For Auto Owners: Understanding Limitations on Depreciation Deductions

Mar 1, 2008

Newly issued Revenue Procedure 2008-22 sets out the limitations on depreciation deductions for owners of passenger automobiles first placed in service by the taxpayer during calendar year 2008, including a separate table of limitations on depreciatio ...

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IRS Provides Guidance on LIFO Pools for Light-Duty Trucks and Crossover Vehicles

Mar 1, 2008

For years, resellers of automobiles using the Alternative Dollar-Value LIFO (Last In, First Out) method or the Used Vehicle Alternative LIFO method have faced uncertainty regarding the correct LIFO pool for crossover vehicles, including sport utility ...

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Better Accounting for Auto Dealerships Starts with Attention to Monthly Reconciliations

Mar 1, 2008

For many auto dealers, it is all too common to find the task of monthly reconciliations at the bottom of the list of accounting priorities. But dealerships looking for sound financial performance know that every gear of the business – even the smal ...

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Is Your Parts Department as Tight as a Drum?

Mar 1, 2008

Is Your Parts Department as Tight as a Drum?By Phil Villegas (pvillegas@mbafcpa.com)published in Professional Auto News Being an avid music fan, I liken the parts department of a dealership to the drummer of a band. Stuck in the back without much of ...

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Tax Services Advisory - Cost Segregation Benefits for Real Estate Owners

Feb 26, 2008

Owners of real estate (real property) used in the course of commercial/rental business should consider the benefits of a cost segregation study. Cost segregation is the process of identifying the cost of tangible personal property which is included i ...

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Tax Services Advisory - Economic Stimulus Act of 2008

Feb 11, 2008

As you probably know, Congress recently passed an economic stimulus package (the Economic Stimulus Act of 2008) which is intended to jump-start our economy, in part through tax incentives aimed at encouraging businesses to increase their investments ...

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Tax Services Advisory - IRS Has Recently Updated the W-9 Form

Feb 7, 2008

The IRS has recently updated the W-9 Form. The biggest change is a new taxpayer status checkbook for a Limited Liability Company (LLC), along with a space to enter the LLC’s tax classifi cation (partnership, corporation, disregarded entity). Th ...

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Journal Entries - By the Numbers

Feb 1, 2008

Journal Entries – By the NumbersBy Phil Villegas (pvillegas@mbafcpa.com)published in Professional Auto News Fraud at a dealership today can take many forms, and of course it is never a happy occasion to learn that it has found its way into your ...

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Marital Dissolution Services Advisory - Assets That May Be Forgotten in Equitable Distribution

Jan 8, 2008

When one mentions equitable distribution, certain thoughts immediately spring to mind – dividing interests in the marital home and/or investment property, bank and brokerage accounts, qualified retirement plans, automobiles and business interests. ...

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The Foreign Corrupt Practices Act: Ensure Compliance, or Pay the Price

Jan 1, 2008

If your company, or your clients, are not up to speed with the Foreign Corrupt Practices Act of 1977 (“FCPA”), big penalties could be in store, even when violations are the result of simple errors or oversight. Understanding the law, anal ...

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