A Few Of The Typical Questions The Examiner Wish Ask You Regarding Your Sales...

• What types of transactions did you have for the year under examination?
• Do you sell guarantee programs?
• Do you sell finance contracts? Who do you sell them to?
• Do you support a personal record or list of your profits on each vehicle or deal?
• Do you have a dealer reserve account at any fiscal institution?
• Did you sell any vehicles to another dealers?
• Did you sell any vehicles at auction?
• Did you have any third party funding sales?
• Did you have any scrap sales?
• Did you have any consignment sales?
• Did you have an in-house dealer funding sales?

You wish discover ALL the questions that wish be asked regarding your sales transactions once you see Uncle Sam's Tax Audit Assistant for the Independent Used Car Dealer.

This Is The ACTUAL Instructions 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?

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