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Register today to learn how to avoid getting ‘the letter’ for an unclaimed property audit!
2017 CADA Annual Convention in Maui
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How to avoid an
unclaimed property audit —

 

and the hefty fines that could go along with it

You know about the Great Colorado Payback, right? It’s the place where the state centralizes abandoned property and tries to return it to its rightful owner. Its intentions are good, but did you know that as an auto dealer, the law requires you to turn over all your unclaimed property to the state? And then you need to file a report that lists the unclaimed property — every year?
 
No? Well how about this: Failing to do so could lead to an audit or civil penalties. In fact some dealers in the Denver metro area have already received ‘the letter.’
 
Don’t be one of them.
Get more info now!

You'll Learn:

  • What unclaimed property is and which types auto dealers typically hold
     

  • The different types of unclaimed property and the dormancy period for eachHow to file an annual report with the Unclaimed Property Office
     

  • When property is ‘abandoned’ — and the process for turning it over to the state
     

  • What to do if you get an audit notice
     

  • Your legal liability for unclaimed property and penalties for non-compliance

Reserve your seat now!
CADA Insurance Services
Your renewal for your health benefits is probably due. Just like getting a second opinion on your personal health, call CADA Insurance Services to get a complete analysis on the benefits you offer your employees. You may be surprised at the savings — and increased benefit coverage — you and your employees could enjoy. Call Craig Gordon today to find out how much you can save.
 
Call Craig Gordon today to find out how much you can save!
303.457.5118
craig.gordon@colorado.auto
Legislative Grassroots Meetings
Legislative Grassroots Meetings were key to CADA’s success at the state capitol during the 2017 legislative session. Dealer participation is crucial to the success of these meetings, so please attend one or two of these upcoming meetings.

As you can see, dealers are now hosting Legislative Grassroots Meetings at their dealerships. If you would like to invite a legislator to your dealership, please contact Michelle O’Connor, Legislative and Communications Manager, michelle.oconnor@colorado.auto or 303.457.5113. We look forward to seeing you!

Tuesday, December 5, 11:30 a.m. — Edgewater Mayor Kris Teegardin
US Thai
5228 W 25th Ave., Edgewater 80214
Regulatory & Compliance

Tax Reform Package Preview


Last week in Washington, the House of Representatives gave us our first glimpse of the long-awaited proposal to reform in the Internal Revenue Code. The existing Code dates back to the second Reagan administration, and through frequent modifications over the past 25 years, it has made determining taxpayer liability a serious challenge.

The two goals of this proposal are to:

1) Lower the overall liability for individual and corporate taxpayers.

2) Simplify the system to allow the average American to determine their own tax liability, without consulting a professional.

While this bill is extensive in its impact, I’ve highlighted some aspects below that may be relevant to you. As you read, bear in mind, this bill has a long way to travel before enactment, and could be modified in significant ways. CADA will keep you updated along the way.

Individual and Corporate Rates

H.R. 1 condenses all individual taxpayers into four brackets from today’s seven. This rate is based on Adjusted Gross Income (AGI) – which is taxable income minus applicable credits and deductions. The table below lists the proposed new brackets. Meanwhile, the corporate tax rate would be reduced from 35 to 20 percent.
 
Income Level Marginal Tax Rate
$0 - $90,000 12%
$90,000 - $260,000 25%
$260,000 - $1,000,000 35%
$1,000,000 + 39.6%

State and Local Tax Deduction

Today, you can deduct the amount you paid in State And Local taxes in the previous year, a deduction commonly known as SALT, from this year’s federal liability. While that provision would disappear under the new plan, it would preserve a deduction of up to $10,000 paid in property taxes in the previous year.

Alternative Minimum Tax (AMT)

For high earners making over a certain threshold, a surtax, in addition to the marginal rate, would be charged on all earnings over that threshold, generally $250,000. The new proposal would eliminate the Alternative Minimum Tax outright, beginning the year in which it is enacted.

Estate Tax

The estate tax would charge up to 40 percent of large estates on the passing of assets to a non-spouse upon the death of the taxpayer. In 2016, the first $5.43 million of the estate would be protected. Under this proposal, that threshold would be raised to almost $11 million, with the tax phasing out entirely in 2023. The repeal of the estate tax has long been an objective for business owners who want to keep their business family run.

Other Items of Interest

Many of the provisions that were discussed at the conference in DC have been preserved, such as 100 percent business interest deductibility and Last In, First Out – or LIFO – accounting. You will notice no change on those fronts.

However, the federal electric vehicle tax credit provides a $7,500 rebate for purchasers of qualified electronic vehicles. This credit would be repealed under the new proposal. So if you have a high volume of assigned EV tax credits at your dealership, you may want to assess the impact to your business.

Capitol Hill is abuzz with rumors over potential modifications as this bill goes through the legislative process, which should begin this month. While reform is a top priority for Congress, the timeframe for passage is unclear. If you have any questions, or would like further clarification about what this bill may do to your dealership, please contact Matthew Groves, at 303.282.1449 or matthew.groves@colorado.auto.
Bonds & Forms
CADA has a fillable bond request form for new sales people! This new, fillable PDF form makes it easier, faster and more accurate for us to turn around your salesperson bond request. Because there’s no handwriting to decipher with this form, bond turnaround can be faster than ever. Just download the form, electronically fill it out and return to Khorrie Luther (khorrie.luther@colorado.auto). Questions? Call Khorrie: 303.457.5122.
Download the form
Contact Khorrie
We’re shooting for new heights — and with your help, EVERYONE wins!

Turn your donation into a scholarship!
Help a student.
Help the environment.
Help yourself.

 
To date, the Clear the Air Foundation has received 507 cars and several cash donations from dealerships that don’t receive old, high polluters in trade.
 
Our goal is to recycle 800 cars by the end of the year. We’re more than halfway there — and we need your help!
 
To make a donation, contact George Billings, Director: 303.775.8896
Federated Insurance’s “Claim of the Month” – Could it happen to you?

A customer put down $4,000 on a $150,000 high performance vehicle, and wanted to finance the remaining amount. After filling out the paperwork, the customer was allowed to take the vehicle home. The financing company called the dealership the next day to inform them that the customer’s information was false. The vehicle and thief were never caught.
CLAIM AMOUNT: $146,000

Who’s buying your vehicles? What policies are in place to help prevent this from happening at your dealership? Federated Insurance recommends several best practices to help protect your business and manage risks; for example,

  •  Use training provided by Finance & Insurance providers.
  •  Check multiple forms of identification, such as a driver’s license, credit cards, etc.
  •  Slow down. Ask yourself if the deal makes sense.
These are just a few loss control recommendations you can use to help protect your dealership. To learn more, contact your local Federated Insurance representative and request a copy of our “Who’s Watching Your Vehicles? – Keys to Inventory Control” auto dealer risk management packet. Federated Insurance is recommended by 19 state and national auto dealer associations just like yours for customized insurance programs and value-added risk management services, such as Federated’s Shield Network®, the Risk Management Resource Center, and the Federated Employment Practices Network®. Visit federatedinsurance.com to discover resources you can use to create or ramp up your own risk management program.
Colorado Safety Association   -   November Schedule of Events
Seminars (** Register Early Save $10) 
Hazard Communication and GHS Training**
December 7 (8:00 am to 10:30 am)
REGISTER NOW!


Course covers the Hazard Communication Standard and the Globally Harmonized System (GHS). You will learn:
• Roles and responsibilities under the Hazard Communication Standard
• Hazardous Chemical Classifications
• OSHA’s new labeling requirements including the meaning of the pictograms, signal words, hazard statements, precautionary statements, signal words and supplier information.
• The new format for content of Safety Data Sheets (SDS)
Participants will receive a walled-sized GHS Reference card and a certificate of attendance.

Member: $60     Alliance Member: $60     Non-member: $75
This session is approved for the Pinnacol Safety Group
 - - -

First Aid /CPR and AED*
NSC First Aid / CPR and AED
December 12 (8:00 am to 2:30 pm)
REGISTER NOW!

 
Do you have the confidence to respond in an emergency? CSA offers the National Safety Council First Aid /CPR & AED training. This nationally recognized training provides the life-saving skills you need to handle an emergency until a professional arrives!

Course content includes: Breathing and cardiac emergencies, identifying and caring for bleeding, sudden illness and injuries; preventing disease transmission; allergic reactions.

This course meets the requirements of the OSHA First Aid Standard (29CFR 1910.151). First Aid Certificate is good for two years; CPR Certificate is good for two years.

All Participants: $65
- - -

** Seminars marked with ** will save $10 on the listed fee when you register early. Early registration savings expire two (2) weeks prior to the seminar.

*These Sessions are Pinnacol Safety Group Approved.
Complete Course Information and Registration - Click Here
Upcoming Events & Seminars
Advertising Compliance
(available online)

CLICK HERE for more information
To purchase a copy, please contact:
CADA Headquarters: 303.831.1722
SeminarRSVP@colorado.auto

TITLE SPONSOR OF THE 2017 CHARITY PREVIEW PARTY
2016 / 2017 IN-KIND SPONSORSHIP THANKS TO
ENDORSED PROVIDER / PROGRAMS

For information about any of the Endorsed Provider’s products or services, contact
Polly Penna polly.penna@colorado.auto 
303.457.5119 office  |  303.945.6426  mobile

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