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Archive January 2023

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What is a 1099-C and Do You Have to File One?

Recently, a few buy-here-pay-here dealers have reached out to TIADA with questions related to 1099-C filings. With that in mind, here are a few common questions about 1099-C filings.

 

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Could You Be Sued Over an Icy Parking Lot?

Since many dealers are dealing with ice, I feel now is a good time to discuss what legal duties a landowner has to make their property safe to employees and customers.

 

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Dealer Education Portal Offers 30-Day Free Trial of Privacy4Cars Platform Following Safeguards Course Completion

The Dealer Education Portal has partnered with Privacy4Cars, the first privacy-tech company focused on identifying the challenges posed by vehicle data and creating solutions to better protect consumers. The partnership aims to help automobile dealers safely and securely erase Personal Information stored in vehicles ahead of the implementation of the Safeguards Rule in June. Auto dealers that complete the Dealer Education Portal’s Safeguards Course will receive a free 30-day trial of the Prvacy4Cars platform.

 

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Special Inventory Tax Annual Declaration Due January 31

Special Inventory Tax, also known as vehicle inventory tax, has nothing to do with your land, property tax, motor vehicle sales tax, or general sales and use tax. It is a property tax on your inventory, commonly called ad valorem. The inventory appraisal is based on the prior year's sales. There are two types of filings associated with SIT: your annual declaration and your monthly SIT statement. In this article, we will discuss the Annual SIT Declaration.

 

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How to Protect Your Dealership in a Safety Recall

There is no federal law that requires used car dealers to inform customers about open recalls. In fact, independent used car dealers have no better access to open recall data or the ability to repair recalled vehicles than do customers. Vehicle manufacturers offering free recall repairs at new car dealerships do not ensure that parts will be available or that customers can quickly access those repairs.

 

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Am I Required to File Form 8300?

Every year, around this time our compliance consultation service receives calls and emails asking about Form 8300, otherwise known as the IRS cash reporting form over $10,000. Interestingly enough, the time of year has nothing to do with when you are required to file the form with the IRS. We will discuss that more in this article.

 

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What to Do When a Customer Defaults on Their First Payment

A first payment default is the failure of a debtor to make its first scheduled payment under the relevant underlying agreement (one example would be a customer missing their first scheduled payment on an automobile loan). When a customer fails to make the first (or second) payment, and the dealer repossesses the vehicle before applying for title and registration, does the dealer still have to transfer the vehicle?

 

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