The recently released IRS Revenue Procedure 2001-23, which describes the Used Vehicle Alternative LIFO (Last-In, First-Out) method of accounting, provides a great tax planning opportunity for auto dealers, according to Robert C. Zwiers, national dealership tax executive at Crowe, Chizek, and Co. LLP, providers of audit and consulting services to the auto dealer industry.
This new procedure allows auto dealerships valuing their used vehicle inventories under the LIFO method to lock in their past LIFO benefits and protect themselves against audit risk. "Crowe Chizek has long stressed the concepts underlying this procedure as appropriate and essential for Used LIFO," Zwiers said. "The new procedure is a great way to come into compliance with the IRS requirements, with the added bonus of protecting the current LIFO reserve."
Zwiers will speak on the new Used LIFO method and other tax issues at the National Automobile Dealers Association (NADA) annual convention in Las Vegas on Feb. 4, 5 and 6.
Crowe Chizek's Dealership Services Group offers a full-service team of leading experts to assist auto dealerships with the Used LIFO method. "With the speed of change dealerships are facing today, Crowe Chizek's commitment of highly trained personnel and its investment in technology solutions for dealerships is unequaled in size, depth and quality in the industry," Zwiers said.
What: Automobile Dealership/IRS Tax Issues Workshop
Who: Presented by Robert C. Zwiers, national dealership tax executive at Crowe Chizek
When: Sunday, Feb. 4 - 3:30-4:45 p.m.
Monday, Feb. 5 - 10:30-11:45 a.m.
Tuesday, Feb. 6 - 11:00 a.m.-12:15 p.m.
Where: National Automobile Dealers Association Annual Conference
Las Vegas Convention Center
