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MAJOR
SUBJECTS
·
Basic
Considerations in Evaluating LIFO for Auto Dealer
Inventories
·
Requirements - Cost,
Conformity, Consent and Books & Records Requirements
·
Form 970 - Filing Mechanics - First Year
Conversions
·
Financial Statement Conformity Requirement:
Year-end LIFO Disclosure Requirements
·
IRS Approved LIFO Methods
· New
Vehicles - Revenue Procedure 97-36
· Used
Vehicles - Revenue Procedure 2001-23
· Parts
& Accessories - Revenue
Procedure 2002-17 … following the
Tax Court’s disallowance of the use of replacement cost
for valuing parts inventories in Mountain State Ford Truck Sales, Inc.
· Other LIFO
Methods
·
LIFO Reserve Recapture Issues
·
S Corporation QSub Groups … LIFO Opportunities
& Pitfalls
·
Procedures for Making Certain LIFO
Method Changes
OBJECTIVE:
To provide detailed
discussions of current tax and IRS audit issues and
planning strategies for
CPAs providing services to automobile dealers.
SEMINAR FORMAT: Lecture
and group discussion with “Questions and Answers”
throughout the session.
COURSE LEVEL: Basic to Intermediate.
FIELD OF STUDY: Specialized
Knowledge & Applications
ADVANCE PREPARATION:
No advance preparation is required.
PREREQUISITE:
At
least one year’s experience with automobile dealerships.
SEMINAR LEADER & COURSE DEVELOPER: Willard J. De Filipps, CPA,
editor & publisher of the LIFO
Lookout and
the Dealer Tax Watch.
RECOMMENDED CPE CREDIT:
Each
seminar is intended to qualify for 8 hours of CPE, but
each State has its own CPE rules.
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Contact Information