AUTOMOTIVE ADVISORS AND CPA'S
Tax Reporting and Planning
Tax planning and tax return preparation for dealerships, their owners and their related real estate and management company entities as well as family returns including Trusts, Gift and Estate returns.
When engaging a new client, we routinely discover many tax saving and profit enhancement opportunities that generate significant cash flow to clients.
We work closely with clients throughout the year to manage and plan the estimated tax payments and year-end tax withholding and bonuses to maximize both your cash flow and awareness of your current tax liability status.
Financing and Debt Management
Helping clients evaluate and obtain all types of financing including real estate mortgages, wholesale floor plans, lines of credit and working capital loans as well as structure debt refinancing and acquisition capital. I have strong relationships with many local area lenders to provide clients with ample sources for your financing needs in a highly competitive environment designed to get the best deal for you.
Dealership Acquisitions and Sales
Assist dealers in the analysis and execution of the acquisition or sale of dealerships including due diligence work, contract development and the related forecasting and tax planning associated with such transactions.
Internal Control Environment
Evaluating your control environment and installing the proper processes to maximize the efficiency of the accounting department while minimizing your exposure to risks of fraud and mismanagement of your assets. You can review our separate brochure for a full menu of our Dealer Internal Control Programs available to our clients.
With each new transaction, we help dealers understand the proper tax reporting requirements and identify special strategies unique to the dealership industry when appropriate.
We have been preparing audited, reviewed and compiled dealership financial statements for many years. Included with every financial statement engagement is an extremely efficient information request process that allows controllers to complete the year-end process quickly and accurately. Dealers are given a detailed report at the conclusion of the engagement which identifies opportunities for improved operations, tax savings strategies and relevant benchmarking information to help dealers assess their performance.
As part of a typical year-end engagement, we can provide many important services including:
Calculation and reconciliation of fixed asset depreciation activities as well as projected depreciation amounts to be used in the subsequent year’s standard entries
Calculation of all LIFO deductions and reserves including both the Conformity estimates required before year-end as well as the final calculations to be included with your tax returns
Calculation of 263A capitalization amounts
Preparation of Personal Property tax returns
We support dealers in their defense of audits of their business entities and personal returns. We have successfully managed several “no change” audits for our clients.
Counseling clients on the transfer of ownership of both dealerships and real estate using appropriate discounting and tax saving strategies that allow for cost efficient transfers of wealth from one generation to the next. Guidance is provided for working with attorneys to develop the necessary documentation and trust agreements typically required in these types of planning strategies. Advising dealers on the techniques for establishing succession ownership plans and incorporating family ownership strategies for each member of the family, whether they are active in the business or not.
Cost Segregation Studies
Working in conjunction with automotive segregation specialists, we have performed many cost segregation studies that have resulted in significant tax savings for our clients. We work through not only the study of the facility, but also incorporate the necessary planning with respect to the full utilization of the accelerated benefits; avoiding the limitations that can reduce the effectiveness of such studies. By understanding the regulations and leading the client in the proper structure of the real estate entities and dealership leases, clients receive the maximum tax saving benefits. Additionally, we will handle all of the necessary filing requirements and calculations required to enact the necessary changes in depreciation methods for IRS purposes. Type your paragraph here.
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