Dedication and Commitment to Dealerships
MichaelSilver has served the unique needs of privately-held automobile and truck dealerships since the firm was founded in 1944. The MichaelSilver Automobile and Truck Dealerships team is dedicated to serving a broad variety of small to medium-sized dealerships. This experience has proven to be one of the firm’s most important areas of industry specialization. We provide a full range of services, including:
Operational Consulting Services
The team’s years of hands-on industry experience enables us to truly counsel and advise our clients to better understand their financial reports and take appropriate real-time actions to maximize profits. Our unique consultation approach gets right to the heart of the issues, which are presented and explained in a clear and personal way.
We provide our clients personal attention 365 days a year. To help optimize and improve their operations’ performance, we review and analyze dealership clients’ monthly factory financial statements to compare and contrast statistics to provide value-added advice.
Tax Consulting and Compliance Services
Our team of 20+ tax professionals can offer advice about how to minimize dealerships’ tax burden. We can also capably complete the necessary tax returns and address many other compliance requirements that dealerships face – daily, monthly, and annually. Additional service offerings include:
- Annual and long-term tax planning for both the business entities and the stockholders and their families
- Tax compliance and assistance with tax issues, such as LIFO calculations and tax-favored calculations regarding a variety of manufacturer incentive programs
- Representation at federal and state income and sales tax audits
- Consultation regarding the complex sales tax issues faced by dealerships
- Proactive rather than reactive advice and guidance (we have our fingers on the pulse of upcoming tax law changes allowing us to help dealerships plan for the effects of those changes.)
- Highly-effective cost segregation studies on major capital improvements, such as site improvements, and other depreciation strategies
- Estates, gifts, and trusts planning for individual owners and/or family businesses
Accounting and Assurance Services
We have the expertise to provide the year-end compliance services and financial statement services specific to dealers. We work closely with your in-house accounting department to keep costs under control. We have experience meeting the expectations of dealer industry lenders in order to provide the high quality deliverables they expect associated with:
- Non-financial Statement Engagements
- Other Value-Added Services Tailored for Dealerships
Get Started – Expert Review
Get started with MichaelSilver. Let us demonstrate the added value we can deliver to your dealership.
We will review and analyze your most recent dealership income tax returns, internally-prepared factory financial statements, and externally-prepared financial statements, if applicable. This review and analysis is provided without cost or obligation, is completely confidential, and will provide details, in writing, of our findings and suggestions.
Our review and analysis lasers in on the tax and financial issues unique to dealerships, such as LIFO, tax-favored treatment of manufacturer incentive programs, cost segregation studies and other depreciation opportunities, quality of financial statement presentations, and benchmark calculations for dealership operations. Our report will address all of these concerns and provide guidance for future action.
Automobile and Truck Dealerships Expert Team
Phil Kent, CPA, Partner
Neil Friedman, CPA, Senior Partner
Judy Mason, CPA, CVA, Partner
- Advice on Captive Insurance Companies
- Internal Controls Evaluation and Analysis
- Interim Check of Balance Sheet Accounts
- Business Valuation Services
- Planning and Execution of Dealership Purchase and Sale Transactions
- Succession Planning
- Real Estate Analysis and Consultation
- Payroll and Benefit and Retirement Plans
- Sales Tax Compliance Audits
Joseph Roznai CPA: Sales Tax Audits in Dealerships… Large 6 & 7-Figure Judgments are Becoming More Common- Prepare Now!
Presenter: Joseph Roznai, CPA with Michael Silver & Co.
Original Air Date: January 17, 2013
Program Length: 105 minutes
Phil Kent: Best Practices for Using Benchmarks to Drive Improved Dealership and Departmental Results
Presenter: CPA and Partner at Michael Silver & Company CPAs
Original Air Date: November 15, 2012
Program Length: 110 minutes