Getting the jump on financial statement and tax filing preparation
Abstract: Proactive auto dealers meet with their CPAs in late summer or early fall to plan for the next year’s financial reporting and tax filing. This helps them anticipate requests for audit or review workpapers, streamline financial statement and tax return preparation, and minimize taxes. This article examines topics such as Section 179 expensing and bonus depreciation, which should be addressed before scheduled tax law changes take effect in 2013. It also looks at fixed assets, inventory accounting, and adjusting journal entries, while a sidebar discusses owner transactions.