Business Details
32 Years
experience
Automotive Dealership Accounting Experts
At Woodward & Associates, we have dedicated over three decades to delivering specialized accounting and tax solutions for automotive dealerships. Established in 1994, our firm combines deep industry expertise with personalized service to address the unique financial challenges of the automotive sector. Our team of seasoned professionals brings extensive experience in tax preparation, financial planning, and dealership-specific consulting. We distinguish ourselves through a commitment to understanding the intricacies of automotive accounting, including LIFO inventory methodologies and dealership valuations. With a client base serving more than 275 automobile dealerships nationwide, we prioritize precision in financial reporting and strategic advisory.Our approach emphasizes proactive problem-solving and compliance with evolving tax regulations. By focusing exclusively on automotive industry needs, we provide tailored insights that drive operational efficiency and long-term profitability. Our reputation as a trusted partner is built on transparent communication, rigorous attention to detail, and a track record of delivering results. We remain dedicated to advancing our clients' financial success through continuous learning and adaptation to industry trends.
Services
IRS Representation
LIFO Inventory Computations
Dealership Valuations
Financial Statement Analysis
Internal Control Studies
Pay Plan Consulting
Details
- Year established: 1994
Highlights and features
- 30+ years of automotive accounting specialization
- Serve 275+ national automotive dealership clients
- CPA-led team with LIFO inventory expertise
- Dedicated IRS representation for tax disputes
- Comprehensive dealership valuation methodologies
Services
Tax Preparation
Comprehensive tax preparation and planning tailored for automotive dealerships. Services include corporate, personal, and sales tax returns with strategic optimization for regulatory compliance. Our team navigates complex tax codes to minimize liabilities while maximizing cash flow for dealership operations.
LIFO Inventory
Specialized LIFO inventory computations for new/used vehicles and parts. This service optimizes tax liabilities through accurate inventory valuation methodologies. We provide calculations for income tax returns and consult on inventory management strategies for automotive dealerships seeking financial efficiency.
Dealership Valuations
In-depth valuation analysis for automotive dealerships. Services support estate planning, mergers/acquisitions, and regulatory compliance. Our experts evaluate financial health, market position, and operational metrics to determine accurate business valuations for strategic decision-making.
IRS Representation
Professional audit defense and IRS representation services. We assist dealerships during tax authority examinations, handling federal and state agency communications. Our specialists prepare documentation and advocate for clients to resolve disputes efficiently with minimized financial impact.
Internal Controls
Comprehensive internal control assessments for dealership operations. Services identify financial risks and implement safeguards against theft or mismanagement. We develop customized control frameworks to enhance financial integrity and operational efficiency across dealership departments.
People
Phil Wegeng
CPA, ABV
With decades of automotive accounting experience, Phil specializes in dealership valuations and complex tax planning. His expertise ensures clients receive strategic financial guidance aligned with industry-specific challenges and regulatory requirements.
Jessica Woodward
CPA
Jessica provides specialized tax compliance solutions for automotive dealerships. Her focus on precision in financial reporting helps clients navigate evolving tax regulations while maintaining optimal compliance standards.
Scott Woodward
CPA
Scott leads audit and financial statement services for dealership clients. His analytical approach ensures accurate financial reporting and implementation of effective internal control systems across multiple dealership operations.
Eddie Plesha
CPA
Eddie focuses on dealership succession planning and estate tax strategies. His consulting work supports long-term financial planning for dealership owners preparing for ownership transitions.
Tasha Roberts
CPA
Tasha specializes in LIFO inventory calculations and dealership financial analysis. She helps clients optimize tax positions through accurate inventory valuation methodologies and operational assessments.
Questions
What accounting services do you offer specifically for automotive dealerships?
We provide tax preparation, LIFO inventory computations, dealership valuations, IRS representation, internal control studies, and financial planning tailored to automotive industry needs.
How do your LIFO inventory services benefit dealership clients?
Our specialized LIFO calculations help dealerships reduce taxable income by matching current costs with revenue, optimizing annual tax liabilities for vehicle and parts inventories.
Can you assist with dealership financial audits and compliance?
Yes, we conduct comprehensive financial statement analyses and internal control evaluations to ensure regulatory compliance and financial reporting accuracy for automotive businesses.
Do you represent clients during IRS audits?
We provide professional tax representation services during IRS examinations, handling communications and documentation requirements to minimize audit-related disruptions for dealerships.
What areas do you serve for local automotive businesses?
Based in Bloomington, IL, we serve automotive dealerships nationwide with accounting and tax services specifically designed for the automotive industry.
