Lumsden McCormick represents some of the largest auto dealerships in New York State. We have decades of experience working with auto dealers and can assist with specialized issues such as LIFO 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 others in terms of gross profits, advertising costs and IT expenditures.
Our team of experienced service providers stays 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 gives us unique insight and access to information on issues that impact dealers. We also support the Niagara Frontier Automobile Dealers Association (NFADA) and Rochester Auto Dealer’s Association.
Our auto dealer services include:
Audit and assurance services
- Accounting systems, policies and procedures
- Audits, reviews and compilations of financial statements
- Employee benefit plan audits
- Forecasts and projections
- Operations and internal control audits
- Corporate taxation
- Cost segregation studies
- Federal and state tax audits
- Hybrid credits
- Individual taxation
- International taxation
- LIFO (last in, first out) inventory strategies
- Multi-state nexus and taxation
- Sales tax reporting and compliance
- State and local tax issues
- Tax credits and business development incentives
- Tax planning
- Business valuations
- Cash flow analysis
- Forensic accounting, litigation and valuation
- General ledger consulting
- Mergers and acquisitions
- Strategic planning
- Succession planning and business structure
- Warranty and rebate claim reviews
- American Institute of Certified Public Accountants (AICPA)
- AICPA Employee Benefit Plan Audit Quality Center
- Member of the Center for Public Company Audit Firms of the AICPA
- BDO Alliance USA
- New York State Society of Certified Public Accountants (NYSSCPA)
- Public Company Accounting Oversight Board (PCAOB)
Friday, August 18, 2017
A new accounting standard on credit losses goes into effect in 2020 for public companies and 2021 for private ones. Here’s how the new methodology differs from existing practice.
Tuesday, August 1, 2017
Employers must comply with a variety of laws involving the minimum wage and overtime. The Trump administration is signaling that it may revise the current rules.
Tuesday, August 1, 2017
Employers must comply with federal minium wage and overtime requirements to pay the state or local minimum wage rate if it's higher.