On September 13, the Internal Revenue Service (IRS) released both final and proposed regulations on the Tax Cuts and Jobs Act’s bonus depreciation provisions. The proposed regulations address the availability of 100% bonus depreciation for dealers who also deduct floor plan financing interest.Read More
By Jay A. Goldman, CPA and Daniel P. Thompson, CPA Does your dealership have a “captive insurance” company? Are you familiar with the new IRS reporting requirements? Auto dealerships have long enjoyed potential tax benefits by creating their own “captive insurance’’ companies for insuring losses, but questions are now being raised after the IRS late […]Read More
Repurchase or settlement. your decision has tax implications you need to understand.Read More
Dealers regularly tell new car buyers to have their vehicle checked and serviced regularly. Keeping a vehicle well maintained according to manufacturer suggested guidelines will mitigate the risks of preventable problems.Read More
Wondering if cost segregation study is right for you? Consider the rate of return.
For example, one client said: “I am dropping more than $750,000 on my retail space renovation. Who cares if a cost segregation study accelerates depreciation from 39 years to 15 years or 7 years? The time value of money is next to nothing.”Read More
When a company’s deductible expenses exceed its income, generally a net operating loss (NOL) occurs (though of course the specific rules are more complex). If when filing your 2014 income tax return you’ve found that your business had an NOL, there is an upside: tax benefits. When a business incurs a qualifying NOL, the loss […]Read More
In recent years, a significant number of dealers have completed or are addressing renovations to their facilities.Read More