Accounting professionals must be cognizant of 2018 tax changes because the way they work with organizations to procure equipment can have a significant impact to the overall business, bottom line and financial performance.
To provide some background, accounting professionals are working with America’s corporations as they order truck units for their fleets at an increased pace. The latest figures from ACT Research show that orders for Class-8 trucks surged 62% in October compared with activity from the previous month, and up 167% compared to a year ago.
An economy that continues to strengthen is adding to this trend, as well as the need to replace aging equipment. These companies are replacing aging equipment for multiple reasons, especially since the American economy continues to rely heavily on truck deliveries and commercial drivers.
According to the Bureau of Transportation Statistics, more than $1 of every $10 produced in the U.S. GDP can be directly tied back to transport activity. Also, The American Trucking Association indicates that trucks contain 70% of America’s freight (by weight).
What are the Impending Tax Changes?