McLEAN, Va. -

The National Automobile Dealers Association is hosting a free Webinar this week to explain the tax implications of tangibles regulations, a rule that came on the books last year.

The 90-minute session — which is set to include several experienced certified public accountants — is scheduled to begin at 1 p.m. ET on Wednesday.

NADA recapped that last December, the IRS issued temporary “tangibles regulations” to clarify whether certain expenditures by taxpayers to acquire, produce or improve tangible property, may be expensed or must be capitalized or depreciated.

Dealer accountants have advised NADA that, while some dealerships will be impacted more than others, two other factors come into play, including:

—It is highly likely that every dealership in the country will be affected in some manner.
—To comply with the regulations, and to take advantage of new opportunities in the regulations, dealers must request a change in their accounting method.  

NADA has arranged for several experienced CPAs from the accounting firm Boyer & Ritter to present a NADA University Webinar to explain this development and the time frame in which dealers must act.

The Webinar will be moderated by Paul Metrey, NADA’s chief regulatory counsel of financial services, privacy and tax.

The event is free for NADA and ATD members and their contracted professionals such as accountants and attorneys. Click here to register. For more information, call (800) 557-6232.