Automobile & Truck Dealerships

Our dedicated team serves the unique needs of small- to medium-sized, privately-held automobile and truck dealerships.

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Auto Dealership

Professional Services

We have the experience and expertise needed to help address many of the operational and financial challenges faced by professional service firms. We also partner with attorneys to provide a range of value added services designed to help them serve their clients.

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Professional Services

Manufacturing & Distribution

We assist a broad range of manufacturing and distribution entities with their unique financial requirements. We maintain the highest quality standards in our compliance work and focus on bottom line results, strategic planning, and asset protection.

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Manufacturing & Distribution

International Services

Our team of international consultants, tax professionals, and accountants have helped clients from over 30 countries expand into the US. We have also helped numerous US businesses expand outside our borders.

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International Services
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Tax Planning & Consulting, State & Local Tax, Estates, Gifts, and Trusts, and more...

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Audits, Reviews, Compilations, Bookkeeping & Payroll, and more...

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Business Advisory Services, Mergers & Acquistions, Commercial Lease Negotiation, and more...

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Learn More about Michael Silver & Company CPA's business valuation services.

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Vehicle & Equipment Leasing

Leadership in Vehicle and Equipment Leasing

The business of leasing vehicles and equipment presents a variety of unique operational concerns. Not being aware of — or failing to take advantage of — the many tax and accounting benefits available can easily prevent your leasing company from being competitive and achieving its fullest potential. For over 65 years, leasing businesses have relied on Michael Silver & Company CPAs’ broad industry expertise. We serve clients ranging in size from locally-owned entities to multi-national organizations. The range of services we provide to help your leasing business improve and maintain its competitive financial edge include:

Tax Consulting and Compliance

Several tax rules and elections exist that are beneficial to leasing businesses. Beside the federal tax laws, each state has its own set of unique rules. Michael Silver & Company’s leasing expertise allows us to choose those tax rules that provide the best benefit to your particular situation. Depending on the facts and circumstances, each asset may be depreciated using a variety of methods. By “managing” depreciation expense, we can develop a strategy that defers the payment of income taxes by financially profitable leasing businesses. The additional cash flow allows for faster growth of your business and greater financial flexibility. As leasing specialists, we stay current with the ever-changing tax environment. We can also prepare all of the required federal, state and municipal tax filings.

Our tax consulting and compliance services include:

  • Federal, state and municipal income and sales tax compliance, including complex state unitary income tax filings
  • Choosing the most beneficial accelerated depreciation methods for your specific situation
  • Establishing a like-kind exchange program to defer paying tax on the gain from sale of the assets held for lease
  • Preventing or minimizing the payment of the alternative minimum tax
  • Representation at federal, state and municipal income, sales and other tax audits
  • Negotiating tax settlements
  • Guidance for choosing the best entity structure
  • Continual long-term tax planning for the leasing business, the owners and their families
  • Income tax projections for year-end planning

Financial Accounting and Audit

Obtaining competitive financing is a constant struggle. Financing costs that are greater than your competitors puts your business at a significant disadvantage. Incorrectly prepared financial statements will make it more difficult to obtain financing, especially at competitive rates. The team at Michael Silver and Company CPAs has years of experience in preparing financial statements that can help optimize the opportunity for competitive rate financing. We work with your accounting team to ensure that manufacturer incentives, deferred taxes and other accounting matters unique to leasing are recorded properly in your financial records.

Our financial accounting and audit services include:

  • Audits of financial records
  • Reviews of financial records
  • Compilations
  • Cash flow projections
  • Meetings with lenders
  • Other non-financial statement engagements, such as special testing, forensic analysis, etc.

Other Value-Added Services Unique to Vehicle and Equipment Leasing

Additional services we provide designed to enhance your leasing business include:

  • Review of lease agreements
  • Assistance with negotiation and analysis for business acquisitions, sales and mergers
  • Business valuations
  • Succession planning
  • Review and analysis of internal controls
  • Employee benefit plans (retirement, medical, etc.)
  • Estates, gifts and trusts planning for individual owners and/or family businesses

Our Vehicle and Equipment Leasing Professionals

Michael Silver & Company CPAs clients rely on our knowledge and expertise in understanding the unique challenges they face, as well as the solutions they need to implement in order to keep their leasing businesses operating efficiently. Whether it’s tax, accounting, or consulting related challenges, Michael Silver & Company CPAs’ dedicated team can assist.

Joe Roznai, CPA

Joe Roznai, CPA — Partner

Joe has over 30 years of experience serving the tax needs of vehicle and equipment leasing businesses. He is well-versed in the applications of complex income tax rules to minimize tax exposure at both the federal and state levels. Joe also advises clients on their sales and lease tax responsibilities and on the records required to protect against significant tax audit assessments. He has represented clients before the IRS, as well as state and local government taxing authorities, in audits, appeals, and other controversies. Joe has been a guest tax expert on WGN radio, has written tax articles, and is a frequent speaker on a broad range of tax topics.

Mark D. DeVience, CPA

Mark D. DeVience, CPA — Partner

Mark has been providing expertise and guidance to vehicle and equipment leasing businesses for over 27 years, serving businesses ranging in size from local to multi–national entities. He has applied his extensive knowledge of the complex federal and state income tax rules to devise strategies that have created significant long-term income tax deferrals for his clients. Mark has also worked directly with state taxing agencies in obtaining clarification to laws benefiting leasing companies, and he has many years of experience representing clients during tax examinations

Phil Kent

Phil Kent, CPA — Partner

Phil has provided accounting, audit and consulting services to vehicle and equipment leasing companies, both large and small, since joining Michael Silver & Company in 1984. He has delivered audits, reviews and compilations as well as value–added guidance related to the nuances of financial statements provided to the industry’s lenders, focusing on their specific requirements. Phil has also provided consulting advice on industry matters ranging from profit analysis, lease structure and the effects and impact of various depreciation and disposition strategies, geared to both short–term and long–term goals of profitability and effective tax planning. Phil’s articles on leasing have been published in leading industry periodicals.