2015 Honda Fit Buying Advice from a Honda Salesperson
And we all know the Finance department of a car dealership, aside from being a pure joy dealing with, never distorts the truth. But hey, thanks for the opportunity to change jobs. However, I'm not a huge fan of New Jersey, or car dealers for that matter, so I doubt I would move. I will just need to satisfy myself with my current lot in life by gazing at my canceled $22,000+ check, knowing the IRS never got wind of it (returning for a moment to your original discussion of what the federal government requires to be reported to the IRS and what doesn't).
As alway's, sharing is such fun!
As alway's, sharing is such fun!
Member
Joined: Jun 2014
Posts: 690
From: Tennessee
http://www.irs.gov/pub/irs-pdf/f8300.pdf
Specifically, on page 4, this form defines Cash as:
The term “cash” means the
following.
• U.S. and foreign coin and currency received in any transaction; or
• A cashier’s check, money order, bank draft, or traveler’s check having a face amount of $10,000 or less that is received in a designated reporting transaction (defined below), or that is received in any transaction in which the recipient knows that the instrument is being used in an attempt to avoid the reporting of the transaction under either section 6050I or 31 U.S.C. 5331.
Note. Cash does not include a check drawn on the payer’s own account, such as a personal check, regardless of the amount.
I suspect your Finance Director, by virtue of being a Finance Director, already knows and has this information on hand. Taking that into consideration, you should accept this as my gift to you. I know that whenever I am dealing with someone in the Finance department, whether it is the Finance Director or the Finance Manager, or even the salesman, hell, anyone associated with a car dealership for that matter, I always verify what they are telling me.
Last edited by Vanguard; Aug 28, 2014 at 11:19 AM.
I am going to throw your dealership finance director a freebie......Here is the link for the IRS form 8300, Report of Cash Payment over $10,000 received in a trade or Business:
http://www.irs.gov/pub/irs-pdf/f8300.pdf
Specifically, on page 4, this form defines Cash as:
The term “cash” means the
following.
• U.S. and foreign coin and currency received in any transaction; or
• A cashier’s check, money order, bank draft, or traveler’s check having a face amount of $10,000 or less that is received in a designated reporting transaction (defined below), or that is received in any transaction in which the recipient knows that the instrument is being used in an attempt to avoid the reporting of the transaction under either section 6050I or 31 U.S.C. 5331.
Note. Cash does not include a check drawn on the payer’s own account, such as a personal check, regardless of the amount.
I suspect your Finance Director, by virtue of being a Finance Director, already knows and has this information on hand. Taking that into consideration, you should accept this as my gift to you. I know that whenever I am dealing with someone in the Finance department, whether it is the Finance Director or the Finance Manager, or even the salesman, hell, anyone associated with a car dealership for that matter, I always verify what they are telling me.
http://www.irs.gov/pub/irs-pdf/f8300.pdf
Specifically, on page 4, this form defines Cash as:
The term “cash” means the
following.
• U.S. and foreign coin and currency received in any transaction; or
• A cashier’s check, money order, bank draft, or traveler’s check having a face amount of $10,000 or less that is received in a designated reporting transaction (defined below), or that is received in any transaction in which the recipient knows that the instrument is being used in an attempt to avoid the reporting of the transaction under either section 6050I or 31 U.S.C. 5331.
Note. Cash does not include a check drawn on the payer’s own account, such as a personal check, regardless of the amount.
I suspect your Finance Director, by virtue of being a Finance Director, already knows and has this information on hand. Taking that into consideration, you should accept this as my gift to you. I know that whenever I am dealing with someone in the Finance department, whether it is the Finance Director or the Finance Manager, or even the salesman, hell, anyone associated with a car dealership for that matter, I always verify what they are telling me.
New Member
Joined: Aug 2014
Posts: 6
From: Bronx
Hey mcbock,
Thanks for the kind words. Im very excited myself to be at Honda (coming from Lexus I might add), especially since I could help out all the Honda FitFreak members here.
Let's address your question in regards to vehicles in transit. It really depends how the car is being shipped. Some cars are sent using railway systems, while others are by ship. The Fit happens to come in to the USA by both, and that's decided once the cars leave the manufacturing plant.
Since the new Fit has experienced multiple delays with its introduction into the market, its really hard to tell how long it could take to arrive to your local dealership. Typically, once a vehicle arrives at a port, the process of it being inspected for damages and then shipped to the dealer can take a week. With Lexus, this was usually the case as well, even with vehicles coming in from Japan.
This can easily stretch to 10 days, since thousands of vehicles are slowly being unloaded and inspected from one shipment.
In the case of the Fit, its a little hard to tell. The good news is that you have been seeing progress, having received the VIN and knowing that it has arrived to its local distribution.
I know you are more than anxious, but be patient just a bit more. Soon enough you will have an Awesome GK5 in driveway!!
Please share some pics once you take delivery and feel free to reach out to me in the future with any questions you might have.
All the best!!
Thanks for the kind words. Im very excited myself to be at Honda (coming from Lexus I might add), especially since I could help out all the Honda FitFreak members here.
Let's address your question in regards to vehicles in transit. It really depends how the car is being shipped. Some cars are sent using railway systems, while others are by ship. The Fit happens to come in to the USA by both, and that's decided once the cars leave the manufacturing plant.
Since the new Fit has experienced multiple delays with its introduction into the market, its really hard to tell how long it could take to arrive to your local dealership. Typically, once a vehicle arrives at a port, the process of it being inspected for damages and then shipped to the dealer can take a week. With Lexus, this was usually the case as well, even with vehicles coming in from Japan.
This can easily stretch to 10 days, since thousands of vehicles are slowly being unloaded and inspected from one shipment.
In the case of the Fit, its a little hard to tell. The good news is that you have been seeing progress, having received the VIN and knowing that it has arrived to its local distribution.
I know you are more than anxious, but be patient just a bit more. Soon enough you will have an Awesome GK5 in driveway!!
Please share some pics once you take delivery and feel free to reach out to me in the future with any questions you might have.
All the best!!
I was hoping I could pick your brain again, and see if you had some thoughts on the situation I'm in at the moment. As of now, almost a month since my last posting, I'm still waiting on my Fit. Every week or so, I'll get an e-mail from my salesman, or I'll call him, and get an update saying that there's basically no new news. According to him, a truck was due to the dealership on 8/24 with not only my Fit, but 9 others that customers are waiting on but it never showed up. He says he's checking with his inventory manager every day to find out what's up, but he gets no info, and all he can say is that the car is stuck in the port.
I understand the need to be patient, and but it seems like they have to know something about what's going on, don't they? Would a dealership really have no idea why a truck full of inventory just never showed up? As someone who works for a dealership, is this a common occurrence? Or is it possible that something shady could be going on? I've had just about every though run through my mind - they sold the car out from under me and are just waiting for another one to show up, the whole truck got stolen, the train or ship it came over on from Mexico was also used to ship drugs so now my car's been seized by the DEA...I've been waiting a while with no information, so I've had plenty of time to come up with ridiculous theories LOL So I'm just curious if this has ever happened at your dealership (or any of the others you've worked at) and/or if this kind of extended delay without any information is common?
What I can definitely say is that all this waiting it making me realize how much I depend on having a car, and I know I'm going to love this car that much more once I get it :-)
Thanks!
Melissa
Member
Joined: Jun 2014
Posts: 128
From: Bay Area, CA
Heya, Jorge!
I was hoping I could pick your brain again, and see if you had some thoughts on the situation I'm in at the moment. As of now, almost a month since my last posting, I'm still waiting on my Fit. Every week or so, I'll get an e-mail from my salesman, or I'll call him, and get an update saying that there's basically no new news. According to him, a truck was due to the dealership on 8/24 with not only my Fit, but 9 others that customers are waiting on but it never showed up. He says he's checking with his inventory manager every day to find out what's up, but he gets no info, and all he can say is that the car is stuck in the port.
I understand the need to be patient, and but it seems like they have to know something about what's going on, don't they? Would a dealership really have no idea why a truck full of inventory just never showed up? As someone who works for a dealership, is this a common occurrence? Or is it possible that something shady could be going on? I've had just about every though run through my mind - they sold the car out from under me and are just waiting for another one to show up, the whole truck got stolen, the train or ship it came over on from Mexico was also used to ship drugs so now my car's been seized by the DEA...I've been waiting a while with no information, so I've had plenty of time to come up with ridiculous theories LOL So I'm just curious if this has ever happened at your dealership (or any of the others you've worked at) and/or if this kind of extended delay without any information is common?
What I can definitely say is that all this waiting it making me realize how much I depend on having a car, and I know I'm going to love this car that much more once I get it :-)
Thanks!
Melissa
I was hoping I could pick your brain again, and see if you had some thoughts on the situation I'm in at the moment. As of now, almost a month since my last posting, I'm still waiting on my Fit. Every week or so, I'll get an e-mail from my salesman, or I'll call him, and get an update saying that there's basically no new news. According to him, a truck was due to the dealership on 8/24 with not only my Fit, but 9 others that customers are waiting on but it never showed up. He says he's checking with his inventory manager every day to find out what's up, but he gets no info, and all he can say is that the car is stuck in the port.
I understand the need to be patient, and but it seems like they have to know something about what's going on, don't they? Would a dealership really have no idea why a truck full of inventory just never showed up? As someone who works for a dealership, is this a common occurrence? Or is it possible that something shady could be going on? I've had just about every though run through my mind - they sold the car out from under me and are just waiting for another one to show up, the whole truck got stolen, the train or ship it came over on from Mexico was also used to ship drugs so now my car's been seized by the DEA...I've been waiting a while with no information, so I've had plenty of time to come up with ridiculous theories LOL So I'm just curious if this has ever happened at your dealership (or any of the others you've worked at) and/or if this kind of extended delay without any information is common?
What I can definitely say is that all this waiting it making me realize how much I depend on having a car, and I know I'm going to love this car that much more once I get it :-)
Thanks!
Melissa
In fact, I'm still getting over it, which sounds crazy, but I'd been anticipating getting the car in a particular color for months, and I was so let down. Hopefully your experience ends up to be nothing like mine (although I do love my PBP EX, and am really warming up to the color), and your dealer comes through sooner rather than later. Hang in there, and I hope you get some answers/good news soon!
Hi Melissa,
Thanks for reaching out. I understand how you feel. If I was the customer waiting for something I was highly anticipating, I would feel the same way.
From the dealership level, the summer was pretty much blind in the sense that are in-transit list would show an ETA, but cars actually arrived weeks or months later. Last month we starting seeing improvements, where Fits began to arrive within a 14 day window of the ETA given to us by Honda. Things have definitely improved.
I've been updating my thread on our inventory at Mahwah Honda regularly. The other day I actually updated it about four times due to that many updates within a 12 hour window. I was surprised myself.
If your salesperson appears to not know for sure what's going on, that's because he probably doesn't. Managers tend to keep a lot of information to themselves (not all of them). I've been fortunate to have one that not only keeps me up to date in regards to what's in transit, but he also keeps me up to date with what's been ordered. He literally told me to make a copy of all the info in regards to Fits and "share it on your website and with your Fit folks".
My advice to you is to continue to be patient and wait for the car you want. There's no benefit for the dealer to not sell you are car. They want the car to arrive ASAP possible just as much as you do.
A car is a huge purchase and, if possible, you should get the one you want.
I'll be in training all day. Any questions or comments, I'll make sure to reply to them in the evening.
All the best!!
Thanks for reaching out. I understand how you feel. If I was the customer waiting for something I was highly anticipating, I would feel the same way.
From the dealership level, the summer was pretty much blind in the sense that are in-transit list would show an ETA, but cars actually arrived weeks or months later. Last month we starting seeing improvements, where Fits began to arrive within a 14 day window of the ETA given to us by Honda. Things have definitely improved.
I've been updating my thread on our inventory at Mahwah Honda regularly. The other day I actually updated it about four times due to that many updates within a 12 hour window. I was surprised myself.
If your salesperson appears to not know for sure what's going on, that's because he probably doesn't. Managers tend to keep a lot of information to themselves (not all of them). I've been fortunate to have one that not only keeps me up to date in regards to what's in transit, but he also keeps me up to date with what's been ordered. He literally told me to make a copy of all the info in regards to Fits and "share it on your website and with your Fit folks".
My advice to you is to continue to be patient and wait for the car you want. There's no benefit for the dealer to not sell you are car. They want the car to arrive ASAP possible just as much as you do.
A car is a huge purchase and, if possible, you should get the one you want.
I'll be in training all day. Any questions or comments, I'll make sure to reply to them in the evening.
All the best!!
Member
Joined: Sep 2014
Posts: 52
From: Empire state
In New York State, All dealers are required to report any cash transactions over $9,999.99. this includes personal checks.
New Member
Joined: Aug 2014
Posts: 6
From: Bronx
I'm not Jorge (obviously, lol), but I wanted to chime in and tell you that I can totally sympathize with you. I put down a deposit on mine in June and waited until the beginning of September for my car to arrive. Every week, it was, "Just be patient. I'll e-mail you if I hear anything," or, "Your car is being built as we speak," only to find out that that didn't happen. I came up with every scenario possible as to why, nearly 3 months later, I was still without my car. In the end, I ran out of time and NEEDED a car, and couldn't wait any longer. The car I'd been waiting on literally showed up the DAY AFTER I purchased my EX, and I was absolutely sick about it. In fact, I'm still getting over it, which sounds crazy, but I'd been anticipating getting the car in a particular color for months, and I was so let down.
Hopefully your experience ends up to be nothing like mine (although I do love my PBP EX, and am really warming up to the color), and your dealer comes through sooner rather than later. Hang in there, and I hope you get some answers/good news soon!
In fact, I'm still getting over it, which sounds crazy, but I'd been anticipating getting the car in a particular color for months, and I was so let down. Hopefully your experience ends up to be nothing like mine (although I do love my PBP EX, and am really warming up to the color), and your dealer comes through sooner rather than later. Hang in there, and I hope you get some answers/good news soon!
I'm sorry you had such a long wait, too!! And to have your car show up the day after you ended up going with another one - I would have been sick about that, too :-( What color were you hoping for??
As it turns out, I got an e-mail from my dealer about an hour ago, telling me that my car will be ready for pickup on Saturday! I still have no idea what the hold-up was, and I doubt I'll ever know, but I'm just so happy to finally have a light at the end of the tunnel!!! I'm so excited!!! :-)
Member
Joined: Jun 2014
Posts: 128
From: Bay Area, CA
Hiya!
I'm sorry you had such a long wait, too!! And to have your car show up the day after you ended up going with another one - I would have been sick about that, too :-( What color were you hoping for??
As it turns out, I got an e-mail from my dealer about an hour ago, telling me that my car will be ready for pickup on Saturday! I still have no idea what the hold-up was, and I doubt I'll ever know, but I'm just so happy to finally have a light at the end of the tunnel!!! I'm so excited!!! :-)
I'm sorry you had such a long wait, too!! And to have your car show up the day after you ended up going with another one - I would have been sick about that, too :-( What color were you hoping for??
As it turns out, I got an e-mail from my dealer about an hour ago, telling me that my car will be ready for pickup on Saturday! I still have no idea what the hold-up was, and I doubt I'll ever know, but I'm just so happy to finally have a light at the end of the tunnel!!! I'm so excited!!! :-)
I wanted the Aegean Blue. It's been my favorite color since forever, and when I found out that Fits were going to be available in it, I just about died. I couldn't believe my good fortune, and even purposely bought a bottle of nail polish so that my nails would match my car.
Sadly, it was not meant to be. The salesperson at the dealership was a real jerk about it too. He e-mailed to tell me that the car was sold 10 minutes after it arrived, since I no longer had a deposit on it (pretty sure that was a lie because I think another member here at FF is the one that bought it!). It was pretty much the nail in the coffin for a horrible experience at that particular dealership. I'm not sure I've ever wanted a "thing" so badly in my entire life, even when I was a kid hoping for whatever new toy was popular that year, so it was a major bummer to have to settle for something else. In an effort to try and reconcile my disappointment with the happy reality that I had a cool new car, I dug through my nail polish collection and found a near match for PBP and have been wearing THAT on my nails instead. LOL. What color is the one you're getting? I'm always so happy when I hear that somebody is able to pick up the exact car they're looking for. It makes me feel better about my case being an isolated incident!
New Member
Joined: Aug 2014
Posts: 6
From: Bronx
Hi Melissa,
Thanks for reaching out. I understand how you feel. If I was the customer waiting for something I was highly anticipating, I would feel the same way.
From the dealership level, the summer was pretty much blind in the sense that are in-transit list would show an ETA, but cars actually arrived weeks or months later. Last month we starting seeing improvements, where Fits began to arrive within a 14 day window of the ETA given to us by Honda. Things have definitely improved.
I've been updating my thread on our inventory at Mahwah Honda regularly. The other day I actually updated it about four times due to that many updates within a 12 hour window. I was surprised myself.
If your salesperson appears to not know for sure what's going on, that's because he probably doesn't. Managers tend to keep a lot of information to themselves (not all of them). I've been fortunate to have one that not only keeps me up to date in regards to what's in transit, but he also keeps me up to date with what's been ordered. He literally told me to make a copy of all the info in regards to Fits and "share it on your website and with your Fit folks".
My advice to you is to continue to be patient and wait for the car you want. There's no benefit for the dealer to not sell you are car. They want the car to arrive ASAP possible just as much as you do.
A car is a huge purchase and, if possible, you should get the one you want.
I'll be in training all day. Any questions or comments, I'll make sure to reply to them in the evening.
All the best!!
Thanks for reaching out. I understand how you feel. If I was the customer waiting for something I was highly anticipating, I would feel the same way.
From the dealership level, the summer was pretty much blind in the sense that are in-transit list would show an ETA, but cars actually arrived weeks or months later. Last month we starting seeing improvements, where Fits began to arrive within a 14 day window of the ETA given to us by Honda. Things have definitely improved.
I've been updating my thread on our inventory at Mahwah Honda regularly. The other day I actually updated it about four times due to that many updates within a 12 hour window. I was surprised myself.
If your salesperson appears to not know for sure what's going on, that's because he probably doesn't. Managers tend to keep a lot of information to themselves (not all of them). I've been fortunate to have one that not only keeps me up to date in regards to what's in transit, but he also keeps me up to date with what's been ordered. He literally told me to make a copy of all the info in regards to Fits and "share it on your website and with your Fit folks".
My advice to you is to continue to be patient and wait for the car you want. There's no benefit for the dealer to not sell you are car. They want the car to arrive ASAP possible just as much as you do.
A car is a huge purchase and, if possible, you should get the one you want.
I'll be in training all day. Any questions or comments, I'll make sure to reply to them in the evening.
All the best!!
Thanks, Jorge!
I really appreciate getting an insider's perspective on this. And it looks like the tiny bit of patience I have (patience has never been my strong point LOL) has finally paid off - I got an e-mail from my dealer today saying I can pick up my car on Saturday! My beautiful blue Fit will be waiting for me!!! So, expect pictures soon!!! Thank you again for your insight, and for putting up with my questions - you've been a huge help!! :-)
- Melissa
New Member
Joined: Aug 2014
Posts: 6
From: Bronx
Hooray!! You'll have your hands on the car before you know it!
I wanted the Aegean Blue. It's been my favorite color since forever, and when I found out that Fits were going to be available in it, I just about died. I couldn't believe my good fortune, and even purposely bought a bottle of nail polish so that my nails would match my car. Sadly, it was not meant to be. The salesperson at the dealership was a real jerk about it too. He e-mailed to tell me that the car was sold 10 minutes after it arrived, since I no longer had a deposit on it (pretty sure that was a lie because I think another member here at FF is the one that bought it!). It was pretty much the nail in the coffin for a horrible experience at that particular dealership. I'm not sure I've ever wanted a "thing" so badly in my entire life, even when I was a kid hoping for whatever new toy was popular that year, so it was a major bummer to have to settle for something else. In an effort to try and reconcile my disappointment with the happy reality that I had a cool new car, I dug through my nail polish collection and found a near match for PBP and have been wearing THAT on my nails instead. LOL.
What color is the one you're getting? I'm always so happy when I hear that somebody is able to pick up the exact car they're looking for. It makes me feel better about my case being an isolated incident!
I wanted the Aegean Blue. It's been my favorite color since forever, and when I found out that Fits were going to be available in it, I just about died. I couldn't believe my good fortune, and even purposely bought a bottle of nail polish so that my nails would match my car.
Sadly, it was not meant to be. The salesperson at the dealership was a real jerk about it too. He e-mailed to tell me that the car was sold 10 minutes after it arrived, since I no longer had a deposit on it (pretty sure that was a lie because I think another member here at FF is the one that bought it!). It was pretty much the nail in the coffin for a horrible experience at that particular dealership. I'm not sure I've ever wanted a "thing" so badly in my entire life, even when I was a kid hoping for whatever new toy was popular that year, so it was a major bummer to have to settle for something else. In an effort to try and reconcile my disappointment with the happy reality that I had a cool new car, I dug through my nail polish collection and found a near match for PBP and have been wearing THAT on my nails instead. LOL. What color is the one you're getting? I'm always so happy when I hear that somebody is able to pick up the exact car they're looking for. It makes me feel better about my case being an isolated incident!
OMG - I'm getting the Aegean Blue! My husband and I decided on that color as soon as we saw it, too! We're huge nerds and the color reminds us of the TARDIS from Doctor Who, so we knew we had to have that color!! But I'd be lying if I didn't say that the PBP wasn't a close second, at least for me (not sure hubs would be too happy about driving a purple car, but I think it's gorgeous!) I'm sorry you had such a crappy experience with your dealer - what an absolute tool. These Aegean Blue Fits have been soooooooooo few and far between - I don't know why it's so difficult to get a blue car. I really do feel for you not getting the one that you wanted. But you do have a REALLY AWESOME CAR!!!! :-) And I love that you matched your nail polish to it!!!! That's one of the things I love about the people who love the Fit - we really love this car. It's not just a mode of transportation, it's almost an extension of our personalities that just happens to get us from here to there :-) How awesome is that? :-)
- Melissa
Member
Joined: Jun 2014
Posts: 128
From: Bay Area, CA
OMG - I'm getting the Aegean Blue! My husband and I decided on that color as soon as we saw it, too! We're huge nerds and the color reminds us of the TARDIS from Doctor Who, so we knew we had to have that color!! But I'd be lying if I didn't say that the PBP wasn't a close second, at least for me (not sure hubs would be too happy about driving a purple car, but I think it's gorgeous!) I'm sorry you had such a crappy experience with your dealer - what an absolute tool. These Aegean Blue Fits have been soooooooooo few and far between - I don't know why it's so difficult to get a blue car. I really do feel for you not getting the one that you wanted. But you do have a REALLY AWESOME CAR!!!! :-) And I love that you matched your nail polish to it!!!! That's one of the things I love about the people who love the Fit - we really love this car. It's not just a mode of transportation, it's almost an extension of our personalities that just happens to get us from here to there :-) How awesome is that? :-)
- Melissa
- Melissa
This forum is definitely great. I wouldn't consider myself a car enthusiast by any stretch of the imagination, but I love all of the topics that come up here, and it's so nice to connect with like-minded "Fit people!" Congrats again on the blue! Pics! Pics!
Member
Joined: Jun 2014
Posts: 690
From: Tennessee
http://www.irs.gov/pub/irs-pdf/f8300.pdf
Specifically, on page 4, this form defines Cash as:
The term “cash” means the
following.
• U.S. and foreign coin and currency received in any transaction; or
• A cashier’s check, money order, bank draft, or traveler’s check having a face amount of $10,000 or less that is received in a designated reporting transaction (defined below), or that is received in any transaction in which the recipient knows that the instrument is being used in an attempt to avoid the reporting of the transaction under either section 6050I or 31 U.S.C. 5331.
Note. Cash does not include a check drawn on the payer’s own account, such as a personal check, regardless of the amount.
Federal law does not vary state to state. The reason personal checks are excluded from this reporting requirement is because the funds they represent, are already in the banking system and accounted for. That is not to say the bank won't file the same form should you attempt to deposit $10,000+ at one time using cash equivalents , because they will, for the same reasons a car dealership would in an all cash equivalent transaction. However, should you deposit $10,000+ in your bank account using personal checks, no reporting would be required, for the same reason.
This is all clearly spelled out in Federal law, and any tax attorney can confirm this for you.
Last edited by Vanguard; Sep 18, 2014 at 05:55 PM.
Thanks Fox944 for the input on New York. Again, I know policies can vary by state. This is good to know for those in NY.
Melisa,
So awesome that you got the call for your new Fit. Please do share pics of your new ride once you pick it up. And remember you can always reach out to me with any dealer questions you have.
So awesome that you got the call for your new Fit. Please do share pics of your new ride once you pick it up. And remember you can always reach out to me with any dealer questions you have.
Member
Joined: Sep 2014
Posts: 52
From: Empire state
As long as you understand this is not a Federal IRS requirement, necessitating the filing of IRS Form 8300, which specifically states personal checks are exempt as they are not cash equivalents. That is not to say New York State may not have State level reporting requirements (although I have been unable to find any searching "New York State Revenue and Tax", sites), just not Federal IRS requirements, which is the basis of the discussion in this thread. Here is the wording from the Federal IRS form 8300:
.
.
No need for you to repost the same link you have already posted in this thread. Furthermore, I have IRS 8300 forms right at my desk here where I am sitting typing this up.
having worked at a few different dealerships and having been in this business for over a decade, i can tell you that every new sales employee at NYS dealerships are required to go through training. this includes watching videos on reporting transactions over 10K. regardless of which company provided said video (I have watched maybe 7 or 8 different ones at different times now). All of them have specifically stated that PC's are considered cash in NY and form 8300 must be filed within 15 days of said transaction.
cheers.
Member
Joined: Jun 2014
Posts: 690
From: Tennessee
I have posted/pasted the Federal IRS position on the matter, as found on one of those Form 8300's you have at your desk (see page 4), and posted the direct link to that form, so others can see what a form 8300 says and looks like (we all can't be at your desk to see for ourselves), and admitted it might be a New York State requirement. Perhaps if you could find a link establishing that as fact (New York State Department of Taxation/Finance/Revenue), it would go a long way towards proving your position. As I mentioned, I was not able to find anything but the Federal requirements, which, from the perspective of the IRS, do not vary from state to state.
http://www.irs.gov/pub/irs-pdf/f8300.pdf
The name of the form should help you understand what a Form 8300 is;
"Report of Cash Payments over $10,000 Received in Trade or Business (Rev. August 2014).
And below that it states;
See instructions for the definitions of cash (page 4).
For those not in the mood to follow a link, here is what it say's;
Cash. The term “cash” means the
following.
• U.S. and foreign coin and currency received in any transaction; or
• A cashier’s check, money order, bank draft, or traveler’s check having a face amount of $10,000 or less that is received in a designated reporting transaction (defined below), or that is received in any transaction in which the recipient knows that the instrument is being used in an attempt to avoid the reporting of the transaction under either section 6050I or 31 U.S.C. 5331.
Note. Cash does not include a check drawn on the payer’s own account, such as a personal check, regardless of the amount.
http://www.irs.gov/pub/irs-pdf/f8300.pdf
The name of the form should help you understand what a Form 8300 is;
"Report of Cash Payments over $10,000 Received in Trade or Business (Rev. August 2014).
And below that it states;
See instructions for the definitions of cash (page 4).
For those not in the mood to follow a link, here is what it say's;
Cash. The term “cash” means the
following.
• U.S. and foreign coin and currency received in any transaction; or
• A cashier’s check, money order, bank draft, or traveler’s check having a face amount of $10,000 or less that is received in a designated reporting transaction (defined below), or that is received in any transaction in which the recipient knows that the instrument is being used in an attempt to avoid the reporting of the transaction under either section 6050I or 31 U.S.C. 5331.
Note. Cash does not include a check drawn on the payer’s own account, such as a personal check, regardless of the amount.
Last edited by Vanguard; Sep 19, 2014 at 12:33 AM.
Member
Joined: Sep 2014
Posts: 52
From: Empire state
Not sure why you continue to repost the same links and copy and paste the same info you have already posted.
In regards to "proving" my position. Honestly, i couldnt care less whether or not you believe me.
If you ever came into my store and paid with a pc, i would be filling out form 8300. Thats the bottom line.
In regards to "proving" my position. Honestly, i couldnt care less whether or not you believe me.
If you ever came into my store and paid with a pc, i would be filling out form 8300. Thats the bottom line.
Last edited by Fox944; Sep 19, 2014 at 05:49 AM.
Member
Joined: Jun 2014
Posts: 151
From: Conyers, GA
Yes, yes, and YES to all of that! I always felt like my previous Fit was TARDIS-esque in form and function, so when I saw it in blue, I was like, OMG. MUST. HAVE. I had all sorts of plans for TARDIS accessories too, haha. But yeah, I'm super happy about the car anyway, and once it's back from having the PPF put on today, I'll be ready to drive it all over the place without worrying about rock chips and dings so much.