Willard J. De Filipps, CPA, PC
Experience … Integrity … Excellence
Welcome to Willard J. De Filipps, CPA, PC … a tax advisory consulting firm. Our areas of specialty include (1) automobile dealership tax issues, (2) Last-In, First-Out (LIFO) inventory valuation method issues and calculations, (3) professional education and resources and (4) representation before the IRS in diverse tax examination issues.
Founded by Willard J. De Filipps, CPA in 1978, our firm provides extensive consultation on LIFO inventory matters (both general and automobile dealership-specific).
We provide Last-In, First-Out (LIFO) Inventory calculation services and Reports for automobile dealerships utilizing SuperLIFO™, a comprehensive, state-of-the-art, proprietary software program (developed by Willard De Filipps) for auto dealer new vehicle and used vehicle LIFO calculations.
Willard J. De Filipps, CPA, PC has always been active in providing quality professional continuing education and training. Since the early 1970s, Mr. De Filipps has been creating and presenting well-regarded seminars and in-house training programs for CPAs and other professionals.
From our on-going efforts to provide quality education and resources, our De Filipps University is a virtual resource center for CPAs and tax professionals, anchored by a curriculum of comprehensive seminars addressing general LIFO inventory matters and dealer/dealership tax issues and archives of technical, in-depth publications on these subjects.
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Many dealers know that LIFO stands for the “Last-In, First-Out” inventory valuation method and that it produces sizable interest-free loans from the U.S. Treasury. These loans last as long as moderate inflation continues and inventory levels do not drop considerably.
At the end of 2020, you may have had significantly lower ending new-vehicle inventories than you had the year before. This may have caused you to incur significant reductions in your LIFO reserves… [read more from Will’s Opinion piece published in the Automotive News, April 5, 2021]
We’ve heard that one 20 Group administrator has asked dealerships to not include a LIFO adjustment on their year-end December statement when it is sent in for composite analysis. We strongly disagree with their suggestion. We fear that any year-end statement – even for this purpose -¬ would violate the conformity requirement and be fatal to the LIFO election if a good-faith estimate is not reflected on that year-end statement.
Beware if you are tempted in this direction. [more…]
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Welcome to De Filipps University, a virtual resource center for CPAs & tax professionals. The University is anchored by archives of Will’s technical, in-depth publications and a curriculum of comprehensive virtual seminars addressing auto dealer/dealership tax issues & general LIFO inventory matters for all businesses.