Beware of the “Reciprocal Trust” Doctrine
Having spouses’ trusts that are too similar isn’t simpatico with the IRS and may trigger unintended tax consequences.
Whether your auto dealership is a closely held family business or part of a regional public company, your accounting needs call for industry specialists who understand that your business challenges can be complex. From keeping costs in check and managing dealership accounting systems to planning for a seamless ownership transition, you want proactive solutions from consultants you can trust.
Lumsden McCormick represents auto dealerships both large and small across New York State. We have decades of experience working proactively with owners and management to assist with specialized issues, such as LIFO (last in, first out) inventory calculations, cost segregation, cash flow, and succession planning. With years of experience and a broad client base, we are able to benchmark client operations and demonstrate comparisons with your industry peers in terms of gross profits, advertising costs, and IT expenditures.
Our experienced team of certified public accountants stay current on industry developments through our active participation in several industry organizations. Lumsden McCormick is a proud member of the BDO Alliance USA Dealer Industry Group, which provides timely information and unique insights that we can leverage to your advantage. Locally, we support the Niagara Frontier Automobile Dealers Association and Rochester Automobile Dealers Association.
Our auto dealer services include:
For more information about our innovative auto dealership accounting and consulting services, contact Sherry DelleBovi or complete the form below.
Given the proposed tax rate increase to individuals, planning will be the key to mitigate financial stress. Your key takeaways from this one-hour discussion will include planning strategies that you can implement now.Learn More