Lou Young, a Principal at Withum, has over 25 years of experience in dealership accounting and consulting.
He coordinates specialized services for clients, including but not limited to line-item benchmarking, internal controls, financial statement analysis, fixed operations financial analysis, information safeguarding, operational reviews, and warranty analysis. He assists clients with state regulatory oversight issues, including general compliance, consumer affairs, and sales tax issues.
Lou has performed corporate financial planning, automotive factory financial statement analysis, and departmental internal control analysis. He is actively involved with mergers, consolidations, and cash flow planning, and performs business valuations for mergers, acquisitions, gift tax, and estate planning. He specializes in retail automotive consulting, valuations for small to midsize businesses, SBA consulting, ERTC consulting, business brokering, and business development.
Lou is an active member of the National Association of Certified Valuation Analysts (NACVA) and the BIA State Business Tax Committee. He has conducted dozens of workshops and seminars on various dealership management issues for state dealer associations, dealer 20 groups and private organizations.
Learn more about my professional experience and how I spend my time outside the firm.
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Many questions have surfaced amongst auto dealerships regarding seller and transfer reports and how to properly report them on the IRS Energy Credit Online Portal. While the roll-out of the portal has been bumpy, the Internal Revenue Service (“IRS”) is working through the problem areas as they are presented. The updated IRS guidance regarding these…
On December 21, 2023, the IRS released details about its second settlement initiative relating to the employee retention credit (ERC). See IR-2023-247, Announcement 2024-3, general information, and FAQs. The IRS previously released a withdrawal option on October 19, 2023, for taxpayers who either did not receive their ERC checks or did not cash them. The…
As of March 20, 2023, the IRS has published five documents expressing that the employee retention credit (ERC) is rife with fraud because of unscrupulous tax credit shops. See October 19, 2022 (press release); November 7, 2022 (COVID Tax Tip); March 7, 2023 (press release); March 7, 2023 (OPR Memo); March 20, 2023 (IRS adds…