Publications

In 1974, Willard J. De Filipps, CPA wrote the first published article on the application of the Last-In, First-Out (LIFO) inventory valuation method to automobile and truck dealers. This article appeared in Cars and Trucks, the publication of the National Automobile Dealers Association (Feb. 1975, Vol. 47, No. 2, pp. 22-30). His 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.”

Since 1991, Mr. De Filipps has written and published the LIFO Lookout, a quarterly newsletter of LIFO news, views and ideas, as well as other tax related periodicals. In 1994, he began to write and publish the Dealer Tax Watch, a quarterly newsletter update of essential tax information for auto dealers and their CPAs.

These comprehensive, technical publications are one of the cornerstones of the De Filipps University Resource Center.

Dealer Tax Watch

The Dealer Tax Watch is a unique periodic publication that updates auto dealers and their CPAs on current IRS tax rulings, audit developments, court decisions, administrative pronouncements and other essential information that affect auto dealers and their dealerships. Each Edition includes a “Watch Out” overview that summarizes recent major developments. This executive summary of the major developments, grounded in Mr. De Filipps’ 45+ years as a CPA tax practitioner specializing in automobile dealership tax issues.

Auto dealership industry and practitioner conferences, other dealer-oriented reference materials and new industry consultant service providers are occasionally featured in the DTW to keep readers abreast of the resources available to them.

Where appropriate, cases and other materials selected are framed by planning suggestions and/or cautionary practice considerations. Although intended to provide accurate, general information on tax matters, the Dealer Tax Watch should not be construed as offering accounting or legal advice or accounting or legal opinion on any specific facts or circumstances.

LIFO Lookout

The LIFO Lookout is a unique periodic publication that provides a comprehensive look at how current IRS rulings, audit developments, administrative pronouncements and Court decisions affect all types of taxpayers using the LIFO (Last-In, First-Out) inventory valuation method. Taxpayers using LIFO include manufacturers, wholesalers and distributors and retailers, including automobile dealerships.

At various times throughout the year, from a multitude of sources, Mr. De Filipps sorts through and identifies for coverage only the most important LIFO-related developments. This is based on his extensive practice consulting with other CPAs and businesses using LIFO who require assistance in staying on top of the really important current developments and Court cases or who want to know more about dealing with computational issues, IRS audits or accounting method changes.

The cornerstone of each LIFO Lookout is the “LIFO Update” overview that summarizes recent major developments. Mr. De Filipps provides an executive briefing of the major developments, grounded in his more than 45 years as a CPA tax practitioner and LIFO specialist.

Auto dealerships represent one type of business whose LIFO practices over the years have been subject to significant IRS attention, audit activity, rulings and other guidance. In addition, the IRS has taken many auto dealer LIFO issues to the U.S. Tax Court and to other courts. Whenever appropriate, the LIFO Lookout provides an intensive analysis of dealer-LIFO related issues and cases. In addition, each year, the unofficial IRS new vehicle “new items” lists are subject to a thorough review and analysis.