Posts by Texas Independent Automobile Dealers Association
Changes Coming in 2024 for Filing IRS Form 8300
Does your business receive large amounts of cash or cash equivalents? If so, you’re generally required to report these transactions to the IRS — and not just on your tax return. Beginning January 1, 2024, this reporting will have to be done electronically. Dive into this piece to understand the form’s purpose, its filing requirements, and…
Read MoreFTC Extends Deadline by Six Months for Compliance with Some Changes to Financial Data Security Rule
Financial institutions covered by the Safeguards Rule must comply with certain provisions by June 9, 2023 The Federal Trade Commission announced on November 15, 2022 that it is extending by six months the deadline for companies to comply with some of the changes the agency implemented to strengthen the data security safeguards financial institutions must…
Read MoreProtect Your Ride! Motorcycle Thefts are on the Rise for Second Year in a Row.
Motorcycle thefts are up 26%, according to a new NICB report. DES PLAINES, Ill., Aug. 5, 2022 /PRNewswire/ — It might be a beautiful summer day for a ride, but motorcycle owners should know there is a higher chance of theft as they hit the road. Motorcycles have been increasingly targeted for theft, according to the newly…
Read MoreFTC Safeguards Rule: What Your Business Needs to Know
From the Federal Trade Commission… As the name suggests, the purpose of the Federal Trade Commission’s Standards for Safeguarding Customer Information – the Safeguards Rule, for short – is to ensure that entities covered by the Rule maintain safeguards to protect the security of customer information. The Safeguards Rule took effect in 2003, but after public comment, the…
Read MoreFingerprinting Requirement For GDN & Franchised Dealer License Applicants Coming Soon
From Monique Johnston – Director, Motor Vehicle Division… At the June 30, 2022 meeting, the Board of the Texas Department of Motor Vehicles adopted rules requiring certain new applicants and existing dealer license holders to be fingerprinted (43 Tex. Admin. Code § 211.6). Applications submitted on or after September 1, 2022, will be subject to…
Read MoreUnraveling Form VTR-271-A: The Brown POA
This article came from our good friends at the Texas Independent Automobile Dealers Association. We felt it was extremely valuable information, as so many powersports dealers have questions regarding the Brown POA. To begin, a dealer recently called the compliance consultation service with a question about how to complete the VTR-271-A, also referred to as…
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