Cash reporting notices due to IRS by January 31, 2015

Cash reporting notices due to IRS by January 31, 2015

WANADA reminds dealers that they must contact any customer for whom they were required to file a Form 8300 (cash reporting) in fiscal year 2014. Each of these buyers should receive notice by January 31, 2015, that the dealership has filed Form 8300 with the IRS. Dealers should keep a copy of the correspondence in their files.

Here is a sample customer notice, courtesy of MADA:

Dear Customer:

We are required by the Internal Revenue Service (IRS) to report transactions involving more than $10,000 in cash and –cash equivalents,” under the provisions of 25 U.S.C. 60501. We have filed a Form 8300 with the IRS on (month, day, 2014), indicating that you provided us with (dollar amount) in connection with the purchase of your (year, make, model). We wanted you to know that we have complied with this federal reporting requirement. Again, we thank you for your patronage.

Dealers should be sure to use the most recent Form 8300 (revised August, 2014). For further information, visit the IRS website.

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