GNYADA December 2014 Newsletter

Can You Alter a Retail Certificate of Sale (MV-50)?

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Well, it depends on which section is to be altered. Going back to ancient history – February 11, 1993, DMV changed its ruling and allowed dealers to submit Retail Certificates of Sale (MV-50s) containing minor alterations. However, DMV rules state that you may only put a single line through the incorrect information (and it must remain legible) and neatly write in the correct information. Vehicle Identification Number (VIN) Liens (if you have “L0” (meaning zero liens), you cannot write “NE” next to the zero to make it “L0NE”, or “Lien 1”) Odometer Reading Signature of purchaser(s) Date of sale Dealer-issued plate number n n n n n n

Registrations

Transfer plates

Renewals

Title processing

VIN searches

Low rates

CALL 718.747.0400

If you have any questions regarding the acceptance of an altered MV-50, please contact DMV-DIRECT at 718.747.0400.

IRS Form 8300 Can Now Be Filed Electronically

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The IRS requires that all customers identified on a cash reporting Form 8300 (customers who paid for dealership purchases with more than $10,000 in cash) during 2014 be notified, in writing, of the form’s submission no later than January 31, 2015. The required notice must include the name, telephone number, and address of the dealership, along with the amount of cash received, and it must indicate that the information was reported to the IRS. Electronic Filing – Form 8300 The Financial Crimes Enforcement Network (FinCEN) announced that certain businesses, including car dealers, are able to electronically file Form 8300 using the Bank Secrecy Act (BSA) Electronic Filing (E-Filing) System. E-Filing is a free, web-based system that allows businesses to submit reports through a secure network. More information about Form 8300 E-Filing is available at http://www.fincen.gov/news _room/nr/html/20120919.html . To help you comply with these cash reporting requirements, here is a sample letter to customize to notify any of your customers who paid for their purchases with more than $10,000 in cash in 2014. Keep a copy of the letter on file for five (5) years from the date the form was filed.

Date

Dear Customer (insert name):

We are required by the Internal Revenue Service (IRS) to report all transactions involving payments of more than $10,000 in cash (26 USC 6060(I)). We filed Form 8300 with the IRS on (insert date), 2014, indicating that you paid us $(insert amount) in connection with your purchase of a (insert year, make, model, VIN).

Sincerely, (insert dealership name)

If you need additional information about cash reporting requirements, please call Susan Bieber at 718.746.5900 or susan@gnyada.com .

Greater New York Automobile Dealers Association • www.gnyada.com

The Newsletter • December 2014 7

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