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Independent Used Car Dealers Edition

Can you remember your last experience with the Internal Revenue Service? 

As you sit there and read the beginning of this manual you will start to feel yourself become relaxed and totally in control of the audit process. Picture yourself sitting with the Internal Revenue Service Audit Agent knowing beyond a doubt that you have everything in order. See yourself at the end of the audit shaking hands with the Audit Agent and saying thank you. You have a smile on your face as you watch him walk out the door.

The IRS MANUAL written specifically for Internal Revenue Service Audit Agents to use while conducting audits of Independent Used Car Dealers.

A Note From The IRS to it’s Audit Agents…

A few dealers have been found attending out of state auctions to facilitate buying and selling cars off the books – this creates a compliance concern for the Internal Revenue Service.

A Few Of The Typical Questions The Examiner Will Ask You Regarding Your Sales…

  1. Do you keep a personal record or list of your profits on each vehicle or deal?
  2. What types of transactions did you have for the year under examination?
  3. Did you sell any vehicles at auction? 
  4. Did you sell any vehicles to other dealers? 
  5. Did you have any consignment sales? 
  6. Did you have any scrap sales? 
  7. Did you have an in-house dealer financing sales? 
  8. Did you have any third party financing sales? 
  9. Do you sell finance contracts? Who do you sell them to? 
  10. Do you sell warranty programs? 
  11. Do you have a dealer reserve account at any financial institution?

You will learn ALL the questions that will be asked regarding your sales transactions when you read Uncle Sam’s Tax Audit Assistant for the Independent Used Car Dealer.

This Is The ACTUAL Manual Used To Train IRS Audit Agents For Auditing Independent Used Car Dealer.

GUARANTEED to be chock-full of ALL of the information you need to survive an audit from the IRS in an easy to understand format!

Is your record-keeping up to standards…IRS standards?

  1. Are sales taxes reported in the gross sales price?
  2. How often do you reconcile deposits to income? You will identify the specific bank accounts that sale are deposited in to.
  3. Can you show how cash sales transactions are recorded? Has there ever been a time when they were not recorded in this manner?
  4. Do you have any business expenses in which you pay cash? You will be required to provide specific examples and show how they are documented.
  5. Are customer deposits recorded on the books when they are received?
  6. How are customer deposits recorded when the sale is finalized?
  7. Give specific examples of when sales have not been deposited.
  8. Are licensing fees or titling fees included in the sales price?
  9. Do you have an outside accountant/bookkeeper record your sales? If so, explain in detail what records you provide.
  10. Do you disregard your minimum gross profit to consummate a sale?

If you have read this far, I am certain you are intelligent enough to know that you don’t have all the answers the IRS is going to be looking for…

You Will Learn How To Be Prepared To Give The Correct Answers!


  • Chapter 1
    • Industry Background
    • Introduction 1-1
    • Industry Jargon 1-1
    • Industry Overview 1-1
    • Impact of State Regulation and
    • State Law 1-2
    • Curbstoners 1-3
    • Records 1-3
    • Consignments 1-5
    • Auctions 1-6
    • Titling Issues and Processes 1-7
    • Automobile Sales 1-9
    • Initial Interview 1-11
    • Information Sources on Used Car Dealers 1-18
  • Chapter 2
    • Accounting Methods
    • General Information 2-1
    • Change of Accounting 2-2
  • Chapter 3
    • Gross Receipts
    • Introduction to Gross Receipts 3-1
    • Internal Controls 3-1
    • Miscellaneous Income 3-2
    • Fee Income 3-3
    • Rebate Income 3-4
    • Warranty Contracts 3-5
    • Consignments 3-6
    • Dealer Financing 3-6
    • Sales Taxes, Registration &
    • Licensing Fees 3-7
    • Non-Taxable Receipts 3-8
    • Income Reporting 3-8
    • State Departments of Transportation/Motor
    • Vehicles 3-10
    • Repossessed Vehicles 3-11
    • Introduction to Cost of Goods Sold/Inventory 4-1
    • Inventory Valuation 4-3
    • Accounting Records 4-3
    • Trade-Ins 4-4
    • Cost Basis of a Trade-In 4-4
    • Trade-in Valuation 4-6
    • Repossessions 4-11
    • Issues 4-12
    • General Audit Techniques 4-13
    • Specific Audit Techniques 4-14
    • References 4-17
    • Sample Workpapers 4-19
  • Chapter 5
    • Balance Sheet
    • Introduction to Balance Sheet 5-1
    • Cash 5-1
    • Accounts Receivable 5-2
    • Inventory 5-3
    • Loans to Shareholders 5-3
    • Loans Versus Constructive Distributions 5-4
    • Fixed Assets 5-5
    • Loans From Shareholders 5-6
    • Short Term Liabilities 5-7
    • Other Current Liabilities 5-7
    • Deferred Income Accounts 5-8
    • Retained Earnings 5-10
  • Chapter 6
    • Expense Issues General 6-1
    • Advertising Expense 6-2
    • Amortization 6-2
    • Contributions 6-4
    • Dues and Subscriptions 6-5
    • Interest Expense 6-5
    • Legal and Professional 6-5
    • Employee Benefits 6-6
    • Freight and Delivery 6-6
    • Commissions and Fees 6-7
    • Demonstration Expense 6-8
    • Insurance Expense 6-10
    • Group Health Insurance 6-11
    • Vehicle Service Contracts
    • (Extended Service Warranty) 6-12
    • Corporate Owned Life Insurance 6-12
    • Payroll 6-13
    • Policy Work or Adjustments 6-13
    • Rent Expense 6-14
    • Travel and Entertainment 6-15
  • Chapter 7
    • Required Filing Checks
    • General Information 7-1
    • Form 7-2 Employee/Independent
    • Contractor Status 7-4
    • References 7-6
  • Chapter 8
    • Related Finance Companies Overview 8-1
    • Economic Reasons 8-1
    • Validity or Form of RFC 8-3
    • Economic Substance 8-4
    • Issues 8-5
    • Issue Development 8-6

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