The vast majority of dealers want to follow the letter of the law but often have difficulty keeping up with the constant stream of new legislation impacting their business. Unfortunately, ignorance is no defense to a violation and sometimes what you don’t know can land you in jail.
Tag: Responsibility for Employees
The IRS 8300 Cash Reporting Rule wins the prize for “Law Most Likely to Get you Thrown in Jail for Inadvertent Non-Compliance”. Unfortunately, unless your staff is well versed in the rule and verifies each customer’s complete transaction history prior to accepting any form of payment, your store probably violates this rule on a monthly basis.