Collin Kanelakos, CPA, Partner, Dealer Services Group

Collin joined LGT in 2000 and has nearly two decades of experience in public accounting. He is responsible for audit and consulting services, as well as accounting and tax services for a number of businesses. His extensive auditing experience includes, but is not limited to, financial audit statements of dealerships, SEC registrants, audits of U.S.-domiciled subsidiaries of foreign registered public companies, privately-owned companies, and employee benefit plans. Collin also assists clients with deferred tax calculations, provides assistance with acquisition accounting, and evaluates and provides recommendations to enhance accounting department internal controls.

Recent Posts

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

Weighing the Benefits of LIFO

Many dealerships use an inventory accounting method known as LIFO to defer their income tax liabilities. However, using LIFO, which stands for “last in, first out,” requires some additional recordkeeping and may make your dealership appear less profitable to outsiders. So, it’s important to compare the pros and cons before deciding whether to use LIFO or not.
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Topics: Auto

Compilations, Reviews, and Audits

Not all financial statement preparation is the same

Do you know the differences between financial compilations, reviews, and audits? CPAs engage in all three types of financial statement reporting for auto dealerships and other businesses. But each endeavor has its own level of requirements, depth, and outcomes.

It’s important to understand that, depending on the level of assurance selected, CPAs perform procedures of varying degrees of complexity when evaluating a company’s assets, liabilities, revenues, and expenses. Here are descriptions of the three main types of CPA engagements.

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Topics: Auto