Acti N Update
Total Page：16
File Type：pdf, Size：1020Kb
Iowa Automobile Dealers Association ACTI N UPDATE IADA Calendar IADA Endorses Payment Processor Dealer Pay February 14–17, 2020 Dealer Pay, a dealer-specific payment processing solution, is NADA Show IADA's newest endorsed vendor. Las Vegas The only payment processor endorsed by IADA, Dealer Pay March 2, 2020 earned that endorsement because Scholarship Applications Due of their best-in-class service and dealer-focused business model. April 16–17, 2020 Dealer Pay offers custom solutions Spring Board & Annual Meeting for credit card and check processing West Des Moines that help streamline operations and improve customer retention. They provide faster processing speeds, improved reconciliation, and user- friendly technology. For more information, visit Dealer-Pay.com or contact Julie Douglas at [email protected]. Iowa Automobile Regulatory Refresh: Record Retention Dealers Association Establishing and following a record retention document with the data points contained Chairman and destruction policy is vital for any in the original. dealership. Records must be retained in Mike Clemons • The same (or better) access/security accordance with the law, but keeping records Clemons Chevrolet requirements that are in place for paper longer than required creates significant legal records should be in place for electronic and security risks. Having a record retention Vice Chairman records. Just as every employee in and destruction policy is not enough—it John Gookin the dealership does not have access must be followed carefully, with documents Gookin Ford Sales human resource/employment records destroyed once they are no longer required or customer account records, electronic to be retained. IADA recommends regularly President versions of those records need to shredding outdated records as a best Bruce Anderson have the same limited access through practice. password protection. Secretary Electronic Records Matt Brown ERT As technology changes allow, many Bob Brown Buick GMC When dealers begin using the electronic dealerships are moving to storing records registration and titling (ERT) system, there electronically. If your dealership is keeping Treasurer will be a new record retention requirement. records electronically, the IRS requires that: Jeff Finch Any paper documents submitted through the Wes Finch Auto Plaza • The records must be indexed and ERT system must be retained for six months. searchable by customer name and NADA Guide Immediate Past Chairman chronologically. It is not enough to just NADA released a comprehensive look at Jeff Haun have it stored; you have to be able to find record retention last fall. A Dealer Guide to Riley Mazda Subaru it. Fast. Federal Records Retention and Reporting is • Records that are stored electronically available to NADA members on the NADA The Action Update newsletter is published must be capable of being accurately website. every other week by the Iowa Automobile reproduced. That means the system Dealers Association. To add people to our IADA Guide must be able to produce and print distribution list or share suggestions for Consult our record retention guide (see page future articles, contact Brittany Bungert at an exact reproduction of the original 5) to see retention requirements for many 515.440.7620. document as opposed to creating a new dealership documents and files. 1 Iowa Automobile Dealers Association • IADA.com January 22, 2020 Dealer Deadlines: OSHA Form 300A, Dealer News Consumer Credit Code, Form 8300 Notifications Midwest Peterbilt Group Receives Grant for Diesel Tech OSHA Form 300A Academy OSHA Form 300A for 2019 must be posted from February 1 to April 30. Midwest Peterbilt Group, which has locations in The form, which is a summary of work-related injuries, must be posted Sioux City, Council Bluffs, and Des Moines, has each year, even if no recordable work-related injuries or illnesses occurred received a $50,000 matching grant from the Iowa during the year. Employer Innovation Fund for its Midwest Diesel Tech The form and instructions can be found on OSHA's website. Academy. Automobile dealerships with 11 or more employees were required to begin complying with OSHA's recordkeeping regulation in January 2015. Gregg Young Chevrolet Named Dealerships must fill out OSHA Form 300, the Log of Work-Related Injuries and Illnesses; OSHA Form 300A, the Summary of Work-Related Injuries; Norwalk Business of the Year and OSHA Form 301, the Injury and Illness Incident Report. Gregg Young Chevrolet (Norwalk) was named the 2019 Business of the Year by the Norwalk Chamber of Consumer Credit Code Notification Form Commerce. Every dealer arranging auto lending must file a notification and pay a $50 fee to the Iowa Attorney General by January 31. All dealers who sign retail installment contracts must file. You can finddealer-specific instructions on Willis Named to Most Influential how to fill out the form in our online Legal Library. The attorney general's office also has a helpful FAQ as well as filing information on its website. Business Leaders List Rich Willis of Willis Automotive (Clive) was named Form 8300 Notification to the Business Record "Most Influential Business th The IRS requires that customers who are identified on cash reporting Form Leaders" list. Willis was recognized as the 24 most 8300 during 2019 be notified in writing by January 31, 2020. As a reminder, influential business leader in the Des Moines metro Form 8300 is required to be reported on any consumer transaction in area. which your dealership receives more than $10,000 cash. The notice must state your dealership name and address, the amount you reported on the If you have dealership news to share, let Brittany Bungert know. form, and a statement that the information has been reported to the IRS. Send her an email or call 515.440.7620. There is a tricky trap in the IRS cash reporting rule that is easy to miss. The general rule is that when a customer uses more than $10,000 in cash in a transaction or related transactions, the recipient must report the receipt(s) on Form 8300. The trick is knowing when transactions are "related." There Board of Directors are two sections to the definition of "related transaction:" 1. Two or more transactions between a payer and a recipient totaling Election: Seeking more than $10,000 in a 24-hour period. That is a hard and fast rule that has nothing to do with calendar days or business days or banking Nominations days. It means that if you accept two or more cash payments totaling The 2020 IADA Board of Directors election will be more than $10,000 within a 24 hour/1,440 minute/86,400 second conducted over the next several months. The first time period, you must comply with the IRS Form 8300 reporting phase of the election process is for the membership requirements. That means if a customer hands you 9,999 one dollar to recommend dealers for the nominating committee's bills to purchase a car and then comes back 23 and a half hours later consideration. and sticks six quarters in your Coke machine, you have reportable related transactions. Three director positions are up for election in 2020: District One Director, Independent Director, and Heavy 2. Transactions are also related even when they are more than 24 hours Duty Truck Director. between the cash payments, if the business knows, or has reason to know, that each is a series of connected transactions. An example Current District One Director Dave Wright of Dave of such a situation would be a customer who pays $9,000 cash for a Wright Nissan Subaru (Hiawatha) is eligible for re- used truck and at the same time orders running boards and a bed liner election. Wright has served one term as District One which she contractually agrees to pay for "when installed" and then Director. pays more than $1,000 for those items when delivered. Current Independent Director Dale Finch of Greene For additional information, consult the IRS Form 8300 Reference Guide or County Motor Co. (Jefferson) and Heavy Duty Truck the IADA Legal Library. Contact IADA President Bruce Anderson with any Director Jon McCoy of Truck Country of Iowa questions. (Dubuque) are term limited and unable to run again. 2 Iowa Automobile Dealers Association • IADA.com January 22, 2020 Notes from the Statehouse: The 2020 Legislative Session Begins The 2020 legislative session kicked off with the usual ceremonies and initial Who To Know committee meetings, launching what promises to be a busy several months for lawmakers and IADA's government Senate House relations team. President Charles Schneider Speaker Pat Grassley A bill advancing several IADA legislative President Pro Tempore Jerry Behn Speaker Pro Tempore John Wills priorities has been filed in the Senate. SSB 3015: Majority Leader Jack Whitver Majority Leader Matt Windschitl • Prohibits factory warranty Majority Whip Amy Sinclair Majority Whip Mike Sexton reimbursement surcharges. Minority Leader Janet Petersen Minority Leader Todd Prichard • Requires reasonable and adequate Minority Whip Amanda Ragan Minority Whip Jo Oldson time allowances for warranty time allotments. • Establishes an annual cost of living Transportation Committee Transportation Committee adjustment for the documentary Chair Tim Kapucian Chair Brian Best fee cap. Vice Chair Waylon Brown Vice Chair David Maxwell • Permits returning license plates for credit to any county instead of the Ranking Member Eric Giddens Ranking Member Bob Kressig county of issuance. Committee Members Committee Members IADA will keep members updated on Michael Breitbach, Chris Cournoyer, Gary Carlson, Dennis Cohoon, Ashley the status of the legislation and let Kevin Kinney, Carrie Koelker, Jim Hinson, Daniel Huseman, Charles dealers know if they need to contact their Lykam, Tom Shipley, Jackie Smith, Isenhart, Kenan Judge, Jennifer legislators about the bill. Todd Taylor, Zach Whiting, Dan Konfrst, Jeff Kurtz, John Landon, Brian Zumbach Lohse, Ann Meyer, Brian Meyer, David Contact IADA President Bruce Anderson Sieck, RasTafari Smith, Kristin Sunde, with questions about IADA's government Jon Thorup, Dave Williams, Gary relations program.