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This was a repeat of Mr. De Filipps’ well-received January 2011
seminar which incorporated an overview of the important
aspects of the new Revenue Procedure 2010-44 that affects Sec.
263A cost capitalization for all motor vehicle dealerships.
Although there are now some safe harbor elections, complications
still remain that must be carefully considered before
filing Forms 3115 and finalizing 2010 dealership income tax
returns. In addition, this program included other
topics from Mr. De Filipps’ annual (2010) “Year-End Dealer Tax
Update.”
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
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Tax treatment of manufacturer payments and reimbursements to
dealerships for facilities and image upgrades
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Writing off intangibles (franchise costs, goodwill, etc.) for
terminated dealerships/ franchises
·
Strategies for maximizing LIFO benefits for continuing
dealerships
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Elimination of trade discounts and certain advertising fees from
inventory costs |
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