Why this matters to fleets and owner-operators
Texas Society of CPAs is flagging a cluster of tax issues that directly affect the trucking P&L and compliance calendar: the Employee Retention Credit (ERC), IRS updates, excise taxes, OECD “Pillar” developments, digital assets/virtual currency, and fresh guidance/resources across federal tax. For small carriers and large fleets alike, these topics can drive cash flow, audit exposure, equipment costs, and year‑end planning.
ERC: the window is shut, but IRS scrutiny isn’t
The period to file ERC claims has closed, but the program is far from over. The National Taxpayer Advocate reports the claim window ended April 15, 2025, with a large inventory of unresolved filings still in IRS queues. Expect a long tail of audits, disallowance letters, and settlement opportunities.
IRS data indicate the majority of reviewed ERC claims show a risk of being improper, and enforcement has stepped up following the 2023 processing moratorium and subsequent compliance push. If your company filed via a promoter, revisit eligibility—especially “supply chain disruption” narratives, which the IRS says rarely qualify—consider withdrawal if unpaid, and keep contemporaneous documentation of shutdown orders or gross‑receipts declines.
Excise taxes you can’t miss: Form 2290 and the 12% truck FET
Two excise regimes hit trucking every year. First, the Heavy Highway Vehicle Use Tax (HVUT) on Form 2290 applies to vehicles 55,000 pounds or more. The current tax period runs July 1, 2025–June 30, 2026. E‑file if you can; 25+ vehicles require it. Remember: the due date tracks the month of first highway use—not the registration date—and a stamped Schedule 1 is your proof at the DMV.
Second, the 12% federal retail excise tax (FET) increases the out‑the‑door price on new heavy trucks, tractors, and many trailers at first retail sale. Planning a Q4 or early‑2026 equipment refresh? Model the FET alongside finance costs, and note that certain anti‑idling devices and specified insulation can be excluded from the “parts and accessories” tax base.
Digital assets: getting paid in crypto is taxable—immediately
More brokers and shippers are experimenting with digital payments. If you or a leased‑on driver receive cryptocurrency for freight, it’s ordinary income at fair market value when you have control of the asset; later sales can trigger capital gain/loss. The IRS has finalized broker reporting rules for digital assets and continues to refine basis and information‑reporting mechanics, so expect more 1099 reporting in this space from 2025 onward. Set policy now on whether you’ll accept crypto, and build accounting workflows for price snapshots, wallets, and records.
OECD “Pillar” developments: niche, but watch your global ties
Most purely domestic fleets won’t be pulled into the 15% global minimum tax rules under OECD Pillar Two. But if you’re part of, sell to, or acquire from multinational groups, note continuing implementation work and data‑exchange tools rolling out in 2025 among participating jurisdictions. This can influence transfer‑pricing, intercompany service fees, and where profits are taxed across a global network.
Estate and gift planning: succession still matters
For closely held carriers, shop owners, and multi‑truck owner‑operators, the 2025 federal basic exclusion amount is $13.99 million per person, with the annual gift exclusion at $19,000. Given the possibility of future changes, coordinate equipment titles, operating companies, and real‑estate entities (yards, shops) with your CPA and attorney to protect step‑up in basis and minimize transfer tax risk.
Action items to discuss with your CPA
- ERC triage: verify eligibility, consider withdrawal/settlement if needed, and organize records supporting shutdown orders or revenue tests.
- Excise calendar: confirm Form 2290 filing for new‑in‑service vehicles and budget the 12% FET in 2025–2026 equipment plans.
- Digital assets: set an acceptance policy, capture FMV at receipt, and ensure bookkeeping can track basis and dispositions.
- Cross‑border context: if tied to a multinational, assess whether Pillar Two or intercompany pricing affects your tax posture.
- Succession: update buy‑sell agreements, review trusts/entity structure, and align operating and real‑estate entities for tax‑efficient transfers.
Bottom line: TXCPA’s agenda maps directly to trucking’s compliance pressure points. A two‑hour conversation with your CPA now can prevent six months of cleanup later.
Sources Consulted: Texas Society of CPAs; Internal Revenue Service; National Taxpayer Advocate; OECD; Reuters/Politico/AP for ERC context.
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This article was prepared exclusively for truckstopinsider.com. For professional tax advice, consult a qualified professional.
