Summer 2018
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221 S. Warren St., Syracuse, NY 13202 | (315) 472-9127 |
Dannible & McKee, LLP provides automotive dealerships with a full range of audit, tax and consulting services. Our skilled team understands the specific factors involved in operating a profitable dealership, so whether you are a single franchise or large multi-franchise operation, our experts will provide you with the specialized services you need to become even more successful. Because of our extensive experience in this industry, you can always expect high-quality financial and consulting services.

For assistance or more information, please contact Karl Jacob, CPA/PFS, CFP®, CDA at (315) 472-9127 or [email protected] and let us know how we can be of service.

Insurance: Do you have adequate coverage?

Auto dealerships are legally required to carry certain types of insurance to operate in most states. This article can help a dealership sort through the three main types of insurance for them: garage liability, physical damage and workers’ compensation. A sidebar on the co-insurance penalty provides some insight into that punitive measure.

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Tax credit could prompt more paid family and medical leave

The TCJA introduces a new tax credit for businesses that voluntarily offer paid family and medical leave to their employees — a tax break that could make it more affordable for dealerships to provide this employee benefit to their workers. This article explains how to qualify for the credit and its potential financial value to a dealership.

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Hiring a CFO or controller
When, and if, it seems time to add a financial executive — a CFO or controller — to a dealership’s staff, management will need to determine if the dealership can afford one and what that person might bring to the game. This article provides financial thresholds to consider when making the decision, and discusses CFO and controller responsibilities.

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Lease accounting standard — Get ready! Deadlines are fast approaching
Deadlines for adopting the new lease accounting standard (ASU No. 2016-02) that was issued two years ago are quickly approaching. If a dealership is publicly held, it must adopt the new standard by December 15, 2018, if its fiscal year begins after this date. If a dealership is nonpublic, it has an extra year to adopt the new standard — until December 15, 2019, if its fiscal year begins after this date. This article spotlights the requirements and its possible impact.

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This publication is distributed with the understanding that the author, publisher and distributor are not rendering legal, accounting or other professional advice or opinions on specific facts or matters, and accordingly assume no liability whatsoever in connection with its use. ©2018 • AFCsu18