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CCH Audio Seminar Shows How Auto Dealerships Can Benefit from New LIFO Revenue Procedure
(RIVERWOODS, ILL., March 25, 2008) – CCH, a Wolters Kluwer business and a leading provider of tax, accounting and audit information, software and services is presenting a two-hour audio seminar entitled How Auto Dealership LIFO Inventories Can Benefit by Using the New Single Pool Method: In-depth Analysis and Practical Guidance for Applying Rev. Proc. 2008-23 on Thursday, April 24, 2008 at 1 p.m. Eastern; noon Central, 10 a.m. Pacific (CCHGroup.com/Audioseminars).
“Auto dealers using LIFO just received a significant tax savings opportunity from the IRS – and it’s available for 2007 if they act fast,” said Joseph Gornick, CCH seminar manager. “In this seminar, Willard J. De Filipps, a leading expert on the application of the LIFO method of valuing inventories for automobile dealerships will explain just what the opportunity is and how CPAs can use it to benefit their auto dealer clients . If nothing else, professionals should advise their clients notto file their 2007 income tax returns until they’ve determined whether the new single-pool LIFO election should be made for 2007.”
In the program, De Filipps will detail the advantages provided by the just-issued IRS Rev. Proc. 2008-23 and how dealerships can obtain them using the new Vehicle-Pool Method. Those who participate will learn the technical requirements to use the new LIFO method and how to execute the relevant filing procedures to properly make the change. They’ll also find out the consequences if the dealership does not elect to change to the Vehicle-Pool Method and the special tax issues that arise in applying the Vehicle-Pool Method to used vehicle inventories. De Filipps will share his valuable Practice Guides that show exactly how he has approached this development with his clients. These Practice Guides and sample computations will save many hours of “reinventing the wheel.”
In addition, the session will include ample opportunity for participants to ask their most pressing questions to De Filipps.
About the Speaker
Willard J. De Filipps, CPA, is one of the nation’s leading experts on tax and accounting issues for automobile dealers and dealerships and a consultant to CPAs and businesses around the country on LIFO inventory implementation, changes and planning. His practical experience includes representation of LIFO applications during Internal Revenue Service audits, in appeals channels and in technical advice proceedings and for LIFO change requests involving the IRS National Office in Washington, D.C.
De Filipps shares his understanding of dealer tax issues and LIFO in tax conferences and seminars around the country and through numerous published articles. He is the author and publisher of Dealer Tax Watch, a quarterly update of essential tax information for auto dealers and LIFO Lookout, a quarterly newsletter with specialized coverage of LIFO news and developments. He has organized and coordinated annual conferences for CPAs and other professionals serving the auto/truck dealership industries.
De Filipps is the originator of Dealer/CPA 21 Resource Groups, which serve group members by providing technical meetings, information exchange, practice aids and other problem-solving and opportunity expanding activities. He also co-founded the AutoCPA Group, the original national organization of CPAs whose member firms specialize in automobile dealer clients.
How the Audio Seminar Works
CCH’s live audio seminars require nothing more than a telephone connection. For the $249 per-site fee, an unlimited number of listeners at a site can participate and get up to speed and in-the-know on these important topics.
Two hours of CPE credit are also available for the seminar for an additional $25 for each person wishing to receive a CPE certificate for participation in the seminar.
Along with detailed handout materials, each site registering for this audio seminar will receive a free copy of CCH’s U.S. Master Depreciation Guide as a special bonus.
How to Register
To register online using a credit card, go to http://www.krm.com/cch. To register by phone, call CCH Customer Service at 1-800-775-7654. For more information, go to CCHGroup.com/Audioseminars.
For professionals who cannot attend the live program, a CD audio recording with handout materials in PDF format will be available one week after the live audio seminar. Purchase includes a copy of seminar bonus publication with the CD. (CPE credit is not available for the CD version of the presentation.) Price of the CD is $249; combined price for the live seminar site license and the CD is $349.
About CCH, a Wolters Kluwer business
CCH, a Wolters Kluwer business (CCHGroup.com) is a leading provider of tax, accounting and audit information, software and services. It has served tax, accounting and business professionals and their clients since 1913. Among its market-leading products are The ProSystem fx® Office, CorpSystem®, CCH® Tax Research NetWork™, Accounting Research Manager® and the U.S. Master Tax Guide®. CCH is based in Riverwoods, Ill.
Wolters Kluwer is a leading global information services and publishing company. The company provides products and services globally for professionals in the health, tax, accounting, corporate, financial services, legal and regulatory sectors. Wolters Kluwer has annual revenues (2007) of €3.4 billion ($4.8 billion), maintains operations in over 33 countries across Europe, North America and Asia Pacific and employs approximately 19,544 people worldwide. Wolters Kluwer is headquartered in Amsterdam, the Netherlands. For more information, visit www.wolterskluwer.com.