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The COVID-19 pandemic has completely disrupted supply chains around the world for nearly every business, 包括汽车经销商, which are experiencing a huge inventory crunch that has impacted their ability to acquire inventory, 而客户需求仍然很高.
The American Institute of CPAs (AICPA) is asking the 美国国税局 to help automotive dealers who have been unable to maintain inventory due to the pandemic.
The AICPA requested relief under Section 473 for qualified 税payers that (1) use the last-in, first-out (LIFO) method of accounting for inventory and (2) that have experienced a decrease in their ending inventory because of the ongoing pandemic. For 税payers that account for their inventory under LIFO valuation methodology, 当库存水平显著下降时, 前几年的律师被清算, 然后纳税人必须确认收入. Section 473 relief would allow a qualified 税payer to replace the inventory over a three-year “replacement period,” thus decreasing the significant 税 liabilities that most automotive dealers are experiencing relative to the inventory shortage.
根据第473条救济, 税payers would make an election on their timely filed federal income 税 return for the first 税 year following the LIFO layer liquidation year. 对于大多数经销商来说, this election statement would be made on their 2021 income 税 returns, 除非他们选择一种新的安全港方法. 美国注册会计师协会推荐了一种新的安全港方法, which would allow a qualified 税payer to disregard the LIFO layer liquidation year and retain the LIFO layers relative to the beginning inventory balances of the liquidation year. If the 税payer increases its inventory balances to pre-COVID levels by the end of the replacement period, no income will need to be recognized on the liquidated layers.
In instances where a dealer’s income 税 return has already been filed for the liquidation year, the AICPA letter requests that the 税payer be able to make a late election by filing an amended return within 90 days of IRS guidance being published, or by filing a Form 3115 Application for Change in Accounting Method with its 2021 income 税 return.
施耐德唐斯汽车bet9平台游戏集团 will continue to monitor guidance relative to potential inventory 税 relief. If your dealership has experienced an inventory disruption and you would like to discuss this issue further, 请与我们的税务顾问联系.