Auto Dealers: Special Tax and Accounting Considerations (ADST)

Date: 9/17/2008
Fargo Holiday Inn
Time: 8:15 AM - 4:00 PM (Please verify this time on your confirmation.)
8 CPE Hours
$250 Member
$300 Nonmember
Add $25 after 9/3/2008
Instructor: E. Lynn Nichols

The "Car Business" is as unique as it appears. Big dollars and complex transactions make informed accounting services imperative. A CPA who has the knowledge required to serve this special market can make a real difference in the client's relationships with banks and vehicle manufacturers, not to mention a difference in the net, after tax, $$$ left over for the client . . . the dealer. This program reveals the secrets and highlights services that can be provided to enhance the CPA's value to the auto dealer client.

Objectives:

• Apply accounting standards to unique auto dealership transactions
• Plan financial and tax transactions for maximum retention of cash and credit capacity, but minimum taxable income
• Provide valuable consulting services to auto dealers
• Understand, and use correctly, the "language" of the retail automobile business with a comprehensive glossary, which is included in this program
• Deal with IRS audit issues successfully
• Defend your LIFO inventory calculations
• Lead your client to performance management

Major Topics:

• ACCOUNTING: Special internal control issues; Unique document flow; Departmental accounting; Overhead absorption and other "standard" measures of performance; Glossary; Customary methods of accounting for cost; Routine (to the car business) closing procedures and entries; GAAP vs. OCBOA
• TAX: Inventory methods; IRC Sec. 263A, Reasonable compensation; Purchase and sale considerations; Incentive-based pay plans; IRS audit issues; tax accounting for unique transactions; accounting for transactions with "the factory" that are hidden from view

Designed For: CPAs who will prepare financial statements and tax returns for, as well as provide financial and tax advice to, auto dealers
Level: Intermediate
Developer: Mares Nichols CPE, Inc.

About the Speaker:
E. Lynn Nichols, CPA
E. Lynn Nichols, a practicing CPA for 40 years, provides tax consulting services to accounting firms from his office in New Castle, Pennsylvania. He also presents more than 100 CPE seminars sponsored by state societies of CPAs each year, and is a featured speaker at major tax conferences. He is a regular contributor to Bisk Education’s "CPE Network" audio and video tax updates, and the monitoring expert on AccountantsWorld.com, the leading web portal for accountants. The University of Oklahoma awarded his degree in business administration in 1965. He is a member of the American Institute of CPAs, Ohio Society of CPAs and served two years as Chair of the Board of Visitors of the University Of Oklahoma School Of Accounting. In 2005, The Ohio Society of CPAs awarded Lynn their Gold Medal for Meritorious Service to the Accounting Profession. Lynn is well known for useful interpretation of current tax developments as they relate to local and regional practitioners. His tax update program, Current Federal Tax Developments, has been an annual offering in some states since 1987, and he continues to develop new and timely programs on related topics. His newest program, Advanced Tax Practice, offers a clear analysis of IRS and AICPA rules and Standards governing the ethical conduct of tax practitioners and provides useful practice aids for adoption of a quality control program, and offers clear guidance on "best practices" in your tax practice. In addition, the program includes practical approaches to the determination of "more likely
than not" for the purpose of satisfying code Section 6694 and Financial Accounting Standards Board Interpretation Number 48 (FIN 48)