NADA Releases Update to Dealer Tax Guide
LAS VEGAS (March 31, 2016) - The National Automobile Dealers Association released today an updated edition of A Dealer Guide to Federal Tax Issues.
This edition provides a primer on 23 federal income tax topics affecting franchised new car and truck dealers along with current federal income tax thresholds.
The updated publication covers such topics as dealer accounting methods, advertising expenses, bonus depreciation and section 179 expensing, cash reporting, employee v. independent contractor classifications, estate and gift tax, factory franchise agreements, insurance and reinsurance, a suggested records retention schedule, and UNICAP.
The authors, Joe Magyar and Bob Zwiers of Crowe Horwath LLP, who also authored the prior edition of the same publication in 2006, have extensive experience advising dealers on federal income tax compliance.
A Dealer Guide to Federal Tax Issues may be accessed by NADA members at www.nadauniversity.com. Log onto the website and click the "Continue" button (you will be taken to view publication L32).
The guide was released during the 2016 NADA Convention & Expo in Las Vegas. More than 25,000 new-car and -truck dealers and their managers, as well as dealers from over 30 countries, auto industry executives and exhibitor staff attended the convention.