Tax Services Advisory - Government to Stop Collecting Long-Distance Telephone Excise Tax

May 25, 2006

IR-2006-82, May 25, 2006 WASHINGTON – The Internal Revenue Service today announced that it will stop collecting the federal excise tax on long-distance telephone service. The tax on telephone services was first imposed in 1898. The current rate ...

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Tax Services Advisory - Bush Signs 'Tax Increase Prevention and Reconciliation Act of 2005' ('TIPRA')

May 18, 2006

Both Houses of Congress have passed TIPRA, and President Bush has signed it today. The measure will provide approximately 70 billion of tax relief to a variety of taxpayers. Here is a summary of the tax savings provisions of wider application, and we ...

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The Case for Dealership Expansion - Why Dealers Need to Act Now to Develop a Plan for Acquisition and Consolidation?

May 1, 2006

The Case for Dealership ExpansionWhy Dealers Need to Act Now to Develop a Plan for Acquisition and Consolidation By Phil Villegas (pvillegas@mbafcpa.com) published in Professional Auto News More than a decade ago, the auto industry was in the grip of ...

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Advice You Can Use: Fraud Alert!

Apr 1, 2006

For dealers who think fraud can’t happen in their own stores, here’s a tale that demonstrates just how easy it can be too miss the signs that something just isn’t right in the accounting department. Recently, an accounting office em ...

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Shifting Gears: Test Your Knowledge with MBAF's Automotive Trivia Quiz

Apr 1, 2006

Over the last century, approximately how many different car nameplates have appeared in the United States? a) 500b) 1,500c) 2,500d) 3,000 In what year did George B. Seldon apply for the first ever gas powered automobile patent? a) 1865b) 1879c) 1891d ...

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Automotive History 101: Here is some food for thought from MBAF

Apr 1, 2006

With rising gas prices and the growing dependency on crude oil, is hybrid technology such a new and revolutionary concept? Consider this, at the turn of the 20th century electric powered automobiles made up 38% of all automobiles in use, while hybrid ...

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Driving Profits Through Operational Audits

Apr 1, 2006

Driving Profits Through Operational Audits By Phil Villegas (pvillegas@mbafcpa.com) published in Professional Auto News Each year, most dealerships typically conduct an annual financial audit to fulfill the requirements of a financial institution, ma ...

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Dealer Defined: How Emerging Changes in the Automotive Retail Culture Will Redefine the Ways Dealers Do Business

Feb 1, 2006

Dealer Defined: How Emerging Changes in the Automotive Retail Culture Will Redefine the Ways Dealers Do Business By Phil Villegas (pvillegas@mbafcpa.com) published in Professional Auto News For dealerships facing new financial challenges, the future ...

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KEY FDIC AMENDMENT TAKES EFFECT: Businesses Will Be Impacted by Changes to the Annual Independent Audits and Reporting Requirement

Jan 1, 2006

The FDIC has amended Part 363 of its regulations by raising the asset-size threshold from $500 million to $1 billion for internal control assessments by management and external auditors. The changes, proposed in June of 2005, took effect on December ...

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Accounting for Deferred Loan Fees Is Subject to Increasing Scrutiny

Jan 1, 2006

Regulatory examiners are increasingly focusing on the matter of deferred loan fees under the Statement of Financial Accounting Standards (SFAS) No. 91 (Accounting for Nonrefundable Fees and Costs Associated with Originating or Acquiring Loans and Ini ...

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