Industry Tips
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 MorePhishing Attacks On the Rise Again: Do You Know How to Protect Your Business?
As businesses increasingly rely on digital platforms, cybercriminals find new ways to exploit vulnerabilities. One of the most prevalent and concerning threats is phishing attacks. These attacks have seen a resurgence recently, targeting businesses of all sizes and industries. To shed light on this growing issue and provide valuable insights, we have gathered tips to…
Read MoreHB 3861: Enhancing Efficiency in Title Applications for Dealers
The Texas House of Representatives recently passed House Bill 3861 (HB 3861), which is now awaiting approval in the Senate. If this bill passes, it will mandate the use of webDEALER, an online platform, for processing most title applications by dealers. The introduction of webDEALER aims to streamline the paperwork process at local tax offices,…
Read MoreWhat Does A Reasonable Information Security Program Look Like? June 2023 Deadline Is Looming.
Section 314.4 of the Safeguards Rule identifies nine elements that your company’s information security program must include. Let’s take those elements step by step. a. Designate a Qualified Individual to implement and supervise your company’s information security program. The Qualified Individual can be an employee of your company or can work for an affiliate or service provider. The person doesn’t need…
Read MoreIt’s Time To Sunset Surcharges.
NPDA Position Statement, featuring Lead Author & Board Member Mark J. Sheffield It’s time to sunset surcharges. During COVID, freight surcharges in the Powersports industry moved forward with lightning speed. First it was on vehicles, then parts, and then on everything. While these costs may have had some legitimacy during the height of the pandemic,…
Read MoreHow To Attract High-Quality Employees During The ‘Great Resignation’
Associate Member Contribution from Tim Parsons of HBK CPAs & Consultants Earlier we discussed how to make your dealership stand out. Now that you stand out, how do you attract quality people that want to work with you? Let’s face it, the great resignation is here. Workers are beginning to voice their displeasure with the call…
Read MoreHow To Make Your Dealership Stand Out: Part 2
Associate Member Contribution from Tim Parsons of HBK CPAs & Consultants What differentiates your dealership from the dealership down the street? Do you know? Maybe you do, and then again, maybe you don’t care. If you don’t care, STOP reading and go about the rest of your day. But if you do care, PLEASE continue…
Read MoreHow To Make Your Dealership Stand Out: Part 1
Associate Member Contribution from Tim Parsons of HBK CPAs & Consultants What differentiates your dealership from the store down the street? Do you know? Would you like to find out? Maybe you would and then again, maybe you wouldn’t. Based on numerous surveys done during the pandemic, when everyone was trying to figure out their…
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…
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