The First and Best LIFO Software Available for the Automotive Industry
Used Vehicle Alternative Method Software (UV-AMS) automates the used vehicle LIFO computation and ensures your dealership or dealership client is in full compliance with the Used Vehicle Alternative Method (as defined in Rev-Proc 2001-23).
You will have peace-of-mind knowing SourceHOV | Tax has incorporated all the requirements of the IRS rules into a format that is efficient and easy-to-use. Simply enter the VIN, acquisition date stock, number, mileage and the dealer prep amount (trade-in units may require a few more entries), and UV-AMS does the rest!
After the used vehicle information is keyed into UV-AMS, reports can be generated to form a complete audit trail that can be easily reviewed and understood. Consistency in decisions, accuracy and time savings are just a few of the reasons for using SourceHOV | Tax's UV-AMS.
Why use UV-AMS?
The extensive and time-consuming research that is necessary to comply with the Used Vehicle Alternative LIFO Method is built into the UV-AMS database.
Optional Data Entry Module
This vehicle-only entry module is the perfect solution for CPA’s who want to outsource the vehicle data entry to their clients. The client enters only the vehicle data and performs a backup that is easily restored to UV-AMS. Eliminate bad VIN’s and illegible handwriting by opting for this module (versus having the client fill out a UV-AMS Worksheet--a report option in UV-AMS).
Automated LIFO History
From year-to-year, the LIFO layers are automatically maintained and updated, saving you time and ensuring accuracy.
Within a few hours or less, you can compute the used vehicle LIFO adjustment.
User-Friendly Windows Program
Context-sensitive help screens walk you through the computation. Users of AMS (for new vehicle LIFO computations) will note that UV-AMS is very similar to it in its “look and feel”.
We stand behind our results in the event of an IRS audit.