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For many years, professional advisors to auto and truck dealers
and dealerships and internal dealer tax and accounting staff
have benefitted from audio seminars and other presentations by
Willard J. De Filipps, CPA.
On January 25, 2011, Willard De Filipps presented a 3-hour audio seminar to discuss changes and
developments of significance during 2010 for dealerships, their
CFOs and their CPAs. This presentation …
Sec. 263A Cost Cap & Other Dealership Year-End Tax Planning
Issues … expanded his previous series of
Year-End Dealer Tax Update: Tax Strategies and IRS Activities
audio seminars.
Mr. De Filipps discussed the important new
Revenue Procedure that affects all automobile and truck
dealerships. Revenue Procedure 2010-44 (announced just weeks
ago by the IRS) culminated a 5-year running, confused battle
between the IRS and the auto dealership industry. Finally,
there is some relief … but, not without some significant
complications that must be carefully considered before
finalizing 2010 dealership income tax returns.
His presentation provided the opportunity for
participants to obtain the benefit of Mr. De Filipps’
conclusions, practices and his practical suggestions for dealing
with the Form 3115 filing intricacies and included ample time for
questions and answers. Mr. De Filipps also offered "Office
Hours" in the week after this seminar in order to fully answer
participant questions and provide further follow-up.
Although discussion of this Revenue Procedure was the major
component of the 3-hour audio seminar, this program also
included Mr. De Filipps’ annual “Year-End Dealer Tax Update”
which covered other recent, significant dealership tax issues
and developments.
Topics included …
·
Overview of recent, significant changes and IRS tax issues and
developments affecting dealerships
·
The IRS’ New Section 263A Safe Harbor Rules for dealership cost
capitalization … including complete analysis of Rev. Proc.
2010-44 and practical suggestions for assisting dealerships
·
Filing Form 3115 for accounting method changes, including those required
by Rev. Proc. 2010-44
·
Tax treatment of manufacturer payments and reimbursements to
dealerships for facilities and image upgrades
·
Writing off intangibles (franchise costs, goodwill, etc.) for
terminated dealerships/ franchises
·
Strategies for maximizing LIFO benefits for continuing
dealerships
·
Termination of LIFO
elections for dealerships
·
Elimination of trade discounts and certain advertising fees from
inventory costs
Participants were invited to review the
Indexes of Articles appearing in Mr. De Filipps’
publications (the Dealer Tax Watch and the
LIFO
Lookout) and select other topics or issues that they
wanted to submit during the Question & Answer segments for
inclusion as a portion of the presentation. |
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