NADA recently released to its members A Dealer Guide to the Tax Cuts and Jobs Act of 2017. The guide, available online at www.nada.org, summarizes many of the business and individual changes brought about by the tax reform law signed by President Trump on December 22, 2017, and represents the collective drafting efforts of three accounting firms (Boyer & Ritter, LLC; Crowe Horwath LLP, and Dixon Hughes Goodman LLP).
Dealers are encouraged to share the guide with tax advisors to assist with tax planning and reporting responsibilities.
The Tax Cut and Jobs Act of 2017 (TCJA), the most complex and comprehensive tax bill in more than 30 years, contains many technical provisions that will affect dealerships for years to come.
Following a brief overview of the legislative process that produced the TCJA, the guide is organized in two sections, “Business Tax Considerations” and “Individual Tax Considerations.” Each section contains an alphabetical listing of key provisions that are relevant to franchised automobile and truck dealerships.
The guide does not address every provision of the Internal Revenue Code that affects franchised dealers, nor does it provide or intend to provide legal or accounting advice on the subject matter. It is essential that dealers consult with their tax practitioners concerning their specific federal income tax compliance responsibilities.
Courtesy of PAA Bulletin No. 6, 3/26/2018