Manage risk in the auto dealer industry.

Most visitors see a fleet of vehicles and a showroom, but we see inventory, payroll and property. LSL CPAs communicates with auto dealership owners and general managers on the bottom line tax and assurance issues that help mitigate risk and add efficiency by department.

As your CPA, we consult on special projects that require particular industry knowledge applied to state taxation and IRS case law. For example, our tax team is experienced in reviewing commission and demo reporting as part of payroll as well as issues unique to dealerships such as LIFO accounting and SWIM elections, Escheat reporting and the tax treatment of extended service contracts. In addition, we understand the management of dealerships and how it applies to succession and estate planning down the road.

Automotive dealerships are one of our firm’s longest industry relationships. As such, we have developed particular experience in operational performance reviews that provide oversight of each department for improving internal controls and best practices. Efficient and secure business processes, accounting and KPI reporting translate to more profits and better banking and investor relationships. They help you build a profitable future. Click HERE to download a PDF of our services.

See what our clients are saying about LSL:

“Everyone I’ve met from LSL is a top-notch individual. They know our business, our people, our accounting issues, our taxes and the needs of my partners. We have leveraged one dealership into 17 companies, so LSL has handled some complex transactions for us over the years. They have done their due diligence and it has all turned out well, on time and very seamless.”
– Craig Whetter, President, Wilson Automotive


Services Provided

Compliance

Audits, Reviews and Compilations of financial statements
401(k) audits
Tax return preparation and planning
1099 reporting
LIFO computations and compliance
Comprehensive income and estate tax planning and projections
Unclaimed property laws (Escheatment)
Demo allowance calculations
8300 compliance
Commission/payroll calculations
SWIM and VSC elections
Used car write-downs
Tax planning and structuring for complex business transactions
Uniform capitalization
Tax consulting on mergers and acquisitions

Performance

Analytical and management/CFO advisory services
Budgeting and forecasting
Operational reviews
Financial planning
Outsourced CFO/Controller services
Capital expenditure and finance planning
Gross profit margins and pricing support
Specialized services referrals (cost segregation, business valuation)
Production policies and procedures

Strategic

Merger & Acquisition strategies
Succession planning
Strategic planning
IT strategic planning
New location or expansion planning
Real estate strategies for tax purposes
KPI reporting development and interpretation – tax impacts
Ongoing owner/board advisory

LSL CPAs adds value to your daily operations as well as the future value of your dealership. Contact us to schedule an operational performance review or to discuss your tax concerns.