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Planning Strategies for Your Two Biggest Assets: Inventory and Real Estate
Covid-19 has had a major impact on auto dealerships, often resulting in lower inventory levels. When coupled with the LIFO method of inventory, this may result in a subsequent increase in taxable income. This seminar will discuss inventory-specific strategies that address this additional tax burden. Many dealers are looking to maximize tax savings on their real estate as well, and this session will also explore a variety of real estate savings strategies that fully leverage current legislation. A number of real-life examples will be presented and ample time will be provided for questions and discussion.

Learning Objectives:

• Understand the impact of Covid on the dealership industry.
• Assess the pros and cons of making a new LIFO election or terminating an existing LIFO election.
• Understand other inventory-based strategies that reduce taxable income.
• Explain how strategies like Section 179 Expensing, Bonus Depreciation, the Tangible Property Regulations (TPRs) and Energy Incentives all contribute to a comprehensive real estate tax strategy.
• Explain the implications of the CARES Act’s correction of QIP recovery period and how to incorporate retroactive CARES Act changes into past returns.
• Use various tax strategies in a strategic manner to maximize savings.

Course Outline:

1. Introduction
2. LIFO Update
3. Latest on Depreciation and Expensing for Real Estate
– Bonus Depreciation
– 179 Expensing
- Tangible Property Regulations (TPRs)
4. Q&A #1
5. Examples of LIFO situations
6. Capstan Case Studies
7. Q&A #2
Recommended CPE: 2.0 Credits
Program Level: Intermediate
Prerequisites: General Background in Accounting, Depreciation and Cost Segregation
Advanced Preparation: None
Field of Study: Taxes

May 26, 2021 01:00 PM in Eastern Time (US and Canada)

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