Archive for the ‘Dealer News’ Category

There is Fraud in your Dealership

Posted on: June 7th, 2011 by admin No Comments

There is Fraud in your Dealership. No? How do you know? I want you to take 2 minutes and of the following choices rank what you think are the most effective methods to detect fraud. Your dealership is worth 2 minutes and the answer may surprise you. Choose the top two methods of detecting fraud […]

President Obama’s 2012 Budget Threatens to Repeal LIFO Once AGAIN!!!

Posted on: May 18th, 2011 by admin No Comments

Buried in the 2012 Budget Proposal from the Obama Administration once again was the repeal of the LIFO inventory method of accounting. This has been the case of all budgets submitted by the Obama Administration.

A Refresher About Cash Reporting

Posted on: May 12th, 2011 by admin 2 Comments

If you are hiding cash from your friend, children, or neighbors you probably just leave it in the bank so no one can snatch it. But some people for reasons that may or may not be honorable, try to transact in cash and don’t want it reported to the government. For those who have less […]

When an Election Goes Wrong

Posted on: April 7th, 2011 by admin No Comments

Did you know that you have several elections to be made in your dealership? Some are as easy as checking a box, some require formal requests, and some are presumed unless changed otherwise. How many of you have a calendar tax year? Did you know that that was an election made with your first return? […]

Don’t be the Dealer with a Related Finance Company Boondoggle

Posted on: January 19th, 2011 by admin No Comments

One area that many Buy Here Pay Here dealers struggle with is the accrual method of accounting. Without tax planning and structuring, you will pay taxes long before you ever receive the cash payments from customers. This is not a new problem, and you are probably aware of this issue as you read this. I […]

New Tax Laws Affecting Small Businesses and Self-Employed Individuals

Posted on: January 12th, 2011 by admin No Comments

Health insurance deduction reduces self-employment tax – Self-employed taxpayers who pay their own health insurance costs can now reduce their net earnings from self-employment by these costs for purposes of computing their self-employment tax. Previously, the self-employed health insurance deduction was allowed only for income tax purposes. Small business health care tax credit – This […]

An IRS Processing Delay Benefits a Taxpayer

Posted on: December 31st, 2010 by admin No Comments

Suppose you knew you owed some tax. And suppose the IRS agreed that you owed the tax. Now suppose you paid the tax but the IRS returned the check and told you to keep the money. Would you: Faint? Pinch yourself? Look for a hidden camera? All of the above? That is essentially what the […]

THE FIX IS IN – OR SHOULD IT BE CUT OUT?

Posted on: November 1st, 2010 by admin No Comments

This is an article specifically aimed at dealers who also have a related finance company (RFC). In operating a Buy Here – Pay Here (BHPH), it is often a struggle to have customers pay the money owed on their note when their vehicle malfunctions. If your customer can pay a little each week toward the […]

INDEPENDENT CONTRACTOR OR EMPLOYEE?

Posted on: November 1st, 2010 by admin No Comments

The question of whether a worker is an independent contractor or an employee is a complex issue. The definition of an independent contractor is derived from court cases rather than from the tax code. This is the reason that it can become very “grey.” Recently, company audits by governmental agencies have increased at both the […]

Controls to Prevent Fraud in your Dealership

Posted on: November 1st, 2010 by admin No Comments

Don’t Lose Your Asset(s) All dealers have had to tighten their belts over the past couple of years. As a result there are many dealers who have minimal staff performing jobs that may be incompatible from a controls standpoint. This can have a significant impact on the way you manage your business as well as […]