Will’s blog

Many dealers using the LIFO (Last-In, First-Out) Method for valuing their inventories are facing unexpected high tax bills this year. This is resulting from the combination of lower year-end [...]

Today, the IRS issued Revenue Ruling 2020-27 and Revenue Procedure 2020-51. Particular problems will arise in handling situations where it is expected that the PPP loan will be forgiven, but that [...]

The IRS has posted a revision to Form 970 – Application to Use LIFO Inventory Method – in Draft form. The Draft is dated November 2020, and it is not to be filed with the IRS. Form 970 is to be [...]

IRS Notice 2016-66 requiring dealers to file Forms 8886 to disclose Producer Owned Reinsurance Company (PORC-like activities) has created considerable uncertainty over what should be filed and by [...]

Just wondering if anyone has heard anything within the last few weeks about the IRS Notices regarding the status of PORCs as “abusive” tax shelters and the related filing requirements with OTSA. [...]

Almost a decade has passed since IRS activities involving PORCs (that’s Producer-Owned Reinsurance Companies) rose to a level of general awareness of automobile dealers’ CPAs. It appears the IRS [...]

On February 14, I participated in a follow-up conference call / discussion hosted by Paul Metrey of NADA (Vice President, Regulatory Affairs) involving several CPA firms whose input NADA sought [...]

On January 23, U.S. District Judge Court Breyer gave the Court’s final approval to the Volkswagen settlement, holding that “the settlement is fair, reasonable and adequate.” The Court evaluated [...]

A recent article (in Tax Notes, posted today 1/19) by two San Francisco attorneys, entitled “Tax Return Disclosures: What Is Adequate and Why It Matters,” provides a comprehensive discussion [...]

With the recent flurry of activity regarding 2014 tax returns and the Section 263(a) Tangibles Regulations (Rev. Proc. 2015-20), I find myself feeling conflicted about what I should be doing ... [...]