Don’t Forget About Demo Use and Income Exclusions Publication | Dec 10, 2019 More About | Dealerships Almost two decades ago, the Internal Revenue Service (IRS) released Revenue Procedure 2001-56, which provides auto dealerships with simplified methods to determine the income inclusion or exclusion amount for employees who are provided vehicles by the dealership. While the guidance is not new, and also not mandatory, it’s still important for dealers to understand their significance, especially if you hope to avoid hefty penalties from a potential IRS examination. Read More
Why an Internal Audit Function is Practical for Heavy Truck Dealers Publication | Nov 29, 2019 More About | Dealerships Heavy truck dealers often ask, “Does our dealership really need internal audit?” Many dealers don’t have an internal audit function due to misconceptions about cost, practicality or understanding of the function. The internal audit function is to test compliance with the dealership’s policies and procedures and to identify potential areas of risk. However, internal audit can be key to helping heavy truck dealerships identify and managing potential risks to operate efficiently and minimize exposure to loss. Read More
FASB Finalizes Effective Date Delays for Major Accounting Standards Alert | Nov 15, 2019 More About | Agribusiness | Banking | Construction | Dealerships | Education | Energy | Financial Services | Government Contracting | Healthcare | Hospitality & Restaurants | Insurance | Manufacturing & Distribution | Not-for-Profit | Private Client Services | Private Equity | Professional Services | Public Sector & Government | Real Estate | Retail | Technology & Life Sciences | Transportation & Logistics | Assurance | Lease Accounting | Performance & Growth | Risk & Regulatory | CECL Today, the Financial Accounting Standards Board (FASB) issued two Accounting Standards Updates (ASUs) that finalize various effective date delays for standards on current expected credit losses (CECL), leases, hedging, and long-duration insurance contracts. Read More
Bonus Depreciation – What the Recently Proposed Regulations Mean for Dealerships Publication | Nov 07, 2019 More About | Dealerships | Tax On Sept. 13, 2019, the Internal Revenue Service (IRS) and the U.S. Department of the Treasury (Treasury) released additional proposed regulations for Section 168(k), which allows an additional first-year depreciation deduction – generally referred to as “bonus depreciation” – on qualifying property in the year placed in service. The proposed regulations provide auto dealerships greater flexibility regarding floor plan financing interest and taking advantage of bonus depreciation. Read More
Impact of the New Revenue Recognition Standard on Dealerships Publication | Oct 21, 2019 More About | Dealerships | Revenue Recognition | Performance & Growth | Risk & Regulatory In May 2014, the Financial Accounting Standards Board (FASB) issued a new revenue recognition accounting standard with Accounting Standards Update (ASU) 2014-09 (Topic 606), Revenue from Contracts with Customers, replacing nearly all existing revenue guidance under U.S. Generally Accepted Accounting Principles (GAAP). The new standard uses a five-step process to analyze revenue recognition. This memo will analyze the new standard at a high level and focus on the most common scenarios that impact dealerships. Outcomes may vary for dealers with more unique facts and circumstances. Read More
Private Company Live Stream: What to Look for in 2020 Webinar | January 09, 2020 1:00 PM - 3:00 PM | CPE: 2 | Virtual - Webinar More About | Construction | Dealerships | Manufacturing & Distribution | Real Estate | Technology & Life Sciences | Assurance | IT Advisory | Tax | Revenue Recognition | Tax Reform | Lease Accounting | Data | Innovation & Technology | Performance & Growth | Risk & Regulatory | Talent Join DHG professionals on January 9th as we discuss top issues affecting private companies. We’ll facilitate an interactive conversation to discuss the impacts of recently released guidance from FASB, the latest updates on tax reform, corporate culture and talent engagement, as well as IT trends. Read More
Preparing your Dealership for Financial & Tax Due Diligence Webinar Recording | Virtual - webinar More About | Dealerships Join DHG Dealerships on April 22nd for an encompassing session covering several key areas in relation to how to prepare your dealership for financial and tax due diligence. Read More
Top Issues Affecting Private Companies Webinar Recording | Virtual - Webinar More About | Construction | Dealerships | Manufacturing & Distribution | Real Estate | Technology & Life Sciences | Assurance | Tax | Revenue Recognition | Tax Reform | Lease Accounting | SALT Nexus | Innovation & Technology Join DHG Assurance, Tax & Advisory professionals on January 9th as we discuss top issues affecting private companies. We’ll facilitate an interactive conversation to discuss the impacts of recently released guidance from FASB and the IRS. Read More
Tax Reform: What Dealers Need to Know Webinar (1-24-2018) Webinar Recording | Virtual - Webinar More About | Dealerships | Tax | Tax Reform | Performance & Growth | Risk & Regulatory Tax Reform: What Dealers Need to Know Webinar (1-24-2018) Read More