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AICPA Supports Auto Dealer Relief

Wednesday, Apr 20 2022
Tax
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Car dealerThe American Institute of CPAs has endorsed a bipartisan bill in Congress that would offer auto dealerships tax relief. The Supply Chain Disruptions Relief Act would allow dealerships to wait until as late as 2025 for their inventory to be replaced in order to determine income attributable to the sale of inventory in 2020 or 2021. 

The bill is sponsored in the House by Representatives by Dan Kildee (D-MI) and Jodey Arrington (R-TX). 

 

The AICPA thanked the two for seeking relief for automobile dealers who use Last-In-First-Out (LIFO) accounting. Such dealers “are struggling to replace inventories in the wake of various COVID-19-related government restrictions that caused disruptions in foreign trade and the global supply chain,” the organization wrote,

Bob Scott
Bob Scott
Bob Scott has provided information to the tax and accounting community since 1991, first as technology editor of Accounting Today, and from 1997 through 2009 as editor of its sister publication, Accounting Technology. He is known throughout the industry for his depth of knowledge and for his high journalistic standards.  Scott has made frequent appearances as a speaker, moderator and panelist and events serving tax and accounting professionals. He  has a strong background in computer journalism as an editor with two former trade publications, Computer+Software News and MIS Week and spent several years with weekly and daily newspapers in Morris County New Jersey prior to that.  A graduate of Indiana University with a degree in journalism, Bob is a native of Madison, Ind
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