MOST IMPORTANT DEALERSHIP ACCOUNTING CHANGE IN 20 YEARS
This change in income tax rules affects most dealerships. NADA and the IRS have reached a resolution that clarifies the new tax elections that allow dealerships to write off their expenses sooner for tax purposes.
In most cases, the new safe harbor elections should be filed with the dealerships’ 2010 tax returns on Form 3115, Application for Accounting Change. PARKE, GUPTILL & COMPANY, LLP, CPAs, THE AUTO DEALERSHIP SPECIALISTS, may be able to save your dealership thousands of dollars.
Contact JONATHAN FORGY, CPA for an assessment of how we can help you.