The Auto Industry and the Rise of Cryptocurrency
With the rise in use of cryptocurrencies such as Bitcoin and Ether, it is important that auto dealers begin to understand the U.S. tax treatment of cryptocurrencies for balance sheet and compliance purposes. This article explains how cryptocurrencies are viewed in the eyes of the IRS.
Dealerships in Depth – With Norman Braman
In this issue, we spoke with Norman Braman, one of the nation’s most well-known auto dealers, owner of Braman Motorcars. Born of immigrant parents in Philadelphia, Braman has built a high-profile brand that now consists of more than 20 luxury, ultra-luxury and mainstream showrooms under 14 rooftops, including BMW, Bentley, Rolls Royce and Porsche.
Section 199A Deduction and Its Impact on Automotive Dealerships
One of the most significant changes of the Tax Cuts and Jobs Act affecting automotive dealers, is the 199A deduction. For many, the new deduction will reduce the effective tax rate on their business taxable income. Under the new Code Section 199A, there is a 20% deduction for qualified business income (QBI) from a pass-through entity. However, without proper planning, limitations may apply.