Hard to believe it has been more than a decade since the IRS issued Revenue Procedure 2001-56. This article serves as a refresher for dealers on the scope of the guidelines in order to ensure their continued compliance. The IRS … Continued
We all agree that selling vehicles and service must be your first concern; but to truly accomplish your goal of maximizing NET profit, you must finish the job by controlling costs or expenses. Both selling and controlling of expenses is … Continued
Downsizing is one of the most difficult decisions that an organization’s leadership has to make. There are a variety of factors that are involved in making the decision about which jobs to keep and which to eliminate. One item that … Continued
Vehicle inventory is at the heart of every dealership; and as a vital asset, it demands prudent management. In light of the current economic downturn, more and more dealerships are turning to used-car sales to help offset the decline in … Continued
Recently, a dealership’s office manager was charged with 29 felony counts for allegedly stealing $170,000 over two years. The office manager was a long-time employee who began working for the dealership in the mid-1990s. She perpetuated her fraud by logging … Continued
Vehicle inventory is at the heart of every dealership; and as a vital asset, it demands prudent management. In light of the current economic downturn, more and more dealerships are turning to used-car sales to help offset the decline in … Continued
In late-2013, the IRS issued final regulations governing repairs and capitalization. These regulations are some of the most impactful changes in recent memory. The new regulations became effective on January 1, 2014 and afford taxpayers the opportunity to apply many … Continued
Identity theft continues to be a common crime with devastating consequences for victims. Recently, the IRS has made headlines due to the sheer volume of individuals filing fraudulent tax returns and collecting refunds with someone else’s identity. Furthermore, these cases … Continued
Most people think that the IRS reach for tax debts extends only three to seven years. In some respects, that view is correct in that the IRS can only audit individual tax returns that are three years old – and … Continued
About five years ago, the IRS began to seriously look at tool plans and provided guidance on how dealerships could keep the plans in place. After the guidance was released, however, many dealerships ended their tool plan reimbursements or made … Continued