This Course addresses how a Dealership fulfills the IRS and the Financial Crimes Enforcement Network (FinCEN), a division of the Department of the Treasury, requirements to report each transaction, or series of related transactions, where the Dealership receives MORE than $10,000 in cash or CEQs (Cash Equivalents), as mandated by the IRS/FinCEN Form 8300.
This Course will provide information regarding, among other items, the following:
- When is a transaction reportable?
- Who is the transaction reportable to?
- What is considered, under the IRS/FinCEN Form 8300, to be cash and/or CEQs (Cash Equivalents)?
- What is not considered to be cash or CEQs (Cash Equivalents) under the mandates of the IRS/FinCEN Form 8300.
- How to handle multiple transactions.
- When, and why, the Dealership must provide a written statement, regarding the filing of an IRS/FinCEN Form 8300, to the Consumer.