Quote:
Originally Posted by HOF_Forever
I've often wondered how many dealers accurately track things like COGS, net sales, expenses, and inventory to get a truly accurate financial picture. Anecdotally I'd guess the number is pretty low but I've never been on that side of the table.
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I suspect there's an almost direct proportion between how big or small a dealer is to how much of their activity gets reported to the tax people. Big guys with sizeable bank accounts, etc., will get audited, and they'd better have some decent records of income, expenses, inventory, et al. Little guys, part-time guys, not so much.