How inventory reductions will affect your LIFO reserves
The Pandemic. Microchip shortages. Record-low auto inventory shortages. Will it ever end?
And if you use the Last-in-First-out (LIFO) accounting method to recapture tax, it could be threatened this year. If your store has seen a big inventory drop from last year to this one, your LIFO recapture could be significant.
Designed for dealer principals, general managers, CFOs, controllers, and dealership CPAs, Brian and Phil also will discuss the most-recent updates on tax legislation in Washington, DC and how those updates will affect dealerships in 2022 and beyond.
How inventory reductions will affect LIFO and other inventory deferral elections
Options for dealers with LIFO recapture
How the new federal tax bill will affect tax planning strategies from 2021 into 2022
The details
When
Tuesday, December 7
8 - 9:30 a.m.
Webinar
Price
$159
Register today!
BONUS!
Do you offer medical benefits to your employees through CADA Insurance Services?
Attend FREE! Call 303.831.1722 for your code.
Want to attend FREE? EmailCraig Gordon or call: 303.457.5118.
About our presenters
Brian Wallace, CPA is the national tax practice leader at Withum. Brian joined the firm in 1998, and provides real estate and retail automotive servicing clients with tax, accounting and business advisory services. An industry thought leader, Brian sits on the Auto Team America Tax Committee (a network of CPA firms dedicated to automotive).
Philip Craft, CPA is a manger in Withum’s automotive practice. He dedicates his time to dealership accounting and primarily works in tax, M&A and business advisory services. He spends most of his time in dealership conference rooms around the country and often contributes on tax law, government assistance programs, auto tech trends and other hot topics.
What we’ve learned since 2018 and how that can help you
Since the Colorado Retail Warranty Reimbursement law was passed three years ago, it's been a huge win for Colorado dealers — by giving you a way to secure fair and reasonable market-rate reimbursement for your warranty claims.
We've also learned a lot about the process in Colorado. Today, nearly 50 percent of Colorado new car franchise dealers work with CADA's Endorsed Provider Armatus Dealer Uplift. Armatus has a feel for how each manufacturer interprets provisions of the statute. The law has been a huge win for Colorado dealers, by giving them a way to secure fair and reasonable market-rate reimbursement for their warranty claims.
Join us at 8 a.m. Thursday, December 9 as Armatus Dealer Uplift’s Joe Jankowskiand Fairfield and Woods PC’s Michael Dommermuth present a refresher on retail parts reimbursement, the success to date in Colorado, and some ‘insider baseball’ on submitting for your annual labor rate. Michael Dommermuth will discuss your statutory remedies, if your manufacturer is not compensating your dealership at retail rates after submitting.
Do you offer medical benefits to your employees through CADA Insurance Services?
Attend FREE! Call 303.831.1722 for your code.
Want to attend FREE? EmailCraig Gordon or call: 303.457.5118.
About our presenters
Joe Jankowski is managing partner and Jordan Jankowski is the director of Operations for Armatus Dealer Uplift, a Hunt Valley, MD-based firm specializing in retail warranty reimbursement submissions. They have consulted on 13 retail warranty statutes and are recognized as subject matter experts in this technical arena.
Michael J. Dommermuth, director of Fairfield & Woods, P.C. helps dealerships in legal matters throughout the lifecycle of their businesses. As chair of the firm’s automobile dealership group, he brings more than three decades of experience counseling clients through the transactional, litigation, and regulatory hurdles entailed in operating a dealership in Colorado and throughout the Rocky Mountain West.
Congratulations to Jay Cimino, named as 2021 Business Citizen of the Year
Jay Cimino, president and CEO, Phil Long Dealerships, and founder of Mt. Carmel Veterans Center, was recognized as the Colorado Springs Chamber & EDC’s 2021 Business Citizen of the Year at the organization’s annual GALA.
Jay at podium receiving his award, from left to right: Dirk Draper, President and CEO of the Colorado Springs Chamber & EDC, Gina Cimino, President of Mt. Carmel of Colorado, Kevin O’Neil, 2019 Award recipient, and Jay Cimino, President and CEO of Phil Long Dealerships.
More than 800 community and business leaders celebrated this year’s recipient at the Chamber & EDC’s annual GALA, held Saturday, Nov. 13 at The Broadmoor.
The award recognizes a business individual who contributes to the economic growth and prosperity of the Colorado Springs area, is involved in the betterment of the community through active civic participation and demonstrates a willingness to assist in business and community projects, among other factors.
“Jay is not only an incredibly innovative and successful entrepreneur, but also one of our region’s most generous philanthropists. His passion for this community is equally as impressive as his business success, overseeing Phil Long Dealerships, Colorado’s largest privately held auto group. He employs more than a thousand people throughout Colorado, with a significant number here in the Pikes Peak region. He invests in his employees, our region’s veterans and military installations, and his community. He truly embodies Business Citizen of the Year,” said Dirk Draper, president and CEO of the Colorado Springs Chamber & EDC.
Cimino, a Trinidad, Colorado native and Marine Corps veteran, joined Phil Long Dealerships in 1975 as general manager, ultimately leading to his current position of president and CEO. His philanthropic contributions are many:
He was instrumental in helping renovate and build an addition on to the Marian House, expanding it from a soup kitchen to a self-sufficient center.
He leads an organization-wide annual Pikes Peak United Way campaign, where employees have pledged over $1 million for local nonprofits and community members in need.
He helped spearhead 15 Fantasy Playgrounds throughout Colorado, including those at America the Beautiful and Memorial parks in Colorado Springs.
Perhaps his proudest accomplishments are the Mt. Carmel Wellness and Community Center in Trinidad and the Mt. Carmel Veterans Center in Colorado Springs, serving Southern Colorado’s veterans, including transitioning military members. Cimino also supports the Fort Carson Resiliency Campus and Warrior Transition Battalion. He also co-founded The Home Front Cares, which merged in 2020 with Pikes Peak Care Network to form the Home Front Military Network.
Since 2020, Cimino has been inducted into the Colorado Business Hall of Fame and into the inaugural 2021 Colorado Automotive Hall of Fame.
For information about any Endorsed Provider's products or services, contact Marsha Temple 303.457.5123 office | 303.589.3801 mobile
Will Your Life Insurance Policy Die Before You Do?
Most business owners spend hours monitoring the important things in their life — things like employee payroll, inventory management, and equipment maintenance all get done because the consequences of ignoring them could be costly. Unfortunately, what many people don’t realize is that their life insurance should be regularly reviewed and managed as well.
When was the last time you reviewed your life insurance program? Taking into account the differences between term insurance and permanent insurance, you should review policy basics including named beneficiaries, rider benefits, and billed premium amount. Changes in interest rates, premium payments, or policy loan balances over the years can impact the performance of a permanent policy and deserves attention. The reality is the average consumer may not understand how their life insurance policy works or how it’s performing over time.
Without regular review, it may be difficult to answer important questions about your policy. For example:
Are the beneficiary designations still correct?
On permanent policies, has the crediting interest rate changed?
Have you ever missed or changed the amount of a premium payment, not received a dividend, or taken a loan?
Most importantly, does the amount of coverage, purpose, and the projected duration still match your goals?
Without knowing the answers to these questions, it’s hard to know if your policy will be there when you need it for the reason you bought it. Your policy may be performing very differently today than what you expected based on illustrations you received when you purchased the policy. So, what’s the solution? Ask for an annual life insurance policy review. This is an opportunity to review your current coverage and needs. The goal is to identify any gaps in your insurance program and take any corrective action that may be needed.
To review your policies you need to gather up your policy, the last annual statement, and any inforce projections you have and share it with your insurance advisor. They can provide the following to make sure your coverage still meets your objectives:
An analysis of your policy’s current and projected performance
An understanding of current riders and benefits
Potential coverage and premium options depending on performance
You already allocate significant resources towards your insurance plan — isn’t it worth a few minutes to make sure it’s meeting your needs and will continue to be there when you need it? To help avoid unexpected surprises, take these important steps to review your policies today.
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