Will’s blog

By now most dealership CPAs are involved with finalizing year-end inventory LIFO calculations and complying with the restrictive financial statement reporting requirements imposed on dealerships [...]

For many years, I’ve offered mid-year and/or year-end dealer tax planning and LIFO update seminars. This year, I will not be presenting a year-end update seminar for several reasons … The IRS has [...]

Like kids waiting for Santa Claus to come down the chimney on Christmas Eve, we’re waiting for the BLS to release the CPI inflation index for auto dealers for December. Based on projections we’ve [...]

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 [...]