GNYADA December 2017 Newsletter

11 In October, New York State began issuing forms allowing individuals to apply for the new REAL ID licenses. As customers are already presenting these documents at area dealerships, dealers should be aware that all forms of the new ID are acceptable for the full 6 points of identification to register and title a vehicle. There are three different levels of new NYS IDs being issued: the standard license; the new REAL ID license; and the enhanced license. Get Familiar with the State’s New “REAL ID”

If you have any questions about these latest NYS identification documents, or about the federal REAL ID specifically, please call DMV-DIRECT at 718.747.0400.

12 IRS Form 8300 Letters Due January 31 Federal law requires dealers to file Form 8300 with the IRS whenever a customer makes a transaction of $10,000 or more in cash or cash equivalents. Dealers must also notify the customer in writing, no later than January 31 of the following year , that a Form 8300 was filed for their transaction. One copy of the completed Form 8300, along with a Date Dear Customer:

We are required by the Internal Revenue Service (IRS) to report all transactions involving payments of more than $10,000 in cash (26 USC6060(I)). We filed Form 8300 with the IRS on (date) 2017, indicating that you paid us $(amount) in connection with your purchase of a (year, make, model, VIN).

copy of the notification to the customer, should be kept in the deal jacket, and another copy of each should remain in a separate folder of 8300 forms. While there is no legally required length of time to retain these forms, the Association suggests that five years is appropriate. Possible fines/penalties Fines and penalties can vary depending on the offense. If companies willfully fail to file the proper form, fines of up to $500,000 and up to 5 years imprisonment, or both, may be imposed. Dealers are advised to have a written policy in place and comply with the rule by filing the proper forms on time.

Sincerely,

Dealership Name

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

The Newsletter • December 2017

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