2023-2024 Accounting and Tax Planning Guide for Automotive Dealerships

Accounting and Tax Planning Guide for Automotive Dealerships - 2023/2024

ACCOUNTING AND TAX PLANNING GUIDE FOR AUTOMOTIVE DEALERSHIPS 2023/2024

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info@citrincooperman.com citrincooperman.com

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Citrin Cooperman

Welcome At Citrin Cooperman, we continue to assist the automotive dealership industry with growing and sustaining its businesses. Drawing upon our extensive industry experience, we help automotive dealerships adopt best practices and offer advice and guidance on strategic decisions – such as the acquisition or sale of corporate assets or the opening of a new dealership.

Our annual guide was developed to provide leadership at automotive dealerships with the tools that will best help them navigate their future planning. Looking ahead, some challenges for these industry leaders to keep in mind may include part shortages from manufacturers, inflation, and interest rate increases. It is important for automotive dealership leaders to plan properly and create a strategy to help their businesses withstand future bumps in the road.

We hope this guide is able to provide you with the necessary information and support to assist you with strategic planning for your business. With careful planning, the road ahead can lead to opportunities for your automotive dealership.

Sincerely,

Wilfredo Fernandez Wilfredo Fernandez

Partner and Co-Leader - Automotive Dealerships Industry Practice Wilfredo Fernandez

Ellen Kera Ellen Kera

Partner and Co-Leader - Automotive Dealerships Industry Practice Ellen Kera

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Accounting and Tax Planning Guide for Automotive Dealerships - 2023/2024

Table of Contents Citrin Cooperman’s Automotive Dealerships Industry Practice advises on best practices and helps put strategies in place to position automotive dealerships to take advantage of uncovered opportunities.

In this guide, we share the latest accounting and tax planning tips to help you with the upcoming year-end planning season and beyond.

Tax Tips and Planning

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­Transactions and Calculations

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­Accounting, Inventories, and Expenses

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­About the Authors

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­About Us

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Let's Get Started ›››

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Tax Tips and Planning Our professionals are recognized for their deep knowledge in devising tax strategies and responding quickly to the opportunities and challenges that emerge. This section will provide insights on the latest tax tips and planning strategies for automotive dealerships and the ways in which we can help with tax planning and reporting obligations, so you can focus on what counts: securing a successful future for your dealership.

Accounting and Tax Planning Guide for Automotive Dealerships - 2023/2024

Demo Vehicles

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· The value of the personal use of company vehicles should be added to the employee’s W-2. · Use tax is to be charged monthly as a mixed-use vehicle based on a formula defined in the various state sales tax publications.

Loaner Vehicles

· Consideration needs to be given as to whether a loaner vehicle is subject to use tax. The tax treatment can depend on whether the customer is contractually entitled to a loaner car.

401(k)

· Contributions and loan repayments withheld from employees must be paid into the plan on, or shortly after, the payroll issued date.

Payroll Forms

·F orm I-9: All employees must complete Form I-9 for employee status verification purposes. ·W -4s: Employees should update W-4s forms for the new tax year.

Third-Party Sick Pay

· Include the reportable amount of sick pay paid to the employees by the insurance company on the employees’ Form W-2s as well as amount withheld for income taxes.

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Health Insurance Premiums

· Premiums paid on behalf of a shareholder who owns more than 2% of the corporation are taxable as wages and are reported on the Form W-2. For limited liability company (LLC) members, the premiums are considered guaranteed payments.

Self-Employed Retirement Benefits

· Often times in an LLC, self-employment retirement expenses are left in the employee benefit section of the profit and loss statement. These amounts should be considered guaranteed payments, similar to those of the health insurance premiums, as noted above.

Affordable Care Act

· Confirm with your health insurance provider that the coverage provided to the employees meets the new requirements under the Affordable Care Act. The service provider should complete Form 1095 – Employer-Provided Health Insurance Offer and Coverage Insurance.

Travel and Meal Expenses

· Travel expenses are deductible in full for 2023. Meals purchased from a restaurant are 50% deductible. Other meal expenses may be limited, including breakroom snacks. Expenses incurred for holiday parties, promotions, and on-site employee meals are not limited. Consider separating these expenses accordingly into different accounts: 100% deductible meals, 50% deductible meals, and travel.

Entertainment

· Entertainment expenses such as expenses incurred for amusement, recreation, or membership dues for a club (i.e., golf) are no longer deductible. These should be posted to separate accounts. Business meals incurred at an entertainment event are still deductible subject to limitations noted in the Travel and Meal Expenses section.

Accounting and Tax Planning Guide for Automotive Dealerships - 2023/2024

Sales and Use Tax

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· Review out-of-state sales (in dollars) and annual volume of transactions. For example, your parts department sells parts over the internet or telephone and ships them out-of-state. Your dealership may be required to collect and remit sales tax to those states even though the dealership does not have any physical presence there. · Review for any use tax obligations. When transacting out-of-state purchases that collect sales tax at a rate less than the state of domicile, the dealership may be liable to pay the difference in rates to the state where it conducts business. · Review whether vendors are properly charging sales tax on purchases. For example, some vendors do not include sales tax on machinery when sold to a dealer. However, these purchases are usually subject to sales tax. In addition, company vehicles either purchased from other dealers or transferred from used vehicle status are subject to sales tax. · If your dealership is charging a service charge for the use of credit card payments, check to determine if sales tax is being charged on the service charge on taxable sales.

Employee Fringe Benefits

· Employee fringe benefits, including transportation and on-site gym fees paid by employees, are no longer deductible. These should be posted to separate accounts. Conversely, employees are not required to report these fringe benefits as income.

SECTION 163J: Non-Floor Plan Interest

· The deduction of non-floor plan interest could be limited for tax purposes. · Commencing with the 2022 tax year, depreciation and amortization are no longer an addback for the purposes of calculating adjusted taxable income related to interest expense limitations. · Consideration should be given to subjecting all interest (floor plan and non-floor plan interest) to the limitation, if it is advantageous from a bonus depreciation perspective.

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SECTION 199A: Partnerships or S Corporations

· Business owners could be eligible for the 20% deduction on qualified business net income from partnerships or S-corporations originating from dealerships or realty companies. · In certain circumstances, owners of the dealership are personally recognizing income related to the dealership (i.e., reinsurance rebates). In order to maximize the Section 199A deduction, the dealership should consider recognizing this income rather than the individual owner.

SECTION 45W: Qualified Commercial Clean Vehicles

ENERGY TAX CREDITS Credit for Qualified Commercial Clean Vehicles (45W) Section 13403 – · Up to a $7,500 tax credit is available to defray up to 30% of the incremental cost of replacing diesel- or gas-powered commercial vehicles under 14,000 lbs. with full EVs (cars, pick-up trucks, utility vans) · Up to a $40,000 tax credit is available to defray up to 30% of the incremental cost for commercial vehicles over 14,000 lbs. with full EVs (larger vans, buses, refuse trucks, long haul trucks). Up to a 15% credit for the replacement of qualifying vehicles with cleaner, but non-EV, alternatives are also available. · Further details on the credit can be found at Inflation Reduction Act of 2022 - Vehicle related credits. · For installations after December 31, 2022, the maximum credit is up to the lesser of $100,000 or 6% of cost for the installation of alternative fueling infrastructure at locations other than non-private residences. Alternative fuel infrastructure includes EV chargers and hydrogen, ethanol, natural gas, compressed natural gas (CNG), liquified natural gas (LNG), liquified petroleum gas (LPG), and biodiesel fueling infrastructure. There is a 5x credit (or 30%) awarded to projects meeting prevailing wage and apprenticeship hour requirements (although the $100k total credit cap still applies). Credits are restricted to properties in low income communities and rural areas. · Up to a $4,000 tax credit is available for a qualified used electric vehicle (EV) or fuel cell vehicle (FCV) from a licensed dealer for $25,000 or less.

Accounting and Tax Planning Guide for Automotive Dealerships - 2023/2024

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New Vehicles Delivered on April 18, 2023, through December 31, 2023*

New Vehicles Tax Credit Amount Vehicle MSRP Caps Modified Adjusted Gross Income (MAGI) Caps

· Critical minerals requirement only: $3,750 · Battery component requirement only: $3,750 · Meets both requirements: $7,500

Used Vehicles 30%

of the sale price, up to a maximum credit of $4,000

· Sedan: $55,000

· Vehicle purchased must be

· SUV/Truck/Van: $80,000

from a licensed dealer for

Excludes destination fees.

equal to or less than $25,000

· Married, filing jointly: $300,000

·M arried, filing jointly or surviving spouse:

· Head of household: $225,000

$150,000

· All other filers: $150,000

· Head of household: $112,500

·M ust have a tax liability of at least $3,750

· All other filers: $75,000

or $7,5000, respectively

· Must have a tax liability of at least $4,000

· Must file Form 8936 with your tax return

·N ot be claimed as a dependent on another

· Not purchased for resale

person’s tax return ·N ot have claimed another used clean vehicle tax credit in the three years before the purchase date · I ndividual MAGI from either the year of delivery or year prior may be used, whichever is less and below the threshold ·M ust file Form 8936 with your tax return ·N ot purchased for resale

Qualified Vehicles

attery capacity of at least 7kwH ·B

ale price of $25,000 or less ·S

·G ross vehicle weight rating of less than

·H ave a model year at least two years earlier

14,000 pounds

than the calendar year of purchase

·B e made by a qualified manufacturer

·F irst time sold as used after August 16, 2022,

·U ndergo final assembly in North America

to a qualified buyer

·A s of April 18, 2023, must meet the critical

·G ross vehicle weight rating of less than 14,00

mineral and battery requirements

pounds ·B attery capacity of at least 7kwH ·B e for use primarily in the United States

* Beginning 1/1/2024, buyers can transfer their tax credit to dealers at the time of sale to be used as a down payment. Dealers can now register on IRS Energy Credits Online to participate. Starting in 2024, dealers submit a “time-of-sale” report which confirms vehicle eligibility for a credit. If an eligible credit is transferred, the dealer can reduce the purchase price or provide cash to the buyer. Dealers should receive reimbursement from the U.S. Treasury within 72 hours. - IRS.gov

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Form 1099

· Review all payments made to unincorporated entities and certain service providers during the year and determine who was paid $600 or more. Verify that a W-9 is on file for all vendors. Consider sending a copy of a blank W-9 to all vendors paid in the last quarter of the year.

Due Dates 1. Form 1099-Misc: Issued to recipient(s) – 01/31/24, Filing with IRS. If you choose to file paper forms, the deadline is February 28, 2024. The electronic filing deadline is on April 01, 2024, for the 2023 tax year.

2. Form 1099-NEC: Issued to recipient(s) – 01/31/24, Filed with IRS 01/31/24 3. No extensions are available for filings of 1099-NEC. 4. Form 1099 must be issued to lawyers regardless of whether or not the lawyer or law firm is an organized corporation, partnership, S corp, etc.

State Pass-Through Entity Tax

· Many states and jurisdictions have adopted similar Pass-Through Entity Tax (PTET) pronouncements that enable flow-through businesses, such as S corporations and partnerships, to elect to pay and deduct the income taxes on the owners’ share of income at the entity level, rather than at the personal income tax level. These changes to the states and jurisdictions’ tax laws provide a deduction to net income-reducing federal taxable income. The PTET rules are complicated and differ from state to state. Please reach out to your tax consultant for guidance. · Keep in mind, PTET payments are only deductible in the year in which they are paid. Make sure all PTE payments are paid before year-end. · Different states have hard deadlines on when to make a PTET election. Be cognizant of the deadline date so that the entity does not miss out on the opportunity to participate in the filing.

Customer Information Safeguards

· Commencing June 9, 2023, dealerships will be required to comply with updated safeguards related to customer information. Penalties can be significant if safeguards are not in place.

Accounting and Tax Planning Guide for Automotive Dealerships - 2023/2024

Form 8300

· In addition to filing Form 8300, the dealership must provide a written notice

by January 31, on an annual basis to each person from whom the dealership received over $10,000 in cash payments and for which a Form 8300 was filed. This is due to each recipient by February 1, 2024. · Review Form 8300 filings for the past year for potential errors and verify no filings have been unintentionally omitted. Starting January 1, 2024, certain businesses will need to electronically file (e-file) Form 8300, rather than filing a paper return. The new requirement, announced by the Internal Revenue Service, pertains to businesses that are already obligated to e-file particular information returns, such as Form 1099 and Form W-2, as well as those mandated to file 10 or more information returns, excluding Form 8300.

Quarterly Estimates

· Make sure the quarterly estimates due to federal, state, and local jurisdictions (if applicable) are paid timely. Consider reviewing your quarterly financial statements to determine any notable increases in income and to prevent any unexpected increase in estimate payments at the end of the year.

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Transactions and Calculations In this section we review a few of the ways we can help you improve cash flow and make knowledgeable investment decisions.

Transactions Cash and Investment Accounts •

Prepare all bank reconciliations. Review and investigate old outstanding items for potential year- end adjustments and consider reporting unclaimed property to state agencies, especially DMV checks. It is the dealership's responsibility to ensure that DMV checks are reissued in a timely manner to prevent hefty fines.

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Review the cash clearing accounts to ascertain that there are no unusual transactions in the account. Make sure that all balances are current and will clear in the subsequent month.

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Interest and dividends from investments should be recorded in separate accounts from that of the cash management account interest.

Accounts Receivables • Review the aging of all receivable schedules including contracts in transit and employee receivables.

normal payment terms. Typically, problems are a result of dealership issues and not the manufacturer

• Determine why old outstanding receivables are not

(i.e., warranty submission and delivery reporting).

being collected. Is it a customer credit issue or is the

• Write off any uncollectible balances, after proper

lack of collection due to poor dealership operations?

authorization. To prevent having to write off any

• Make sure One Pays, or other forms of promissory

uncollectible balances consider placing customers

notes to new and used vehicle customers, are not

with outstanding receivables over 60 days on an

being abused by the sales department.

“inactive” status, thereby creating a credit hold until

• Parts and service receivables – Revisit customers’ available credit. Consider reducing credit limits.

the balance is brought current. A weekly review should also be completed.

• Manufacturer receivables (i.e., holdback, incentives,

• Review credit balances on the schedules for proper

rebates, floor plan assistance, and warranty) –

application of consumer accounts or potential year-

determine why receivables are outstanding beyond

end adjustments.

Accounting and Tax Planning Guide for Automotive Dealerships - 2023/2024

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Calculations Year-End Prepaids and Accrued Expenses • Review the prepaid schedules and recalculate the actual pre-payments. Adjust for year-end, if necessary.

• Review for any expenses where services or goods have been received but not yet paid for. Look for any missing invoices that will be received after the year-end.

Fixed Assets

• Review the fixed asset depreciation schedule. Consider

• Review your listing of demos, company vehicles, and

taking an inventory of the fixed assets, especially

service units. Demos and company vehicles, such as

computers and specialized tools.

loaners, should be written down monthly. Review the

• Be familiar with the company’s capitalization policy.

valuation for demos and company vehicles at year-end

The IRS has a De-Minimis Safe Harbor rule that allows

and adjust the book value, accordingly. Service units,

purchases of $2,500 or less to be expensed. If you

such as parts vans and plow trucks, are depreciable

have an audited financial statement, you are allowed

assets. These should not be written down monthly.

to expense purchases of $5,000 or less. Review all

• Review all additions to fixed assets and make sure

additions for the year and reclassify disbursements

that sales tax is charged on sales tax applicable items

that do not conform to the policy. Consider some items

purchased. Some vendors will not charge sales tax or

such as repairs, maintenance, office and shop supplies.

will charge a different rate. In this case, the use tax or

All expenses related to the addition of assets should

differences should be included on your next sales and

be included with the respective assets (i.e., freight, tax,

use tax return filing. Remit the use tax then.

delivery, and installation).

• Passenger automobiles with unloaded weight of 6,000

• If eligible, take advantage of the IRS Section 179

lbs. or less and which were placed into service during

deduction that allows for the immediate write-off of up

2023 may be subject to IRS luxury vehicle depreciation

to $1,160,000 in qualified assets, placed into service by

limits, while vehicles weighing more than 6,000 lbs. may

year-end.

be exempt from the depreciation limits and may qualify

• 80% bonus depreciation may be available to dealerships for 2023 assets placed in service by year-end, including leasehold improvements except for internal structural framework, enlargements to the building, and elevators or escalators.

• Bonus depreciation will continue to sunset in 2024 where the benefit will reduce to 60% and will reduce 20% every year thereafter until it stands at 0% in 2027.

Evaluate the benefit of a cost segregation study if the dealership has constructed/acquired a building or made significant leasehold improvements. Cost segregation studies typically result in greater current depreciation expense.

for a Section 179 deduction.

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Accounting, Inventories, and Expenses As the business landscape changes for automotive dealerships, it is important for business leaders to stay up to date with the latest standards and regulatory changes. In this section, we provide new perspectives on the strategies that help improve your bottom line.

Accounting Finance Reserves

Floor Plan

• Reconcile all receivables from financial institutions, per

• Reconcile the floor plan statement to the general ledger.

general ledger, to the financing source statement.

• Any unrecorded adjustments and chargebacks should be done at year-end.

Investigate any unusual or old reconciling items.

• Accrue all floor plan interest and charges related to year-end.

• Review your floor plan balance on a regular basis. To prevent any unnecessary interest, make sure that after the floored

Rental Units

vehicle is sold, the floor plan balance is paid off within 10 days.

• If the dealership has leased rental units, the value of the rental units should be included on the balance sheet,

Notes Payable and Leases

along with the liability (pay-off) amount.

• Review statement and match principal balance to the trial

• Review the valuation for rental units at year-end and adjust the book value accordingly.

balance.

• Review the amortization of the loan and reclassify the current and long-term portion of the note. Accrue loan interest expense.

Accounting and Tax Planning Guide for Automotive Dealerships - 2023/2024

Inventories Parts

Vehicles

• Take a physical parts inventory. Using an outside

• If the last-in first-out (LIFO) inventory method is

service to conduct the parts inventory is advised.

used, make sure that the required 12th period LIFO

Ensure that the general ledger is being compared

adjustment is made. A “what if” analysis is needed in

to the parts physical inventory results at the time it

order to estimate the LIFO reserve.

is being conducted. If no physical parts inventory is

• If the lower of cost or market (LCM) inventory method

performed at year-end, reconcile parts inventory to

is used for new vehicles, consider writing down older

the pad and general ledger.

model year vehicles.

• The parts manager should: 1.

2.

Review the parts inventory for any slow-

vehicle and include it as inventory cost reduction on

moving or damaged inventory.

new vehicle inventory. This adjustment is only allowed

Return parts to the manufacturer. Make

if the dealership has adopted the accounting method

sure the parts manager is aware of the

of capitalizing floor plan assistance, rather than

manufacturer’s parts return policy. The parts

offsetting floor plan assistance against floor plan

manager should be taking advantage of parts

interest expense.

returns throughout the year.

3.

• Identify the floor plan assistance (FPA) for each new

• Used vehicles – If the LCM inventory method is

Identify any obsolete inventory that is not

used, write down used vehicles to valuations listed in

allowed to be returned and needs to be written

official used car guides (Galves, NADA) as the average

off, after proper authorization.

wholesale price for a comparable vehicle. Each used car vehicle must be written down individually. If the vehicles are packed, the cost of the vehicle, for the purpose of calculating used vehicle write down, is the amount in inventory less the pack amount. You cannot write down used vehicles by using an overall reserve method (i.e., fixed percentage).

• If inventory values include “hard” pack, the balance of pack accounts should be reviewed and adjusted to account for the actual number of vehicles in inventory at year-end.

Work in Process (WIP) • Review the open repair order (RO) report and reconcile WIP (including WIP accrual) to the general ledger (GL).

Make sure that differences between WIP and GL are analyzed.

Uniform Capitalization Adjustment • Prepare the annual IRS Section 263A inventory adjustment.

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Accounts Payable and Accrued Expenses • Accrue all year-end expenses. Any accrued expenses must be paid within two and a half months after year-end.

• Year-end bonuses - Year-end salary accruals to owners of a dealership are not deductible for tax purposes.

• Normal salaries and pay plans • Employee benefits (medical, 401(k), etc.)

• Advertising • Rent (Note: Rents paid to related cash basis parties must be paid by year-end in order for the dealership to deduct the expense during the year.)

• Utilities • Manufacturer audit chargebacks • Litigation settlements that have not been paid • Keep accounts payable open as long as possible to capture all expenses.

• Reconcile the manufacturer open parts statement to the general ledger. Investigate any unusual or old reconciled items.

• Intercompany – If applicable, reconcile balances due to and from intercompany or related companies. If possible, settle/ pay intercompany balances before December 31st.

Reinsurance Companies • Reconcile all payments made to the reinsurance company to the documents provided by the administrator. Make sure all payments and deals are recorded by the administrator.

• Have all payments made to the reinsurance company by year-end. Accrue the December transactions at year-end.

• Obtain the IRS warranty adjustment service warranty income method (SWIM) from the reinsurance administrator.

• After year-end, request a copy of Form 8886 from your administrator.

Accounting and Tax Planning Guide for Automotive Dealerships - 2023/2024

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EXPENSES

Owners of the Dealership • Determine the interest on loans with the owners of the dealership, or any other related entity. Make sure the calculated interest is received or paid by year-end.

• If the dealership operates as an S corporation, ascertain that all shareholder distributions were made in proportion to their ownership interest. If not, make a distribution to match, based on year-end percentage.

• If the dealership operates as a Limited Liability Company (LLC), it is recommended that member distributions and contributions be made in proportion to each member’s ownership interest. Guaranteed payment schedules and/or work papers must be maintained and agreed to GL accounts. These payments, made to the owners, must be in accordance with written agreements.

• Review shareholder or member basis to determine if there is sufficient tax basis for the shareholder to take tax losses on their individual return.

• Create and maintain a schedule of taxes paid on behalf of the owner. Include tax type paid, payee, date, and amount paid.

Expenses • Corporate taxes – maintain a schedule of when the estimated federal, state, PTE, and city corporate income/franchise taxes were paid. Include payee, amount, and payment date.

• Non-floor plan interest – make sure interest not related to floor plan is segregated from floor plan interest.

• CMA Interest Income should be separately accounted for on your trial balance.

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About the Authors PARTNER AND CO-LEADER - AUTOMOTIVE DEALERSHIP INDUSTRY PRACTICE | WFERNANDEZ@CITRINCOOPERMAN.COM Will Fernandez is an accounting and tax partner with over 30 years of experience and co-leader of the firm’s Automotive Dealership Industry Practice. He specializes in serving clients in the auto dealership industry, manufacturers and distributors of auto parts, medical devices, and food products, and also advises high net worth individuals.

Wilfredo Fernandez

With his deep expertise in auto dealerships, Will works closely with clients on dealership acquisitions, negotiations, and manufacturing documentation, including projections and forecasts. He also develops strategies for year-end and ongoing tax issues, as well as automotive tax compliance and implications with regards to mergers and acquisitions.

PARTNER AND CO-LEADER - AUTOMOTIVE DEALERSHIP INDUSTRY PRACTICE | EKERA@CITRINCOOPERMAN.COM Ellen Kera is a partner and the practice co-leader of the firm's Automotive Dealership Industry Practice with over 20 years experience in public accounting.

ELLEN KERA

Her main focus is in the automotive industry, where she delivers value by pairing her expertise with specialized services, including consulting on complex tax matters and helping clients implement best practices.

Ellen Kera

Ellen specializes in identifying areas within auto dealerships with the potential to increase profit centers, while ensuring their compliance-related state and federal tax requirements are being met. She also advises her auto dealership clients on mergers and acquisitions, tax planning as it relates to the sale and acquisition of the dealership, preparation of dealership franchise applications and proformas, and financial projections and forecasts. Ellen also provides tax planning for high-net-worth individuals.

Our Team •

Ann Torno, Partner

•

vrodriguez@citrincooperman.com

atorno@citrincooperman.com •

Giuseppe Bueti, Director

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Joseph Esposito, Director jesposito@citrincooperman.com

Michaela Jerkowski mjerkowski@citrincooperman.com

gbueti@citrincooperman.com •

Victor Rodriguez, Manager

•

Salvatore Trachina strachina@citrincooperman.com

Accounting and Tax Planning Guide for Automotive Dealerships - 2023/2024

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About Us Inside Citrin Cooperman's Automotive Dealerships Industry Practice Citrin Cooperman’s Automotive Dealerships Industry Practice is comprised of a team of professionals who specialize in helping dealers grow their businesses. We review how our clients' businesses are structured, how employees are compensated, and how they operate across their profit centers. Based on our extensive industry experience, we help our clients adopt best and provide advice and guidance on strategic initiatives.

Our client base is largely made up of multi-point auto groups, to whom we provide timely professional services and industry insights. Working with dealership owners, leadership, and management at every stage of their business' growth, we continue to expand our relationships in step with our clients' expansions. We are a recognized leader in the auto industry, providing business intelligence to automotive industry professionals across the nation.

About Citrin Cooperman Citrin Cooperman is one of the nation’s largest professional services firms. Since 1979, the firm has steadily built its business by helping companies and high net worth individuals find practical, actionable solutions to help them meet their short-term needs and long-term goals.

Citrin Cooperman clients span an array of industry and business sectors and leverage a complete menu of service offerings.

Citrin Cooperman is one of the nation’s largest professional services firms. Since 1979, the firm has steadily built their business by helping companies and high net worth individuals find practical, actionable solutions to help them meet their short-term needs and long-term objectives. Citrin Cooperman clients span an array of industry and business sectors and leverage a complete menu of service offerings. Citrin Cooperman & Company, LLP, a licensed independent CPA firm that provides attest services and Citrin Cooperman Advisors LLC, which provides business advisory and non-attest services, operate as an alternative practice structure in accordance with the AICPA’s Code of Professional Conduct and applicable law, regulations, and professional standards. The entities include more than 450 partners and 2,500 total professionals. Learn more about Citrin Cooperman here: www.citrincooperman.com

Accounting and Tax Planning Guide for Automotive Dealerships - 2023/2024

We are a recognized leader in the auto industry, providing business intelligence to automotive industry professionals across the nation.

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ACCOUNTING AND TAX PLANNING GUIDE FOR AUTOMOTIVE DEALERSHIPS - 2023/2024

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"Citrin Cooperman" is the brand under which Citrin Cooperman & Company, LLP, a licensed independent CPA firm, and Citrin Cooperman Advisors LLC serve clients’ business needs. The two firms operate as separate legal entities in an alternative practice structure. The entities of Citrin Cooperman & Company, LLP and Citrin Cooperman Advisors LLC are independent member firms of the Moore North America, Inc. (MNA) Association, which is itself a regional member of Moore Global Network Limited (MGNL). All the firms associated with MNA are independently owned and managed entities. Their membership in, or association with, MNA should not be construed as constituting or implying any partnership between them.