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Dealer Alert: COVID-19 Action Plan

03-28-2020

Amid the COVID-19 pandemic, dealers large and small are faced with tough decisions and an overwhelming volume of information to interpret and prioritize in order to survive. Laws are adopted rapidly and information changes daily. Over the past few weeks, three separate packages were approved by Congress and signed by President Trump to offer a […]

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by Mariya Cawley and Kimbarley A. Williams The nature of the auto dealership industry can present a myriad of challenges when it comes to establishing and managing a 401(k) plan. From the sales floor to service, auto dealers have a wide range of employee types and compensation structures that present unique issues when managing retirement […]

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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 […]

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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.”

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A net operating loss on your tax return isn’t all bad news

04-08-2015

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 […]

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PPP Loan Forgiveness Workbook

With this download, you will receive a total of 4 documents. Two simplified and two average, one for weekly and one for monthly/semi-monthly. Use the document that works best for your company.

 

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