Trucker CFO Blog

Altering financial records in a bid to secure a mortgage may appear tempting, but it comes with significant legal risks. Intentionally modifying or falsifying documents, such as bank statements and pay stubs, for mortgage approval is considered mortgage fraud, a federal crime with severe penalties. Individuals engaging in this practice could face up to 30…

As a small business owner in the trucking industry, staying on top of your finances is crucial. However, dealing with IRS notices can be daunting and stressful. At Trucker CFO, we specialize in providing accounting, tax preparation, and tax problem resolution services for small business trucking companies. In this blog post, we will break down…

As a small business owner, you’re likely familiar with the concept of reasonable compensation for yourself as an S-Corporation owner. But what exactly does reasonable compensation entail, and why is it essential for S-Corporation owners to understand and adhere to? In this blog post, we’ll delve into the importance of reasonable compensation, how it occurs…

As a small business owner in the trucking industry, you know the importance of staying on top of your taxes. However, what happens if you suddenly discover a fraudulent tax return has been filed in your name? Dealing with identity theft and fraudulent tax returns can be overwhelming, but taking immediate action is crucial to…

As the backbone of the American economy, small trucking businesses face unique challenges, especially in light of recent legislative changes. The IRS Funding Boost, part of the broader IRS Funding Act, aims to enhance tax law enforcement, raising important considerations for small business owners in the trucking industry. While politicians and IRS officials assure us…

Navigating the maze of paying taxes online can often seem daunting. Whether you’re an individual trying to manage estimated taxes or a business owner looking to settle your annual Form 1040, the complexity can be intimidating. However, the IRS.gov website streamlines this process by offering various efficient and user-friendly payment methods, including debit/credit card payments…

As valued clients of Trucker CFO, it is crucial for you to stay updated on regulatory changes that may impact your trucking business. One important update to be aware of is the Beneficial Ownership Information (BOI) reporting requirements, mandated by the U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN). Let’s dive into what…

If you’ve heard about the trucking spot market and wondered what it’s all about, this blog is for you. We’re going to talk about some important things that help you understand the market better. Let’s break it down into simple terms. What is the Tender Rejection Rate? Imagine you get an offer to carry a…

In the logistics and transportation industry, understanding the types of fuel used for different purposes is critical. Tractor fuel vs. reefer fuel, while both diesel, serve distinct functions and are not interchangeable. Using the incorrect type can have serious implications, especially if reefer fuel is used in an on-highway vehicle. Here’s what you need to…

The IRS Fresh Start Program has been a lifeline for countless taxpayers struggling with tax debt. While it may sound like a beacon of hope, it’s essential to understand that this program isn’t a magic wand that wipes away your tax troubles. In this blog, we’ll dive into the details of the Program, highlighting its…