During the course of more than 112 years, our firm has evolved into one of the most respected law firms in the state of Michigan – specifically in the area of auto dealer law. The attorneys of Colombo & Colombo provide legal assistance to thousands of clients throughout Michigan as well as referrals from other states.
Our main goal is to help our clients solve problems and seize opportunities. We have committed ourselves to understanding our clients, their personal and business needs and the competitive and regulatory pressures under which they operate. Fundamentals count. We focus our efforts on helping our clients achieve their objectives. We combine our legal knowledge with clear thinking and apply both common sense and creative problem solving to their needs.
Through hard work and our efforts to provide clients with quality service, we have been selected by peer review as a Martindale-Hubbell AV-rated firm. The AV ranking is the highest level of excellence. We invite you to explore the many advantages our law firm has to offer. Our staff would gladly assist you by arranging a consultation with one of our lawyers. Through a personal consultation, you may discuss your legal concerns and see how we can benefit your interests. Please call our firm at 248-645-9300 or contact us online.
Form 8300 Cash Reporting Customer Notification
As part of the IRS cash reporting rule, on or before the January 31st following the calendar year for which the Form 8300 was filed, dealerships must provide a written statement to each individual who has been identified on a Form 8300. Click here for a sample letter that the dealership can use to notify the customer of the Form 8300 reporting.
Therefore, for transactions that were reported to the IRS for 2017, it is necessary to inform any customer of the Form 8300 filing on or before January 31, 2018. This notification must include the name, telephone number and address of the dealership, the amount of cash that was received by the dealership and that the information has been reported to the IRS.
Failure to send written notice to customers as specified above can result in civil penalties ranging from $250 – $500 per customer. The IRS recommends that businesses should keep a copy of every Form 8300 it files and the required statement sent to each customer for at least five years from the date filed.
Case Summary: Recovered Revenue and Summary Disposition
In a case involving an auto dealership client, a purchaser of a new truck flooded the engine on the date he took possession of the vehicle. The purchaser then canceled the $20,000 down payment check given to the dealership as part of the purchase. Colombo attorney Nicholas Ranke represented the dealership in a law suit filed to collect the canceled payment for breach of contract. Mr. Ranke also represented the dealership in defending the counterclaims filed by the purchaser, who alleged fraud and breach of warranty against the dealership. Mr. Ranke successfully exposed the baseless nature of the purchaser’s counterclaims and was able to secure both a money judgment in favor of the dealership and the dismissal of all the purchaser’s counterclaims in summary fashion, without the need for a trial. Mr. Ranke was also able to secure the reimbursement of the dealership’s attorney fees from the plaintiff.
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