TFS Group provides accounting and compliance services to truck fleets and owner-operators of all sizes and stripes. The company is based in Canada, but its straightforward, plain-spoken advice and methods for managing the business side of the trucking business are universal. Story angles include choosing a business structure; tax strategies and compliance; IFTA reporting; financial planning; and managing the relationship between owner-operators and carriers. Media contact: Stephen Petit
Mar 6, 2009 | Story angle: Taxes Federal tax agencies like the Internal Revenue Service and Canada Revenue Agency are perfect foils for scammers because no one wants the taxman on his back. You give him whatever he asks for. That’s why you should be skeptical of anyone claiming to be with the IRS or CRA who asks for personal information.
Feb 2, 2009 | Story angle: Taxes Last month I wrote that Registered Retirement Savings Plans (RRSPs) are a great way to build a nest egg. Starting this year there’s a new option for setting money aside: the Tax-Free Savings Account, or TFSA. Are they they right savings vehicle for you? That’s the $5,000 question.
Jan 30, 2009 | Story angle: Business Structure, Money Management, Operations, Recordkeeping, Taxes The trucking industry has a mile-long rap sheet of non-compliance when it comes to taxes, which is why owner-operators are big targets for auditors. Fortunately, you can lower the risk of an audit and potentially reduce your tax obligation at the same time. It’s a matter of structuring your business properly, getting organized, setting up regular financial reviews, and asking for help.
Jan 5, 2009 | Story angle: Taxes Times are tough. But think twice before you call your RRSP administrator about an early withdrawal. You’ll pay a high rate of tax lose the contribution room. And If someone says you can take out money tax-free, get a second opinion. It may be a scam.
Dec 1, 2008 | Story angle: Taxes Do you feel it? You may not (yet) as the weight of the world seems to be on trucking’s shoulders already, but there’s something else clinging to your back: a target. Canada Revenue Agency (CRA) has determined that the trucking industry should get more scrutiny from auditors this year. I questioned an audit supervisor recently and she said the industry is on the hot seat.
Nov 3, 2008 | Story angle: Taxes Tax officials are increasing their scrutiny of newer small businesses. Besides conducting more audits than ever before, they’ve added a layer of inquiry called a “business review” to ensure that the owners are handling their bookkeeping, payroll, GST/HST, and tax filings correctly. That’s right, CRA just wants to help.
Oct 1, 2008 | Story angle: Taxes If you’re serious about savings, and you’re in a position a buy, think about making your purchase this year instead of waiting for 2009. Never mind that dealers are eager to make a sale now, or that truck manufacturers are raising prices in 2009. Purchasing equipment close to the end of your fiscal year may help reduce your tax bill.
