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Kathleen Petrucci

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Updated Form 8300 and Reporting for Cash Payments Over $10,000

The IRS has recently revised its Form 8300, which businesses must file within 15 business days of receiving over $10,000 in cash from a buyer in a single transaction or related transaction.

1040 Tax Tips for Reporting Automotive Manufacturer Incentive Payments

It’s tax time again; time again to remember how to treat those manufacturer incentive payments on your Form 1040, U.S. Individual Income Tax Return.

Big Win for Auto Dealers on UNICAP Issue

NADA, along with the help of dealership and CPA firm representatives, was successful in obtaining a uniform capitalization (UNICAP) victory for automobile
Kathleen Petrucci | 4.29.2010

Effective Immediately - Employers With Cafeteria Plans Can Allow Employees To Make Pre-tax Contributions for Adult Children

According to an IRS news release, as a result of changes made by the recently enacted Affordable Care Act, health coverage provided for an employee's children under 27 years of age is now generally tax-free to the employee, effective March 30, 2010.

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Go Green and Get a Tax Deduction

Ford’s Go Green Dealership Sustainability Program was unveiled over the weekend at the NADA convention in Orlando, Florida. Under the program, Ford will collaborate with dealers to implement cost-effective ways to improve the energy efficiency of their facilities. Specifically, Ford hopes the end result will be the long-term reduction of an individual dealer’s carbon footprint, as well as operating costs.

Tax Benefits for New Vehicle Buyers Set to Expire December 31

The American Recovery and Reinvestment Act of 2009 contains several tax benefits for the buyers of new vehicles. These benefits expire December 31, 2009 so now is the time to encourage sales. Kathy Petrucci provides details.

Tips for Communicating with Employees

Solicit Opinions. Employees want to have a voice in the activities of the business. Solicit their opinions. However, if you ask for their suggestions,

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