Jan 24, 2020 • Carriers

Industry Update - January 24, 2020

Industry Update - January 24, 2020

By Paul DeCoste

Industry Update

Curious about the top issues discussed in the trucking industry in 2019? Take a look at this graphic from the ATRI Top Industry Issues 2019 survey.

Weather Update

This snowstorm has been building up over the past few days and drivers need to be aware of some potential snowfall in the Midwest. The following locations should be driven on with caution for the weekend; Milwaukee and Green Bay, Wisconsin, Michigan’s upper peninsula, Chicago and South Bend, Indiana.

Pilot Name Change

Just yesterday, Pilot Flying J announced that they are changing their company name to “Pilot Company”. This new corporate name is meant to, “serve as an umbrella that captures the total portfolio of the business as it continues to expand its retail and energy operations.”

Driver Saves Lives

Linden O’Donnell went out of his way to put out a car fire and help several motorists. He was driving on the right side of Interstate 280 when he witnessed a car smash into the back of a stalled SUV. Thankfully the SUV was empty, but the passengers of the car were barely conscious and in need of help. As fire crept from the engine to the cab, Linden ran to grab his fire extinguisher and put out the flames. This allowed Linden to safely assist the drivers out of the car and out of harm’s way. His courage and ability to react deserves the honor he is receiving.

New Tech

This pilot study done by American Electric Power and Nissan Motor Co., is testing the reuse of old batteries to reduce costs for electric cars. This new process has the potential to lower system costs by one-half and even extend the power of lithium batteries by one-third.

TagsTruckloads road closure Truck Driver Owner Operator trucking Trucker Path Freight Factoring Trucking Industry truck stops Truck driver tips Freight Broker Owner Operators Freight Brokers national truck driver appreciation week Industry Update Did you Know Trucking Tips MATS 2019

Freight Broker Bond [p] Want a freight broker license? You'll need a freight broker bond of $75,000 first.[/p] [h2]Freight Broker Bond[/h2] [p]The freight broker bond is one of the lesser known parts of being a freight broker but it’s quite simple, and once you get a better understanding of it, you should feel as comfortable with your freight broker bond as you do with getting car insurance.[/p] [h2]What is a Freight Broker Bond?[/h2] [p]A freight broker bond is a form of a surety bond, which is like an insurance policy for a contract, though it doesn't take the place of liability insurance. It is a legal commitment made by one party to another to pay a certain dollar amount if the terms of a contract are not met. [/p] [p]In this instance, the bond protects a customer from losses if you don’t come through as well as giving carriers the peace of mind knowing they will be paid in a timely manner.[/p] [h2]BMC-84[/h2] [p] The BMC-84 is essential to your freight brokerage as it reassures carriers and companies that you have the backing to broker deals. BMC-84 is the bond for $75,000 and is required by law. It is necessary to cover payouts of possible claims (damages, broker negligence, failure to pay, etc). [/p] [h2]Applying for a Freight Broker Bond[/h2] [p]A freight broker bond can be acquired from any insurance agency such as Liberty Mutual, The Hartford, among hundreds of others. Alternatively, you can search for specific firms in your state who specialize in freight broker bonds. [/p] [p]When you're ready to select your agent of choice they will all require the same information to process your BMC-84: exact business name as it appears on the business license, the exact dollar amount for bond, business address, and all business/personal financial records. [/p] [p]You must pay a percentage of the freight broker bond up front before the agency will process it. Usually, this annual premium will be between $900-$2,000 depending on your credit. It can be paid for with a credit card or check in most instances and takes about 24 hours to process.[/p] [h2]Can I Get a Freight Broker Bond With Bad Credit?[/h2] [p]Yes, you can still get a bond. If you have bad credit it’s not impossible, but it will increase your cost to secure a bond which can run upwards of $2,000. Keep in mind that surety bonds do not affect your credit score so it wouldn't hurt to search around though it's best to start at the bigger agencies first. [/p] [p]The larger the firm the more freight broker bond providers they work with which increases your odds of being approved. Just remember the premium on the freight broker bond is a percentage of the bond itself, so if your credit is bad the premium will be higher. Even though you will have to pay more up front it allows you to open your business and provides an umbrella in case of any freight claims.[/p] [h2]Freight Broker Bonds and Claims[/h2] [p]Trucking is dangerous and things are bound to go wrong on the road from time to time. Customers will understand that. However, when things do go wrong, someone needs to be held responsible and pay the damages. Similar to a car accident, there will be a resolution and one party must pay out to the other.[/p] [p] This is why it is required for companies to maintain a $75,000 bond. If you're found responsible and must pay out on the claim, your bond will act as a line of credit to do so. Before being issued your bond you must sign a legal document to repay in full in the case of such a payout. [/p] [h2]Bonding Agency [/h2] [p]When selecting your bonding agency to try to use one who is also a Managing General Underwriter (MGU) bonding agency. MGU Agencies can and will help you through each stage of a claim. It is recommended to do everything possible to be proactive when issues arise on loads to prevent claims from being filed. Just like car insurance the more accidents, you have on your record the harder it is to get insured. Only here not being able to get a bond can cause you to go out of business as they are required to operate.[/p] [p]Remember DO NOT submit your proof of insurance directly to the FMCSA. The FMCSA requires that your insurance company submit the form and insurance certificate on your behalf.[/p] [h2] I Have a Freight Broker Bond, Now What? [/h2] [p] Now that you've covered your freight brokerage from potential claims with your freight broker bond, you can either continue to start your freight brokerage company or if you're ready, explore load boards to help you post loads that qualified carriers can view.[/p] [button-white href="https://truckerpath.com/blog/how-to-become-a-freight-broker/"]How to Become a Freight Broker[/button-white] [p]Freight brokers who use Truckloads have the ability to connect with over 100,000 qualified carriers ready to haul their freight. You can even track your loads to verify a carrier's location and ensure that your customers delivery is going according to plan. [/p] [button-green href="https://truckerpath.com/truckloads/broker-load-board/?utm_source=blog&utm_medium=brokerbonds&utm_campaign=aug2"]Get Started With Truckloads Now[/button-green]

Jul 26, 2017 • Brokers

2290 Form [h2]2290 Form and EINs: Everything You Need to Know[/h2] [p]The Heavy Vehicle Use tax season is coming right at us at full speed! You can try to jump out of the way, but you’ll still need to file your 2290 Form by the August 31 deadline. Don’t let the deadline run you over. Be prepared and file as soon as possible to avoid having your form rejected. Part of being prepared involves knowing that you’re required to have an EIN to file. [/p] [h2] What to Remember About Your EIN [/h2] [p] Your EIN (Employer Identification Number) is also known as the Federal Tax Identification Number and the Federal Employer Identification Number or FEIN. EINs are assigned to businesses operating in the United States in order to identify them for tax reporting purposes. Each EIN consists of a unique 9 digit number.[/p] [p]This is important because you are required by the IRS to have an EIN to complete your 2290. They need it to identify you to correctly verify that you’re filing for yourself and to prevent fraud. [/p] [p]There may be some confusion when it comes to EINs and Social Security Numbers (SSN) because they’re both 9 digit identification codes. However, EINs are used to identify businesses, and social security numbers are used to identify individuals. Also, the IRS used to accept SSNs in place of EINs on 2290 Form, but that is no longer the case. If you use your SSN in the EIN field your form will be rejected. [/p] [p]Plus, when it comes to the information on your 2290 Form such as your business name and address, it will need to match what the IRS has on file or it could be rejected. You can see if your information matches what the IRS has on file by contacting the IRS directly at 800- 829-4933. [/p] [p]If you don’t have an EIN you can <a href="https://www.irs.gov/businesses/small-businesses-self-employed/apply-for-an-employer-identification-number-ein-online"> apply online for free with the IRS</a>. Once you finish applying you will instantly receive your 9 digit EIN, but please keep in mind that it will take about 15 days for your EIN to update in the IRS’s system and your 2290 Form could be rejected during this time. [/p] [p]Each EIN is is a unique code that never expires. However, as a sole proprietor you may need a new EIN if you’re subject to a bankruptcy proceeding, you incorporate, you take in new partners and operate as a partnership, or you purchase or inherit an existing business. [/p] [h2]How To File Your 2290 Form?[/h2] [p]Why wait when you can go ahead and knock out your 2290 Form today? Go ahead and file online with ExpressTruckTax or the ExpressTruckTax App now. Simply follow the step-by-step filing guide to instantly complete your form. As a result, your Form 2290 will be transmitted directly to the IRS and you'll get your stamped Schedule 1 in about 15 minutes.[/p] [p]You can also call TSNAmerica at 803-386-0320 to file your 2290 Form today over the phone. Simply give them a call and an outstanding US-based representative will file your 2290 for you! It’s that easy. Plus, you will instantly get a copy of your stamped Schedule 1 via email.[/p] [h2] Need Help With Your 2290 Form? [/h2] [p]The outstanding <a href="https://www.expresstrucktax.com/">ExpressTruckTax team</a> can help. Call them with any questions you may have at 704-234-6005 Monday - Friday from 9 a.m. - 6 p.m. EST. You can also reach them via live chat or through <a href="http://support@expresstrucktax.com">24/7 email support</a>.

Aug 03, 2017 • Carriers

Industry Update - December 18, 2019 <h4>By: Paul DeCoste</h4> <h3><strong>M&Ms Destroyed</strong></h3> <a href="https://www.washingtonexaminer.com/news/none-of-the-product-has-been-salvaged-17-tons-of-m-ms-lost-in-trucking-crash">Last week there was a tragic ending to a truck-full of the famous candy, M&Ms</a>. 17 tons of M&Ms were deemed unsalvageable and had to be tossed after a big rig tipped last Friday. The driver hit a side barrier which caused the truck to roll into a ditch. Thankfully the driver is okay and was only sent to the hospital for minor injuries. <h3></h3> Unfortunately, we will never see those M&Ms again… <h3></h3> <h3><strong>Weather Update</strong></h3> It’s getting colder every day! Make sure you are checking up on the latest storms and weather updates. Your Trucker Path app is the best way to see the current weather. If you are looking for a country-wide update take a look at Diesel Boss here: <a href="https://www.dieselboss.com/weather-for-truckers.htm">https://www.dieselboss.com/weather-for-truckers.htm</a> <h3></h3> <h3><strong>Trucker Path Jobs</strong></h3> Are you a qualified driver looking for new opportunities this holiday season? <a href="https://truckerpath.com/truckloads/free-load-board/">Take a look at the Trucker Path load board</a> where we are connecting drivers to jobs every day! We work with brokers AND truckers so if you are looking for a CDL job, look no further. <h3></h3> <h3><strong>ELD Update</strong></h3> <a href="https://www.ttnews.com/articles/no-soft-enforcement-when-eld-enforcement-begins-dec-17">The new ELD mandate is officially live</a>. You must use an Electronic Logging Device when operating a semi-truck. There will be no “grace” period for rigs without an ELD. On top of that, the AOBRD “grandfather” rule no longer applies so, if you haven’t already, make sure you rig your truck with an ELD ASAP! <strong> </strong> <h3></h3> <h3><strong>Did you know?</strong></h3> Christmas is coming in quick! <h3></h3> Trucker Path wishes you happy holidays! Stay safe on the road and have an amazing time with your friends and family this holiday season.

Dec 18, 2019