Willard J. De Filipps, CPA

EXPERT IN LIFO … CONSULTANT TO AUTO DEALERS & THEIR CPAs

Willard J. De Filipps, CPA, is recognized as one of the nation’s leading experts in automobile dealership tax issues and LIFO accounting for various businesses, including automobile dealerships. He is widely known for his leadership in addressing the issues surrounding LIFO (Last-In, First-Out) inventory implementation. A CPA’s CPA, many of his clients are CPA firms that rely on his specialized expertise.

Mr. De Filipps has been an expert witness in legal proceedings involving LIFO and automobile dealership accounting issues. His practical experience includes representing LIFO applications during Internal Revenue Service (IRS) audits and in appeals channels and participating in technical advice proceedings and LIFO change requests with the IRS National Office.

PUBLICATIONS

• Dealer Tax Watch – A periodic update for CPAs discussing current IRS tax rulings, audit developments and court decisions that affect auto dealers and dealerships. Contains strategic planning observations and Practice Guides. Published since June 1994.

• LIFO Lookout – A periodic update providing a comprehensive look at how current IRS rulings, audit developments and court decisions affect LIFO elections, computations & practices. Published since March 1991.

Access to these articles may be obtained through a Membership or Subscription to De Filipps University.

LEADER & INNOVATOR

Recognized as an innovator, Mr. De Filipps has been instrumental in the founding and organization of three different Dealer/CPA Resource Groups for CPAs serving auto dealers. In 1987, he co-founded the AutoCPA Group, the original national organization of CPAs whose member firms specialize in automobile dealer clients. From 1995 through 2000, he managed two other groups. These two groups are currently known as the Driving Force and the NAADA, National Alliance of Auto Dealer Advisors.

Mr. De Filipps developed a comprehensive, state-of-the-art, proprietary software program (SuperLIFO™) for auto dealers using the Last-In, First-Out (LIFO) method for valuing their inventories of new and/or used vehicles. This software program reflects a compromise proposal he submitted in July 1992 to the IRS for a simplified LIFO method for automobile dealers, based on his extensive practical experience working with auto dealers’ LIFO inventories since 1974. In September 1992, the IRS issued Revenue Procedure 92-79, the Alternative LIFO Method for Automobile Dealers, which closely mirrored many of Mr. De Filipps’ submitted suggestions and sample computations. Willard J. De Filipps, CPA, PC utilizes this proprietary software for its Last-In, First-Out (LIFO) Inventory calculation services and Reports.

For four years, 1998 through 2001, Mr. De Filipps organized and coordinated unique annual national conferences for CPAs and other professionals serving the auto and truck dealership industries.

Mr. De Filipps’ article, “Developing a Tax Department in a Growing Organization,” first published in The Journal of Accountancy in June 1974, was selected as an outstanding contribution and included in Selected Studies in Modern Accounting.

Mr. De Filipps spent his first eight years in public accounting in the Chicago office tax department of Arthur Young and Company (Ernst and Young). He was later a tax partner with two national accounting firms before establishing his own practice in 1978.

SEMINAR TEACHER / SPEAKER

A popular seminar leader, Mr. De Filipps shares his understanding of LIFO, automobile dealer tax issues and other topics in special newsletters, many conferences, live seminars and audio seminars (via De Filipps University). Some of his presentation and article topics include …

The new tangibles Regulations (Section 263(a))
The taxation of manufacturer / Factory upgrade program payments to auto dealers
Section 263A inventory cost capitalization rules
Year-end planning for LIFO inventories
Mr. De Filipps has presented LIFO and Dealer Tax Issue Update seminars since 1978. He has conducted seminars in-house for CPA firms nationwide, business and trade organizations, state CPA societies and other CPA groups. He has also taught and/or been an industry panelist (often on more than one occasion) at the following conferences and meetings…

AICPA National Auto Dealership Conferences
National Auto Dealers Association (NADA) Conventions
De Filipps’ Annual Dealer-CPA Niche Conferences
National Association of Buy-Here, Pay-Here (BHPH) Dealers Conventions
Various State CPA and State Dealership trade association meetings

DE FILIPPS UNIVERSITY

From Mr. De Filipps’ on-going efforts to provide quality education and resources, De Filipps University is a virtual resource center for CPAs and tax professionals, anchored by a curriculum of comprehensive virtual seminars addressing dealer/dealership tax issues and LIFO inventory matters and archives of technical, in-depth publications on these subjects.

Willard De Filipps can be contacted at (847) 577-3977 or will@defilipps.com.

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