Business Details
Automotive Accounting & Tax Services in Bloomington, IL
At Woodward & Associates, we have dedicated over three decades to delivering personalized financial and tax guidance tailored specifically for automotive dealerships. Our expertise spans from fundamental tax management to advanced services like audits, financial planning, and dealership valuations. As one of the leading automotive accounting firms in the United States, we combine deep industry knowledge with a team-oriented approach to ensure every client receives meticulous attention and strategic insight.Our commitment to excellence is reflected in our team of seasoned tax professionals and our ability to serve over 275 automobile dealerships nationwide. We prioritize high standards, proactive problem-solving, and long-term client relationships, positioning ourselves as trusted partners in navigating the complexities of automotive taxation and financial management.
Services
Tax Preparation
LIFO Inventory Computations
Dealership Valuations
IRS Representation
Financial Statement Analysis
Highlights and features
- We offer 30+ years of specialized experience in automotive accounting.
- Our team serves over 275 dealerships nationwide with tailored solutions.
- We provide comprehensive services including tax, audits, and operational consulting.
- Our staff includes seasoned CPAs with deep industry-specific expertise.
- We prioritize proactive strategies to optimize dealership profitability and compliance.
Services
Tax Preparation
We provide comprehensive tax planning and preparation tailored for automotive dealerships. Our services ensure compliance with evolving tax laws while minimizing liabilities and maximizing cash flow. Clients benefit from strategic guidance on corporate, personal, and payroll tax returns.
LIFO Inventory Computations
Our firm specializes in Last In First Out (LIFO) calculations for vehicle and parts inventories. This service helps dealerships reduce tax liabilities annually by accurately tracking inventory costs for income tax purposes.
Dealership Valuations
We offer in-depth dealership valuations for estate planning, mergers, and sales transactions. Our analysis considers industry metrics and financial benchmarks to determine fair market value and support informed decision-making.
IRS Representation
Professional representation during IRS audits ensures compliance and reduces stress for clients. Our team advocates on behalf of dealerships, addressing tax authority inquiries and resolving disputes efficiently.
Financial Statement Analysis
Monthly financial statement analysis helps dealerships monitor performance against industry standards. We identify areas for improvement and provide actionable insights to enhance profitability and operational efficiency.
People
Phil Wegeng
CPA, ABV
Phil Wegeng is a certified public accountant with specialized accreditation in business valuation. He provides expert financial guidance to automotive clients, leveraging his technical expertise and industry knowledge.
Jessica Woodward
CPA
Jessica Woodward delivers tailored accounting solutions as a licensed CPA. Her focus on client needs and regulatory compliance ensures dealership financial success.
Scott Woodward
CPA
Scott Woodward specializes in automotive tax strategies and financial planning. His experience supports clients in achieving long-term business goals through proactive accounting practices.
Eddie Plesha
CPA
Eddie Plesha provides auditing and tax advisory services to dealerships. His analytical approach ensures accurate financial reporting and compliance with industry standards.
Tasha Roberts
CPA
Tasha Roberts focuses on dealership financial analysis and operational consulting. Her expertise helps clients optimize performance and navigate complex tax regulations effectively.
Questions
What accounting services do you offer for automotive dealerships?
We provide tax preparation, LIFO inventory computations, financial statement analysis, IRS representation, and dealership valuations tailored to automotive businesses.
How can you help improve dealership profitability?
Our financial analysis identifies efficiency opportunities, while tax strategies minimize liabilities. Operational consulting streamlines processes to boost dealership performance.
Do you represent clients during IRS audits?
Yes, we offer professional IRS representation to resolve tax disputes and ensure compliance during audits for dealership owners.
What is LIFO inventory computation and why is it important?
LIFO calculations track inventory costs for tax purposes, reducing taxable income by prioritizing newer inventory costs for automotive dealerships.
