The
Ohio General Assembly recently passed legislation
that made the most significant changes to Ohio’s tax
code in the last 40 years. In addition to impacting your dealership
operations, these changes will personally affect you
and your employees. OADA, in collaboration with tax professionals
from the accounting firm of Crowe Chizek and Company
LLC, will be conducting the following seminar designed
specifically to address the changes directly relevant
to the motor vehicle industry.
Seminar
topics will include the following:
The
Commercial Activity Tax (CAT)
Learn
firsthand the details regarding Ohio’s commercial activity
tax and how it will affect your dealership:
-
What
is a "taxable gross receipt", which transactions
are "exempt" under CAT, and other
important definitions
-
Phase-in
and rate schedule for CAT
-
Calculating
CAT
-
Registration
requirements
-
Filing
and payment schedules
-
Establishing
procedures for tracking receipts as well as
exemptions
-
The
opportunity to ask questions regarding CAT
specific to our industry.
Phase-out
of Tangible Personal Property Tax
Affecting
machinery and equipment, fixtures and furniture, and
most importantly, for dealership inventory. Learn how this
phase-out will affect your dealership.
Phase-out
of the Corporate Franchise Tax
Personal
Income Tax Rate Reductions
Computing
Accruals for Tax Liabilities
Answering
Your Specific Questions Regarding the Impact
of these New Tax Changes
Crowe
Chizek and Company LLC provided OADA and dealers around the state their
accounting expertise throughout the budget process so that the financial impact
of various proposals could be understood. While many
programs regarding these tax changes will be offered
around the state, no other seminar will offer a
more knowledgeable or comprehensive program for
motor vehicle dealers.
This
seminar is a fast paced, informative session designed
to provide the information necessary for motor vehicle
dealers to understand the various implications associated
with these changes. Seminar attendees will have an
opportunity to ask questions, and will receive a comprehensive
handout so that they can take what they learned
back to the dealership.
In
order to get the most benefit out of the seminar
program, attendees are encouraged to bring the
following:
-
Calculator
-
Personal
property tax return, 2004
-
Dealership
financial statement, through June (year
to date)
This
seminar is open to dealer principals, general
managers, and in-house accounting personnel. However,
we cannot allow outside accounting professionals to
attend.
Crowe
Chizek and Company LLC has been the accounting firm
of choice for OADA for over 12 years. Their dealer
division specializes in providing tax services to dealerships
and related companies, as well as to dealers themselves.
In addition, a representative from Crowe Chizek’s
"SALT" group (State And Local Tax division) will be
on hand. The SALT group monitors state and local tax laws
and changes around the state, and gauges how they will
affect their clients.
Registration
fees for this seminar series are $75.00 for the
first dealership registrant, and $25.00 for each dealership
registrant thereafter. Presenters for the seminar include:
Accounting professionals from Crowe Chizek, including Stephen Bedell, CPA and
Justin Mohler, CPA; Joe Cannon, Vice President of Government Relations from
OADA; and Charlie Howard, Vice President of Legal Affairs,
OADA.
We
want your questions! The best way for us to
provide the information you need is to hear from you
before the seminar. We will forward your
question(s) to the appropriate people so
that the experts may answer your questions
during the seminar. Please e-mail any
questions you may have to dzahniser@oada.com.
