Daily cash payouts
Paying sellers in cash or card makes daily reconciliation essential and leaves little room for error.
How we helpWe reconcile purchases, payouts and bank activity so your cash and your books agree.
Trades and field services · Tax · Books · Insurance
Tax, books and insurance for scrap metal and recycling
Prices move daily, cash moves fast and equipment is heavy. We keep your inventory, cash and coverage under control.
Scrap yards and metal recyclers work with our office for cash reconciliation, commodity inventory, heavy equipment, trucking filings and commercial coverage.
Reviewed by Orkun Ozkaymak, CPA, MBA·Clients in all 50 states and abroad
Scrap metal and recycling
A commodity business with a trucking side
Recyclers buy by the pound and sell into markets that change daily. Cash payouts, inventory by grade and heavy trucks make the books more complex than most.
Our office reconciles your buying and selling, values inventory at year end and handles the trucking filings for your fleet, while our agency covers the yard, the equipment and the trucks.
Special needs
What makes recycling different, and how we help
Where yards most often need support.
Inventory that changes value
Metal on the ground rises and falls with the market, which affects profit and your return.
How we helpWe track inventory by grade and value it properly at year end.
Heavy trucks on the road
Roll-off and hauling trucks can require IFTA and heavy vehicle use tax filings.
How we helpWe file IFTA and Form 2290 for qualifying trucks and keep registrations current.
High risk operations
Heavy equipment, cutting and loading make workers compensation and liability critical.
How we helpOur agency shops coverage for recycling operations across multiple carriers.
One coordinated office
Services for scrap and recycling yards
Tax, accounting and insurance under one roof, so the numbers on your return, your books and your policies all agree.
Tax and accounting
QuickBooks bookkeepingQuickBooks with purchases and sales by grade.Learn more IFTA fuel taxFuel tax returns for hauling trucks.Learn more Excise tax and Form 2290Form 2290 for heavy trucks.Learn more Payroll taxYard and driver payroll.Learn more Business income taxBusiness returns with inventory and equipment.Learn more
Calendar
Filings we keep on schedule
The recurring deadlines scrap and recycling yards face most often. We track them for you and send reminders before anything is due.
- Jan 31Apr 30Jul 31Oct 31IFTA returnsFor trucks that cross state lines.
- August 31Form 2290Heavy vehicle use tax for qualifying trucks.
- QuarterlyForm 941 and state payrollYard and driver payroll returns.
- Year endInventory valuationMetal on hand valued for your return.
Dates shown are for calendar-year filers. When a due date falls on a weekend or holiday, it moves to the next business day.
QuickBooks Online
Books built for scrap and recycling yards
Your QuickBooks tracks tonnage bought and sold by grade, so you can see your spread on every metal.
Our office sets up QuickBooks Online with a chart of accounts designed for your industry and your entity type, mapped line by line to your tax return. Your books are ready for filing season all year.
Chart of accounts
- 41000Ferrous salesIncome
- 41200Nonferrous salesIncome
- 51000Scrap purchasesCOGS
- 13000Scrap inventoryAsset
- 51100Hauling fuelExpense
- 15500Loaders and balers, cost per unitFixed asset
Mapped to your tax return lines
Questions
What scrap and recycling yards ask us
How should scrap inventory be valued?
Inventory is generally valued at cost, and some businesses can use the lower of cost or market. We pick a consistent method and apply it every year.
Do my roll-off trucks need Form 2290?
If a truck's taxable gross weight is 55,000 pounds or more and it runs on public highways, yes. We review your fleet.
Can you insure a scrap yard?
Yes. Our agency works with carriers that write recycling operations, including property, liability, workers compensation and trucks.
Related industries
All industriesTruckingYou keep freight moving. We keep IFTA, Form 2290, driver payroll and your cargo coverage current, all from one office.Explore Construction and contractorsEvery job needs a certificate, every sub needs a 1099 and every bid needs real costs. We keep all three ready.Explore Import, distribution and foreign-owned companiesA foreign parent, landed costs and related party pricing. We keep your U.S. company compliant with Form 5472, sales tax and clean books.Explore
Next step
Let's talk about your business
Request an insurance quote, or start your company with our office. Prefer to talk first? Book a time, virtual or in person.