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Discusses books and records, inventory, aftersale financial products and other issues unique to the industry These may include related financial companies, covenant not to compete, advertising associations, etc…..

TABLE OF CONTENTS

• CHAPTER 1: INDUSTRY BACKGROUND
  • Introduction 1-1
  • Industry Jargon 1-1
  • Industry Overview 1-1
  • Impact of State Regulation and State Law 1-2
  • Curbstoners 1-3
  • Records 1-3
  • Consignments 1-5
  • Auctions 1-6
  • Titling Issues and Processes 1-7
  • Automobile Sales 1-9
  • Initial Interview 1-11
  • Information Sources on Used Car Dealers 1-18
• CHAPTER 2: ACCOUNTING METHODS
  • General Information 2-1
  • Change of Accounting 2-2
• CHAPTER 3: GROSS RECEIPTS
  • Introduction to Gross Receipts 3-1
  • Internal Controls 3-1
  • Miscellaneous Income 3-2
  • Fee Income 3-3
  • Rebate Income 3-4
  • Warranty Contracts 3-5
  • Consignments 3-6
  • Dealer Financing 3-6
  • Sales Taxes, Registration & Licensing Fees 3-7
  • Non-Taxable Receipts 3-8
  • Income Reporting 3-8
  • State Departments of Transportation/
    Motor Vehicles 3-10
  • Repossessed Vehicles 3-11
• CHAPTER 4: COST OF GOODS SOLD/INVENTORY
  • Introduction to Cost of Goods Sold/Inventory 4-1
  • Inventory Valuation 4-3
  • Accounting Records 4-3
  • Trade-Ins 4-4
  • Cost Basis of a Trade-In 4-4
  • Trade-in Valuation 4-6
  • Repossessions 4-11
  • Issues 4-12
  • General Audit Techniques 4-13
  • Specific Audit Techniques 4-14
  • References 4-17
  • Sample Workpapers 4-19
• CHAPTER 5: BALANCE SHEET
  • Introduction to Balance Sheet 5-1
  • Cash 5-1
  • Accounts Receivable 5-2
  • Inventory 5-3
  • Loans to Shareholders 5-3
  • Loans Versus Constructive Distributions 5-4
  • Fixed Assets 5-5
  • Loans From Shareholders 5-6
  • Short Term Liabilities 5-7
  • Other Current Liabilities 5-7
  • Deferred Income Accounts 5-8
  • Retained Earnings 5-10
• CHAPTER 6: EXPENSE ISSUE
  • General 6-1
  • Advertising Expense 6-2
  • Amortization 6-2
  • Contributions 6-4
  • Dues and Subscriptions 6-5
  • Interest Expense 6-5
  • Legal and Professional 6-5
  • Employee Benefits 6-6
  • Freight and Delivery 6-6
  • Commissions and Fees 6-7
  • Demonstration Expense 6-8
  • Insurance Expense 6-10
  • Group Health Insurance 6-11
  • Vehicle Service Contracts
  • (Extended Service Warranty) 6-12
  • Corporate Owned Life Insurance 6-12
  • Payroll 6-13
  • Policy Work or Adjustments 6-13
  • Rent Expense 6-14
  • Travel and Entertainment 6-15
• CHAPTER 7: REQUIRED FILING CHECK
  • General Information 7-1
  • Form 7-2
  • Employee/Independent Contractor Status 7-4
  • References 7-6
• CHAPTER 8 : RELATED FINANCE COMPANIES
  • Overview 8-1
  • Economic Reasons 8-1
  • Validity or Form of RFC 8-3
  • conomic Substance 8-4
  • Issues 8-5
  • Issue Development 8-6

Don't forget - Uncle Sam's Tax Audit Assistant is tax deductible as a business expense!