Transportation & Trucking

The COVID-19 pandemic brought with it various challenges for all industries, including transportation and trucking businesses. No one could escape its impact, so whether you were involved in moving goods or people, any financial hardships, partial or full suspensions or loss of revenue could make you eligible for the ERC tax relief.

Almost all businesses in the transportation industry can qualify for this tax credit. Unfortunately, though, many industry players haven't taken advantage of this opportunity yet. If that is you, know that there is still time to apply for your refundable tax credits for the years 2020 and 2021.

Am I Eligible?

Here are the most common ways businesses qualify for the ERC grant.

1. Government ordered shutdowns (full or partial)

1. Cut down on hours of operation

1. Supply chain disruptions

1. Staffing restrictions due to remote work

1. Reduced revenue and earnings due to supply chain disruptions

1. Restrictions on transportation and shipping of goods and material

IRSplus Helps Transportation Companies Get the Maximum ERC Tax Credit — It is Guaranteed!

The COVID-19 pandemic affected the whole world—and transportation is certainly no exception. Whether your company is moving products or people, there is no doubt that the pandemic and the government restrictions created challenges. The Employee Retention Credit (ERC) is a key part of the federal economic response to COVID-19. Almost all businesses can qualify—but many in the transportation industry still haven’t claimed their refundable tax credit.

At IRSplus, we help transportation companies secure their maximum ERC tax credit—guaranteed. Transportation companies include trucking, package & delivery, Amazon delivery drivers , shipping, and all logistics companies. Virtually all transportation companies nationwide can qualify for the Employee Retention Credit. If you have any specific questions or concerns about applying for the ERC as a transportation company, we are more than ready to help. Give us a call at 1-888-210-8870 or connect with us directly online to get help from an experienced ERC specialist.

What Transportation Companies Should Know About the Employee Retention Credit (ERC)

In March of 2020, the federal government enacted the Coronavirus Aid, Relief, and Economic Security Act (CARES Act). A comprehensive economic support package, the CARES Act includes the Employee Retention Credit (ERC). The ERC is a fully refundable tax credit for most businesses that stayed open and retained employees in 2020 and 2021 during the course of the pandemic.

The ERC applies to six quarters—the final three of 2020 and the first three of 2021. In total, a qualifying business can claim up to a maximum of $26,000 in a cash tax refund per employee. Better yet, most businesses and organizations in the United States qualify for the ERC. It is an even greater benefit than the PPP.

PPP Borrowers Can Do the ERC Right Now

Did your transportation company apply for the relief funds through the Paycheck Protection Program (PPP)? If so, you can and should still file for the Employee Retention Credit. Businesses can qualify for the ERC regardless of whether or not they got PPP funds. PPP borrowers in the transportation industry can file for the ERC right now. Do not wait: A cash refund may be available.

How Transportation Companies Can Qualify for the ERC

There are a number of different specific ways that a transportation company can qualify for the Employee Retention Credit. Based on federal guidelines, an applicant for ERC funds must meet one of the following two criteria:

1. Subject to a Government Order: Transportation industry businesses can qualify for the ERC if they were subject to a government order that restricted commerce. Examples include cleaning and sanitizing standards, social distancing, and capacity requirements. Virtually every transportation company in the country can meet this requirement.

1. Significant Decline in Revenue: A transportation company can also qualify for the ERC based on a significant decline in quarter-over-quarter revenue compared to pre-pandemic. For 2021, a significant decline in revenue is defined as 20 percent.

We Serve All Types of Transportation Companies—Nationwide

IRSplus serves trucking, package & delivery, Amazon delivery drivers , shipping, and all logistics companies nationwide. Whether you ship or transport products or transport people, we are here to help you navigate the ERC application process. Our team is made up of experienced ERC specialists. We only work on one thing: The Employee Retention Credit. Transportation companies we serve include:

1. Trucking Companies: The trucking industry is the backbone of our economy. The COVID-19 pandemic and government commerce restrictions contributed to supply chain disruptions and other issues for trucking companies. Our ERC specialists help truck companies and owner-operator truck drivers navigate the application process. Virtually all truck companies in the United States can qualify for the Employee Retention Tax Credit.

1. Bus Companies: Travel decreased dramatically during the pandemic. Further, many companies that transport people had enhanced sanitizing requirements and capacity restrictions. We help bus companies and other transportation firms file for the ERC.

1. Medical Transportation: Medical transportation was heavily disrupted by the pandemic. Many people canceled appointments or opted for telemedicine. We help medical transportation firms claim the ERC.

How to Calculate Your Employee Retention Credit Benefit

The ERC tax credit can be 3-7 times PPP1. It is based, in large part, on the wages paid to employees. You can claim a portion of the payroll taxes paid as a cash refund. Here is a basic overview of what transportation companies should know about how to calculate the ERC:

1. The ERC for 2020: The ERC is available for Q2, Q3, and Q4 of 2020. For the 2020 tax year, the ERC is calculated at 50 percent of each employee’s qualified wages—with a maximum annual benefit of $5,000 per employee. If a transportation company had five employees in 2020 and claimed the maximum ERC for each of those employees, the total cash tax refund would be $25,000.

1. The ERC for 2021: The ERC is available for Q1, Q2, and Q3 or 2021. For the 2021 tax year, the ERC tax benefit is actually greater than in 2020. The ERC calculated 70 percent of a worker’s qualifying wages, with a maximum benefit of $7,000 per quarter. That is a maximum tax benefit of $21,000 per employee for 2021. A transportation business that claims that maximum ERC refund for five employees in 2021 could claim $105,000.

As transportation businesses often have multiple employees who worked across several different quarters, calculating the exact ERC tax refund can be quite complicated. You do not have to figure it out alone. IRSplus has a proprietary system to calculate your maximum ERC. In our free assessment we will let you know how much in ERC money you will exactly get.

We Can File for the ERC for 2020 and 2021 in 2022

One of the most common questions that people have for our specialists: Is it too late to file for the Employee Retention Tax Credit? The answer is a clear and resounding “no.” You can still file for the ERC as a transportation company for both 2020 and 2021. Even if you already completed your payroll taxes, there is still plenty of time left to file for the ERC. The federal law allows for a three-year lookback period. In effect, this means that all businesses and organizations have a maximum of three years to file a revised return to get the ERC refund that is due to them. Many companies in the transportation industry have still not filed for their benefits. Act now.

Why Transportation Companies Rely On IRSplus

Applying for the ERC can feel like a daunting task. As with other tax matters, the application process can be complicated. You may have a lot of questions about what you need to do and how much your transportation company can claim through tax credit. At IRSplus, we guide trucking, package & delivery, Amazon delivery drivers , shipping, and all logistics companies through every aspect of the ERC filing process. With us, you will get the maximum ERC benefit and full protection. Here is an overview of our easy four step process for filing for the Employee Retention Tax Credit in the transportation industry:

1. A Risk-Free and Comprehensive ERC Analysis: The ERC specialists at IRSplus offer risk-free, confidential assessment to businesses, including transportation industry companies. The first step in the process is to upload a few simple documents to our fully secure online portal. Our ERC specialists will take a look at what you provided and help you understand your eligibility.

1. Strategic Calculation for Your ERC Tax Refund for Every Quarter: A complex formula is used by the federal government to calculate the Employee Retention Credit for businesses. We can take care of all of the hard work. With a proprietary system, we will strategically calculate your transportation company’s ERC tax benefit for six of the six available quarters. With our experts, you can be rest confident that you will get the maximum ERC benefit.

1. Delivery of the Due Diligence Report (We Prepare and File): Our team will prepare a comprehensive due diligence report. In general, the report is more than 100 pages long. With all of the information, we will prepare and file your ERC. Most often, this means filing a new Form-941 X. Our ERC specialist will take care of the entire application process.

1. You Get Paid (Up to Six Checks): The ERC tax credit is paid by the quarter. A transportation business can get a check for each quarter that it qualifies for the benefits. In total, there are up to six checks available. Unlike with PPP funds, there are zero restrictions on how businesses can use their ERC money. You can re-invest ERC tax refunds into your company, recoup some of the cost you endured during COVID-19, or simply stash away the funds for a rainy day. It is your money.

Get Help From Our ERC Specialists for Transportation Companies Today

At IRSplus, we specialize in just one thing: The Employee Retention Credit (ERC). If you have any specific concerns about applying for the ERC as a transportation company, we are here as a resource. Give us a call at 1-888-210-8870 or contact us online to find out more about how we can help. We offer a 100 percent risk free ERC analysis, that tells you how much ERC money you will get before you even choose to work with us. The ERC specialists at IRSplus work with transportation companies nationwide.