In a letter last week to lawmakers, the AICPA said it supports efforts by Congress to provide tax relief to businesses that were unable to maintain inventory during the COVID-19 pandemic.
While the pandemic impacted most industries to some degree, the automotive industry is among those most affected.
The AICPA endorses the bipartisan Supply Chain Disruptions Relief Act, which would allow automotive dealerships to wait until as late as 2025 to replace their inventory to determine the income attributable to the sale of inventory during 2020 or 2021. Read more.