U.S. House of Representatives Pass Build Back Better Act
By Zach Wimberger On November 19, 2021, the House of Representatives passed the Build Back Better Act (“BBBA”) for advancement to the Senate. Included in the bill are various tax provisions that have been topics of discussion for many weeks between taxpayers and their tax preparers. Since its introduction, there have been numerous changes, additions, […]
LIFO For Auto Dealerships In 2021: Is Relief On The Way?
By Zach Wimberger For dealers on the new vehicle Last-In, First-Out (LIFO) method, potentially significant levels of LIFO taxable income recapture from prior years have become a major focusing point for year-end tax planning as new vehicle inventories are generally at their lowest levels. While many dealers have already started to feel the burden of […]
Now What? Insight into Navigating the Automotive Industry’s Inventory Shortages in the Aftermath of the COVID-19 Pandemic
By Ken Rosenfield, CPA As we approach the final few months of 2021, we are receiving an influx of calls and emails from our automotive dealer clients about how to deal with waning inventory levels for the remainder of the year. One of our clients shared with us that their dealership is only receiving deliveries […]
Employee Retention Credit (ERC) Guidance for Dealerships in 2021
By Scott Lewis, CPA, MSA The employee retention credit (ERC), which is a refundable payroll tax credit for employers was established with the enactment of the Coronavirus Aid, Relief, and Economic Security (CARES) Act in March 2020. A comprehensive summary on the history and the Internal Revenue Service (IRS) guidance of the ERC can be […]