Mid-Year  2011  Dealer  Tax  Update

Tax  Strategies  &  IRS  Activities

Date:  July 20, 2011 …   1 p.m. Eastern; 12 p.m. Central; 11 a.m. Mountain; 10 a.m. Pacific. 

        This 3-hour audio seminar covered a wide variety of current tax issues affecting the filing of current automobile dealership income tax returns and longer-range planning strategies that CPAs should be discussing with their dealer clients. 

Topics included …

        ·    Taxability of manufacturer payments and reimbursements to dealerships for facilities & image up-grades and General Motors EBE (Essential Brand Elements) Program

        ·    Planning strategies for dealers in transition, distress and/or disaster areas

        ·    Application of Section 263A inventory cost capitalization rules to auto dealerships and the IRS’ recent safe harbor pronouncements

        ·    Automatic changes in accounting methods frequently encountered in motor vehicle dealerships

        ·    Other general changes in accounting methods

        ·    LIFO (Last-In, First-Out) inventory matters

        ·    Recent IRS pronouncements and tax cases affecting dealer/dealership tax practices