Learn About Important New Tax Developments Affecting Auto Dealers and Dealerships
2007 has brought many significant tax changes affecting auto dealers and dealerships. Presented by one of the nation’s leading experts on tax and accounting issues for automobile dealerships, Willard J. De Filipps, CPA, this two-hour audio seminar on Thursday, December 13 will discuss important new tax developments for auto dealerships and how they are affected by the new developments, including detailed coverage of Technical Advice Memorandum 200736026 recently released by the IRS on the application of Section 263A inventory cost capitalization rules to dealerships. This is a startling development indicating that the IRS has taken a whole new serious look at the cost capitalization rules for dealerships. Auto dealership CFOs and controllers, CPAs and other dealer tax and financial advisors will benefit from this presentation and will gain a practical understanding of the many important new tax developments impacting dealerships. The presentation time will include ample opportunity for interactive questions and answers with Mr. De Filipps.
Program Topics
Recent Developments and Issues
Electronic recordkeeping requirements (Rev. Proc. 98-25)
Tax treatment of gain resulting from cancellation of agreement between manufacturer and distributor of the manufacturer’s products (Rev. Rul. 2007-37)
IRS activities—audit and otherwise
Three coordinated issues for audit dealerships
Cash reporting and Form 8300 developments
Tool reimbursement (accountable) plans for service technicians under Section 62(c)
Section 263A cost capitalization for dealerships (TAM 200736026)
LIFO Inventory Matters
New Vehicles—Alternative LIFO Method (Rev. Proc. 97-36)
The IPIC LIFO Method is not beneficial for auto dealerships
How should “crossover” vehicles be treated for LIFO purposes?
Huffman, et al., v. Comm. (126 TC No. 17)
Will the LIFO Inventory Method Be Legislated Out of Existence?
Other Dealer Issues and Topics
Major tax planning opportunity is still available under the Tax Increase Prevention and Reconciliation Act of 2006 (TIPRA)
Lower tax rates on qualified dividend income and long-term capital gains
Tax return preparers—higher standard for avoidance of preparer penalties (Section 6694)
FIN 48—Accounting for uncertainty in income taxes and uncertain tax positions
Learning Objectives
Gain awareness of significant new tax developments that impact auto dealerships
Understand the IRS rules for electronic record keeping and considerations for dealerships
Know the issues and holdings in recent TAM 200736026 regarding Section 263A cost capitalization and ramifications for dealerships
Identify planning opportunities for dealerships resulting from recent tax developments
Who Should Attend
Auto dealership CFOs and controllers and their employees handling tax and financial matters; CPAs, attorneys and business and financial advisors involved with dealer and dealership tax compliance and planning.
Register today for this insightful program on Thursday, December 13 at 1 PM Eastern, Noon Central; 10 AM Pacific.
Willard J. De Filipps, CPA, is one of the nation’s leading experts on tax and accounting issues for automobile dealers and dealerships and a consultant to CPAs and businesses around the country on LIFO inventory implementation, changes and planning. His practical experience includes representation of LIFO applications during Internal Revenue Service audits, in Appeals channels and in technical advice proceedings, and for LIFO change requests involving the IRS National Office in Washington, DC.
Mr. De Filipps shares his understanding of dealer tax issues and LIFO in numerous tax conferences and seminars around the country and through numerous published articles. He has presented LIFO seminars since 1978 and has conducted seminars in-house for CPA firms around the country, business and trade associations, and National and State CPA societies. He is the author and publisher of Dealer Tax Watch, a quarterly update of essential tax information for auto dealers and LIFO Lookout, a quarterly newsletter with specialized coverage of LIFO news and developments. He has organized and coordinated annual conferences for CPAs and other professionals serving the auto/truck dealership industries.
Mr. De Filipps is the originator of Dealer/CPA 21 Resource Groups, which serve group members by providing technical meetings, information exchange, practice aids and other problem-solving and opportunity expanding activities. He also co-founded the AutoCPA Group, the original national organization of CPAs whose member firms specialize in automobile dealer clients.
How the Audio Seminar Works
CCH’s live audio seminars require nothing more than a telephone connection. For the single per-site fee, you can have an unlimited number of listeners at your site participate, get up to speed and in-the-know on important topics, and get special bonus publications included with the seminar. Handout materials are provided in PDF format that you can download and copy for all those who will participate in the seminar at your location.
Practice Development Tip! Invite colleagues, business referral sources, clients and prospects to your office to listen in and participate on this seminar with you. They’ll appreciate your invitation to hear directly about this important topic.
If you are unable to attend this upcoming event and would like to order a recording—or if you would like to order recordings of past CCH Audio Seminars, please visit the CCH Audio Seminar Archive Library today.
Pricing:
Site License: $249 – Registration includes one telephone connection at one location, one master set of handouts (with permission to make additional copies for the participants at your location), an unlimited number of people in one listening room can participate, and one seminar bonus publication per registered site. ($25 CPE fee additional for each person wishing to receive a CPE certificate for their participation.)
CD Recording: $249 – The CD includes an audio recording of the event and handout materials in PDF format. Includes copy of seminar bonus publication with purchase. Available one week after the live audio seminar event. (Note: CPE credit is not available for the CD version of the presentation.)
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