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)
Tuesday, January 30, 2018
As you scramble to get up-to-date on changes to the federal tax rules under the Tax Cuts and Jobs Act, there also will be major changes to U.S. Generally Accepted Accounting Principles (GAAP).
Friday, October 27, 2017
Legislation enacted in 2015 established a new IRS audit regime for partnerships and limited liability companies (LLCs) that are treated as partnerships for tax purposes.
Thursday, October 26, 2017
We are in the midst of hurricane season now, but the eastern and southern shores aren't the only parts of the country at risk for catastrophic events.