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Willard J. De Filipps, CPA
Consultant to Auto Dealer CPAs and Seminar Leader

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3/7/2012

 

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Dealer Tax Issues
LIFO for Auto Dealers

JUNE 20, 2002 -  CURRENT  DEALER  IRS TAX  ISSUES
& PLANNING OPPORTUNITIES

PROGRAM  INCLUDES

·         New Developments & Revenue Procedures from the IRS

·         IRS Ruling on GM Transitional Allowance Payments to Olds Dealers

·         Auto Dealer - IRS Tax Issues for Dealers in Transition

·         New Demonstrator Vehicle Rules… Revenue Procedure 2001-56

·         Accounting Method Changes - New Guidelines and Requirements for Voluntary, Permission-Required and IRS Audit Initiated Method Changes

·          Recent Tax Cases & Issues Involving Dealers

·          Multiple Dealership Entities… Structures and Planning

Objective: To provide detailed discussions of current tax and IRS audit issues and planning strategies for  CPAs providing services to automobile dealers.

 

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JUNE 21, 2002 -  LIFO FOR NEW, USED & PARTS INVENTORIES - CONCEPTS, APPLICATIONS, STRATEGIES & OPPORTUNITIES

PROGRAM  INCLUDES

·         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 - Revenue Procedure 2002-17 

·         Other LIFO Methods

·         LIFO Pitfalls for S Corporation QSub Groups

Objective: Practical discussions of auto dealer inventories and the applications of the LIFO (Last-In, first-Out) inventory method for new vehicles, used vehicles and parts inventories.

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