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What Are Your Qualifications?

You generally want to know the qualifications of the professionals with whom you deal. You generally like to know that your doctor went to medical school and that your lawyer went to law school. Why then, when you go into your bank and you are solicited to purchase financial products, do you assume that you […]

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Why Applications Matter

It does not matter whether you are filling out a financial services application or an insurance application for your first or tenth time. Pay attention. Applications matter. That is especially the case when the representative you are dealing with says that they aren’t really that important or that the representative will fill out the application […]

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Structured CD Offerings and Elderly Financial Customers

The current financial atmosphere has resulted in very low interest rates on savings and investments. Elderly customers are finding this to be a real problem. What do you do when a bond is called early or when a CD comes due? Some banks and financial institutions are offering what they call a structured CD. It […]

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419 Welfare Benefit Plans Are Current IRS Targets

Every smart business owner wants to maximize profits and minimize taxes. Tax planning to minimize taxes is simply a sound business practice. However, small business owners should beware of “too good to be true” sales pitches from the local insurance agent or CPA because certain tax-savings options can actually generate more – and more expensive […]

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Dealers Be Careful of Exotic Doc Fees and Processing Fees

By Michael G. Charapp For the last two decades, dealer doc fees and processing fees have been hot button issues for plaintiff lawyers seeking to sue dealers. As recently as a month ago, the Supreme Court of Arkansas issued a decision that a dealer who is paid doc fees for filling in forms is engaged […]

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Check Your Franchisor Accounts

When was the last time you checked your open account with your manufacturer? When was the last time you checked other accounts, such as a co-op advertising account? The franchisor open accounts should be reconciled monthly. It should be a regular part of the controller’s month end duties. Why? Very simply, there is a great […]

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The Employee Handbook – No Longer an Option

Some dealers refuse to adopt a personnel handbook. They ask, “Why tell employees their rights?” Any dealer asking that question does not understand the purpose of a handbook. A handbook should advise employees what is expected from them. It should establish the standards of conduct that the dealer expects. It is an excellent vehicle to […]

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Used Car Damage – Are You Checking

Many dealers assume that if they simply pull a vehicle history report and it shows no damage, that they are safe in assuming that the vehicle has no serious prior damage. This is simply not the case, however. Even the operators of vehicle history report providers give disclaimers that the vehicle history reports they sell […]

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FAQ: Salesperson Pay

Dealers must be careful about violations of the Fair Labor Standards Act. These actions can be filed either as individual actions or as group actions in federal court, and they can be lucrative for plaintiffs’ law firms. In fact, there are law firms springing up around the country that do nothing but FLSA work on […]

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IRS Updates Form 8300

The IRS has revised Form 8300 for reporting receipt of cash in excess of $10,000. The revisions do not appear to affect the two pages of the form that are filled in by a dealer. The changes appear to be limited to minor editorial revisions and revisions to the instructions concerning taxpayer identification numbers. The […]

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