ✓Meeting lender covenants while margins tighten and equipment costs rise
Featured Insights
Frequently Asked Questions
Can truck drivers deduct per diem?
Often, yes, but the rules depend on who pays and who is claiming. Employers that pay drivers a per diem under an accountable plan can generally deduct it, and transportation workers subject to Department of Transportation hours-of-service limits are allowed a higher deductible percentage of meal expenses than most other travelers. Owner-operators may be able to claim per diem on their own returns.
What is the difference between IFTA and IRP?
IFTA, the International Fuel Tax Agreement, governs how interstate carriers report fuel purchased and miles traveled so fuel tax is distributed among member jurisdictions. IRP, the International Registration Plan, governs how registration fees are apportioned among jurisdictions based on distance traveled. Both rely on accurate mileage records, so the same data discipline supports each filing.
Should my trucking company buy or lease equipment?
It depends on your cash position, tax picture, and financing options. Buying can allow accelerated depreciation deductions and builds equity in the equipment, while leasing may preserve cash and simplify replacement cycles. Under ASC 842, most leases now appear on the balance sheet, which can affect covenants. We model both options against your specific numbers.
Are owner-operators employees or independent contractors?
It depends on the facts of each relationship. Factors such as control over how the work is performed, who owns the equipment, and how the driver is paid all matter, and federal and state tests can differ. Misclassification can create payroll tax exposure, so we help carriers review their arrangements and work with legal counsel on contract and regulatory questions.
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