Recent IRS changes for dealers to note
[I]New form 8300 for cash reporting issued;Mileage rate increased [/I]
Recently the Internal Revenue Service (IRS) implemented two changes of note for automobile dealers: the 8300 form has been revised and the rate for business driving mileage has been increased to 55.5 cents per mile. Both these changes are effective July 1, 2011.
Form 8300, which IRS requires for reporting certain cash transactions in excess of $10,000, has been updated. The new form, along with its instructions, can be downloaded and printed at www.irs.gov/pub/irs-pdf/f8300.pdf
The new 8300 must be used for applicable transactions beginning July 1, 2011. Among other things, the new form shows Rev. June 2011 in the upper left hand corner and Rev. 6-2011 in the lower right hand corner. Dealers should take care to discard all old versions of the form. For additional information on the cash reporting rules, dealers can reference the IRS website, www.irs.gov
Effective July 1, also, IRS increased the mileage reimbursement rate on business driving to 55.5 cents per mile, up from the prior 51 cents per mile, in effect since January 1, 2011. Dealers can access additional information at www.irs.gov/pub/irs-drop/a-11-40.pdf
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