The Tax Cuts and Jobs Act (TCJA) of 2017 changed the deduction businesses are allowed for meals and entertainment. Upon passage of the TCJA, the IRS pointed out that the TCJA made it clear that expenses for business entertainment were no longer deductible but that the TCJA didn’t make clear the impact of the deductibility
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We are seeing more buy/sell activity in the auto industry. During the documentation phase of these transactions we’ve been advising sellers, and buyers, what should be done about outstanding PPP loans when an application for forgiveness hasn’t been submitted or approved. Our advice has been to deposit the PPP funds in escrow until the borrowing
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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
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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
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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.
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