DEATH AND TAXES: AUTO DEALERS FACE THEIR FINAL RECKONING

摘要

Auto retailers survived the Great Recession only to face death by taxes. Auto retail is the largest single sector of the economy, and nearly 75% of dealers sit on a huge, unfunded tax liability with the imminent phase-out of Last-In, First-Out (LIFO) inventory accounting. The tax bill may come sooner than anticipated with recent rhetoric in Washington to balance the federal budget and pressure from the SEC for convergence with international financial reporting standards (IFRS).