Auto Dealers | Albin, Randall and Bennett

Accounting for Automotive Inventory: LIFO, Specific Identification, & Valuation Method Considerations

September 25, 2020
ARB
Auto Dealers

As an automotive dealership, your inventory is your largest current asset, so properly measuring inventories against expenses and revenue is imperative. Key financial and operational decisions are made based on the information in your financial statements, forecasts, and projections, including decisions that help you manage shortfalls and overcome industry-wide obstacles. And properly accounting for automotive

25 September

USMCA Replaces NAFTA: Provisions Benefit Small Businesses, the Automotive Sector & Manufacturing Companies

July 14, 2020
ARB
Auto Dealers, Business Advisory, Manufacturing

For merchandise entered into commerce after July 1st, the North American Free Trade Agreement (NAFTA) rules no longer apply. After almost 27 years of trading under NAFTA, the U.S. Customs and Border Protection (CBP) has implemented the United States-Mexico-Canada Agreement (USMCA). The new trade legislation has largely had bipartisan support, with all in favor of

14 July

Auto Dealership Opportunities in the Tax Code

January 24, 2020
Matthew Pore
Auto Dealers

Tax Incentives For Auto Dealers Auto dealers by instinct are always looking for the edge, and when it comes to income taxes they are looking for ideas and ways to reduce or mitigate their income tax liabilities. This article outlines a few concepts which auto dealers could use to help reduce their income tax obligations.

24 January

Forecasting 2020 for the Automotive Industry

January 17, 2020
Barton Haag
Auto Dealers

Although 2019 wasn’t a record sales year for the automotive industry, it was still a solid year, and many dealers were profitable. According to most economists, the 2020 forecast shows we aren’t likely to experience a significant decline in volume, with most showing only a slight decline, for the next several years. Across the industry,

17 January

Proposed Regulation Big Win For Auto Dealers

September 16, 2019
Matthew Pore
Auto Dealers

On Friday, September 13th the Treasury Department and Internal Revenue Service released final regulations and additional proposed regulations under IRC Section 168(k) that address guidance for 100% bonus depreciation that may be available to auto dealers. The Tax Cuts and Jobs Act (TJCA) created new law for 2018 that limits the deductibility of a business’s

16 September