With over 25 years of experience personalizing our accounting and tax services to clients, we provide solutions that respond to unique automotive industry requirements. Our strong understanding of tax obligations and credits, and our ability to navigate appeals and tax court, make us a valuable extension of your team.
Partner with Polston Tax for comprehensive automobile industry accounting and tax resolution assistance.
At Polston Tax, we understand the tax challenges you face as an automotive business, whether you’re a dealer or a manufacturer. We help you navigate areas such as:
Accounting for used car dealers and new vehicle franchises can be complex. Polston tax helps dealerships navigate distinct accounting challenges and satisfy tax requirements.
Our experience with the Internal Revenue Service (IRS), generally accepted accounting principles (GAAP), and numerous state tax codes enable us to curate an optimal accounting and tax strategy for your dealership. We can analyze your business to determine the most pragmatic revenue recognition strategies and expense reporting. With our support, you can confidently determine and report sales tax from various revenue streams. We also help to determine tax deduction opportunities for expenses like trade-in purchases and vehicle value depreciation.
Polston Tax can help you exercise the options available to you when the IRS or state tax commission claims your dealership owes money.
As a dealership or other business in the automotive industry, you may qualify for several credits. These incentives help you subtract from the money owed to support your business growth and success.
The federal government offers reductions like the Electric Vehicle Tax Credit, a federal credit for sellers of new and used electric vehicles that qualify. The Investment Tax Credit (ITC) consists of various energy-related projects that may apply to automotive businesses investing in solar, wind or other qualified energy systems.
Dealerships and other auto businesses can also benefit from their employment practices. The Work Opportunity Tax Credit applies to companies that hire people from groups facing barriers to employment. Dealerships that qualify as small businesses can use the Small Business Healthcare Tax Credit if they offer a qualified plan from the Small Business Health Options Program (SHOP) Marketplace.
Automotive producers and designers may benefit from other reductions, such as an R&D credit for bringing new efficiencies to manufacturing, design and development processes.
State-specific automotive credits may include incentives for selling clean vehicles, like at the federal level. Other reductions include job creation incentives for automotive manufacturing in states like Georgia and South Carolina. If you research and develop clean energy automotive solutions, you may qualify for benefits. Certain states also have rewards for using advanced battery technologies in the automotive industry.
From accounting for used car dealers to tax court representation for franchises, Polston Tax offers diverse capabilities from experienced CPAs and attorneys.
Collaborate with us to develop a personalized accounting strategy and tax plan:
Our automotive industry tax resolution services include the following:
Collaboration and process personalization drive results in the automotive industry. With Polston Tax, you will follow a precise road map to your objectives with skilled navigators at your side. Our process streamlines the pursuit of your bookkeeping and tax management goals:
With comprehensive tax planning, accounting and tax resolution capabilities, Polson Tax is a leading partner for automotive industry companies of all sizes. We will personalize a strategy for tracking revenue, recording expenses and meeting tax requirements. Contact us online to schedule a free consultation.
