Transportation

Services for Transportation Companies

Audit & Attestation

  • Audit, Review, and Compilation of Financial Statements
  • Agreed-Upon Procedures
  • Employee Benefit Plan (401k) Audits

Tax Planning & Compliance

  • Corporate Tax Planning and Preparation
  • International Tax Planning and Preparation
  • Sales & Use Tax Analysis
  • State and Federal Economic Incentives
  • Business Structure & Entity Planning
  • State and Local Tax (SALT)

Business Advisory

Forensic Accounting

  • Economic Damages/Lost Profits Calculations
  • Expert Testimony
  • Fraud Investigations
  • Asset Tracing

How We Can Assist with Current Transportation Accounting & Tax Issues

Revenue Recognition

Accounting rules now present a five-step analysis in determining when and how revenue is recognized. The new model will require revenue recognition to depict the transfer of promised goods or services to customers in an amount that reflects the consideration a company expects to receive in exchange for those goods and services.

How to prepare: Briggs & Veselka is working with companies to advise them on the possible implications of these new accounting regulations and to help suggest possible revisions to corporate policies, borrowing base calculations, financial coverage ratios, and contract structures. Contact Jamie Sylvester at jsylvester@bvccpa.com for more details.

 

New Lease Accounting Regulations

No longer will there be operating and capital leases. New accounting rules will now require all leases to be reflected as a company asset as well as an offsetting liability on your balance sheet. This will primarily have an impact on borrowing base calculations and lending capabilities. For companies with many lease arrangements, it may also create a staffing burden to manage the required supporting documentation.

How to prepare: Briggs & Veselka is already working with companies (and their lenders) to advise them on the possible implications of these new accounting regulations and to help prepare possible revisions to existing covenants or suggest potential modifications to future loan agreements. Contact Jamie Sylvester at jsylvester@bvccpa.com for more details

 

 

State & Local Tax

States, counties, and parishes often have complex and varying statutes about tax liabilities, which could have impact on local operations and your federal return.

How to prepare: Our transportation practice is attuned to the various taxing regimes along the Gulf Coast and can help companies plan appropriately as operations expand beyond their original nexus. Pre-planning is an effective way to assure the right tax structures to result in only the fair share of taxes being paid. Contact Jason Sanders at jsanders@bvccpa.com for more details.

Special Vessel Registration Benefits for Maritime Operations

Depending on where ships are flagged (US or foreign), regulatory benefits are triggered, including more favorable tax treatments.

How to prepare: Briggs & Veselka tax and audit professionals can advise shipping companies by providing a side-by-side comparison of operations, reporting, accounting, and tax implications of where ships are flagged, allowing management to make more informed decisions. Contact Jamie Sylvester at jsylvester@bvccpa.com for more details.

Asset Depreciation

The transportation industry has very specific depreciation schedules with direct impact on tax liabilities. Depending on the asset class (transportation barges, for example, are classified differently than offshore drilling barges), the depreciation schedules might change even under the standard method of depreciating assets known as the Modified Accelerated Cost Recovery System (MACRS).

How to prepare: Briggs & Veselka transportation professionals can complete an independent assessment of your fleet and its current tax depreciation schedules and calculate potential tax savings imbedded within your current depreciation structure. Contact Jamie Sylvester at jsylvester@bvccpa.com for more details.

Recovery from Vendors

Oftentimes actual contract delivery and performance varies from the terms of a supplier contract, causing hidden losses. Few shipping or related companies even attempt to reconcile contract non-delivery or underperformance.

How to prepare: Briggs & Veselka professionals can perform audits of actual vs. contracted performance and, depending on the terms of the contract, find cash recoveries for your company. We can proactively examine current contract structures from a performance standpoint to advise you on how to create opportunities for recovery in future contracts. Contact Adam Dimmick at adimmick@bvccpa.com for more details.

 

Client Testimonial

We rely on Briggs & Veselka for business advice. We don’t make a move to buy new equipment until we talk to them. When it’s a $4 million investment in a barge, Briggs knows the questions to ask us. They’re very candid with us, and that’s what we pay them for.

 

–Pat Studdert, President
Buffalo Marine, client since the 1980s

Jason_Sanders

Jason Sanders

Tax Department Chair, CPA 
jsanders@bvccpa.com
713-667-9147
BIO VCARDLINKEDIN

Jamie_Sylvester

Jamie Sylvester

Audit Shareholder, CPA
jsylvester@bvccpa.com
713-353-1931
BIO VCARDLINKEDIN

Terry_Sherrill

Terry Sherrill

Business Advisory Shareholder, CPA
tsherrill@bvccpa.com
713-353-1998
BIO VCARDLINKEDIN

CROP-BMCDONALD-5784

Bob McDonald

Tax Shareholder, CPA 
bmcdonald@bvccpa.com
713-353-1905
BIO VCARDLINKEDIN

Fast Facts

  • One of the few accounting firms on the Gulf Coast with a dedicated maritime practice, offering integrated audit, tax, and consulting services
  • Attuned to the unique cultural, business, and financial reporting needs of the industry
  • Provides services for many U.S. subsidiaries of foreign-owned Parent Companies
  • Active involvement in the Greater Houston Port Bureau, West Gulf Maritime Association, Propeller Club, and the East End Chamber of Commerce
Find All Transportation Industry Services Professionals
    Bob McDonaldTax Shareholder, CPA bmcdonald@bvccpa.com 713-353-1905 EDUCATION B.B.A. in Accounting from the University of Houston CERTIFICATIONS Certified Public Accountant – ...
    Read More
    Brian Jordan Tax Director, CPA, CFE bjordan@bvccpa.com 713-353-1980 EDUCATION University of Alabama B.S.B.A. University of Houston - Clear Lake M.B.A ...
    Read More
    David Phelps Business Advisory Shareholder, CPA dphelps@bvccpa.com 713-353-1941 EDUCATION B.S. in Accounting from the University of Houston CERTIFICATIONS Certified Public ...
    Read More
    Jamie SylvesterAudit Shareholder, CPAjsylvester@bvccpa.com713-353-1931 EDUCATION B.M. from the University of Lethbridge in Canada Graduate of the Northern Alberta Institute of ...
    Read More
    Jason Sanders Tax Department Chair, CPA jsanders@bvccpa.com 713-667-9147 EDUCATION B.S in Accounting from Nicholls State University in Thibodaux, Louisiana CERTIFICATIONS Certified ...
    Read More
    Jeff Mealer State & Local Tax Manager, CPA, JD jmealer@bvccpa.com 713-366-8511 EDUCATION JD from Texas Tech University MBA in Accounting ...
    Read More
    John CooneyState & Local Tax Shareholder, CPA jcooney@bvccpa.com 713-353-1903 EDUCATION B.B.A. in Accounting from Texas Tech University CERTIFICATIONS Certified Public ...
    Read More
    John FlatowiczAudit Shareholder, CPAjflatowicz@bvccpa.com713-667-9147 EDUCATION University of Nebraska B.S. in Accounting The University of Texas Master in Professional Accounting CERTIFICATIONS ...
    Read More
    Kevin Hengst Audit Principal, CPA khengst@bvccpa.com 713-366-8514 EDUCATION University of Houston Honors College B.B.A. in Business Administration CERTIFICATIONS Certified Public ...
    Read More
    Mark SchaafTax & Valuation Shareholdermschaaf@bvccpa.com 713-353-1922 EDUCATION Ball State University B.S. in Accounting CERTIFICATIONS Certified Public Accountant – Texas Certified ...
    Read More
    Meresa Morgan ERISA Practice & Audit Department Chair, CPA mmorgan@bvccpa.com 713-353-1921 EDUCATION B.S.B.A. in Accounting from Auburn University CERTIFICATIONS Certified ...
    Read More
    Michelle Mullen Tax Shareholder, CPA mmullen@bvccpa.com 713-366-8560 EDUCATION Washington State University MBA B.A. in Business Administration B.S. in Agribusiness CERTIFICATIONS ...
    Read More
    Terry Sherrill Business Advisory Shareholder, CPA tsherrill@bvccpa.com 713-353-1998 EDUCATION B.B.A. in Accounting from the University of Houston CERTIFICATIONS Certified Public Accountant ...
    Read More