March 2012
Many businesses have failed due to poor accounting and finance departments, so why would a business under spend in this critical area of the business? Given the current economic climate, an easy area to question costs might be the accounting department. While I am of the opinion no department is sacred, including accounting, before anything drastic is done, I suggest conducting a thorough review of that department’s effectiveness and ability to adequately serve the rest of the dealership. Read more»
With the economic recession and the struggles in the auto industry, the motivation and the opportunity for theft and fraud have increased. The cash-heavy nature of their operations makes dealerships susceptible to fraud and theft, and sometimes the most trusted managers can be the perpetrators. Read more»
Ever wonder why some tax returns are audited by the IRS while most are ignored? The chances of you being audited or otherwise hearing from the IRS can increase depending upon various factors, including whether you omitted income, the types of deductions or losses claimed, certain credits taken, foreign asset holdings and math errors, just to name a few. Although there’s no sure way to avoid an IRS audit, you should be aware of red flags that could increase your chance of drawing some unwanted attention from the IRS. Here are the 12 most important ones: Read more»
February 2011
U.S. vehicle sales dipped last month compared with December but were good enough to put the industry on track for a second consecutive profitable year since 2005, experts said. The modest slowdown suggests consumers are putting off big-ticket purchases after a rebound in spending during the holidays. The auto industry won’t return to pre-recession sales until the housing market recovers and unemployment drops, analysts said. Read more»
October 2010
Does a $30 million company deserve to qualify for “small business” assistance? Apparently so. The Small Business Administration has announced that it is raising the definition of a “small” business after the first “comprehensive review” in almost three decades. Retail, food service and other business categories formerly capped at $7 million in revenue will see those limits raised to as much as $35.5 million. Read more»
October 2010
A blue-ribbon panel will meet Friday at the AICPA’s New York office to discuss constituent comments on private-company reporting. The panel is expected to recommend alternative models related to GAAP standard setting for private companies. Read more»
