Industry Updates

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…

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…

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,…

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…

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,…

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…