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Tax Audit - Auto Dealerships Edition Ebook

Auto Dealerships

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E-book Category: Business, Law
E-book Title: Tax Audit - Auto Dealerships Edition
Book Description: Discusses books and records, inventory, aftersale financial products and other issues unique to the industry These may include related financial companies, covenant not to compete, advertising associations, etc.....

TABLE OF CONTENTS

CHAPTER 1: INDUSTRY BACKGROUND
Introduction 1-1
Industry Jargon 1-1
Industry Overview 1-1
Impact of State Regulation and State Law 1-2
Curbstoners 1-3
Records 1-3
Consignments 1-5
Auctions 1-6
Titling Issues and Processes 1-7
Automobile Sales 1-9
Initial Interview 1-11
Information Sources on Used Car Dealers 1-18

CHAPTER 2: ACCOUNTING METHODS
General Information 2-1
Change of Accounting 2-2

CHAPTER 3: GROSS RECEIPTS
Introduction to Gross Receipts 3-1
Internal Controls 3-1
Miscellaneous Income 3-2
Fee Income 3-3
Rebate Income 3-4
Warranty Contracts 3-5
Consignments 3-6
Dealer Financing 3-6
Sales Taxes, Registration & Licensing Fees 3-7
Non-Taxable Receipts 3-8
Income Reporting 3-8
State Departments of Transportation/
Motor Vehicles 3-10
Repossessed Vehicles 3-11

CHAPTER 4: COST OF GOODS SOLD/INVENTORY
Introduction to Cost of Goods Sold/Inventory 4-1
Inventory Valuation 4-3
Accounting Records 4-3
Trade-Ins 4-4
Cost Basis of a Trade-In 4-4
Trade-in Valuation 4-6
Repossessions 4-11
Issues 4-12
General Audit Techniques 4-13
Specific Audit Techniques 4-14
References 4-17
Sample Workpapers 4-19

CHAPTER 5: BALANCE SHEET
Introduction to Balance Sheet 5-1
Cash 5-1
Accounts Receivable 5-2
Inventory 5-3
Loans to Shareholders 5-3
Loans Versus Constructive Distributions 5-4
Fixed Assets 5-5
Loans From Shareholders 5-6
Short Term Liabilities 5-7
Other Current Liabilities 5-7
Deferred Income Accounts 5-8
Retained Earnings 5-10

CHAPTER 6: EXPENSE ISSUE
General 6-1
Advertising Expense 6-2
Amortization 6-2
Contributions 6-4
Dues and Subscriptions 6-5
Interest Expense 6-5
Legal and Professional 6-5
Employee Benefits 6-6
Freight and Delivery 6-6
Commissions and Fees 6-7
Demonstration Expense 6-8
Insurance Expense 6-10
Group Health Insurance 6-11
Vehicle Service Contracts
(Extended Service Warranty) 6-12
Corporate Owned Life Insurance 6-12
Payroll 6-13
Policy Work or Adjustments 6-13
Rent Expense 6-14
Travel and Entertainment 6-15

CHAPTER 7: REQUIRED FILING CHECK
General Information 7-1
Form 7-2
Employee/Independent Contractor Status 7-4
References 7-6

CHAPTER 8 : RELATED FINANCE COMPANIES
Overview 8-1
Economic Reasons 8-1
Validity or Form of RFC 8-3
conomic Substance 8-4
Issues 8-5
Issue Development 8-6

More...

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