The playbook on family

Posted by Jonathan Cook, Senior II, Tax Services on May 25, 2017

As any dealer will tell you, running a successful dealership is already challenging enough without managing the risk of family dramatics spilling over into the day-to-day operations. To get ahead of these types of risks, you must make the separation of business and family unmistakably clear. A formal, written family employment handbook is one way to do this.

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Topics: Auto, Accounting Tips, Tax, Audit

Getting your brand mix right

Posted by Danni Douglas, Staff I, Tax Services on May 25, 2017

Adding or swapping a franchise requires due diligence

After several strong sales years in a row, some auto dealers are considering adding a franchise to expand their sales base.

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Topics: Auto, Accounting Tips, Tax, Audit

Make fringe benefits a symbiotic relationship

Posted by Jonathan Cook, Senior II, Tax Services on May 25, 2017

None of your competitors will shed a tear at your employee turnover rate. They want the most talented staff, and poaching your best becomes a lot easier if you have lacking fringe benefits that competitors can thrust into the limelight. According to the National Automobile Dealers Association (“NADA”), in 2016, there was a worrying overall turnover rate of 40% at dealerships. Even worse, the NADA reported that turnover among salespeople in 2016 was a daunting 72%.

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Topics: Auto, Accounting Tips, Tax, Audit

Is your dealership following these guidelines?

Posted by Danni Douglas, Staff I, Tax Services on May 25, 2017

With so many rules to follow, the first step to ensuring compliance is to make sure that you’re aware of them. It is also suggested to create a compliance checklist for each of your transactions to guide the process while following the laws and best business practices.

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Topics: Auto, Accounting Tips, Tax, Audit

How you can run a “greener” dealership

Posted by Danni Douglas, Staff I, Tax Services on Mar 22, 2017

There is an increasing emphasis on how business activities effect the environment throughout many different industries. Automobile dealership operations can leave a heavy carbon footprint, so this industry has many opportunities for change.

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Topics: Auto, Accounting Tips, Tax

Are you ready for the new overtime rules?

Since the 1930s, U.S. businesses have relied on rules detailed in the Fair Labor Standards Act ("FLSA") to determine which employees are eligible to receive overtime pay. These rules are scheduled to change on December 1, 2016, for the first time in more than a decade.

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Topics: Auto, Accounting Tips, Tax

Vehicle Recalls

Posted by Jonathan Cook, Senior II, Tax Services on Oct 19, 2016

Making the best of a bad situation

The National Highway Traffic Safety Administration has reported that more than 8.4 million airbags have been replaced due to recalls in the past two years, and that number continues to grow. The avalanche of defective airbag recalls was catalyzed in 2015 by numerous incidents of injury or death during vehicular collisions, caused by flying metal shards launched from airbags manufactured by a specific Japanese supplier.

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Topics: Auto, Accounting Tips, Tax

Auto Dealers under the FLSA – Fair Labor Standards Act

Automobile dealerships are subject to certain rules and regulations under the Fair Labor Standards Act. Here are some need-to-know facts.

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Topics: Auto, Accounting Tips

Why You Need to Formalize Your Retirement Plan Policy

If your dealership offers a retirement plan to employees, you have certain fiduciary responsibilities as the plan’s sponsor. Failure to meet these responsibilities can be costly, because corporate officers (as fiduciaries) may be held personally liable to restore losses suffered by plan participants.

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Topics: Auto, Firm News, Accounting Tips, Retirement Plan Services

How to monitor and manage your dealership’s online reputation

Most dealerships know how important it is to generate positive word of mouth among customers and prospects. But “word of mouth” now goes beyond just what people are speaking to others about your dealership.

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Topics: Auto