Phyllis Goldie And Associates
Phyllis Goldie and Associates
Happy New Year!   Phyllis Goldie and Associates is looking forward to the new year and the  ever-changing opportunities it will bring!
A Letter from PGA Owner, Phyllis Goldie
2016 is upon us and with it comes the promise of great growth and change. As part of our own expansion and growth, we're excited to launch our first PGA Newsletter. 
We have signed you up for our monthly newsletter in the hopes that you will find great value in its content and that it will aid you in your own goals to grow and thrive. If you ever find that what we offer is not for you, simply click 'unsubscribe' at the bottom of any email.

With each passing year, businesses change and economies rise and fall.  What stays the same is the need for the three C's: Consistency, Controls and Compliance .  It is in that spirit that our newsletter will deliver tried and tested best practices , helpful hints and tips, events, news and positions that we have available with our clients.
We hope that you will find our newsletter interesting as well as informative.  It is our goal to always be improving.  Please share your feedback with us...we would love to hear from you! 

Phyllis Goldie and Associates
What steps do you take when an employee leaves?

I n these days of strict privacy regulations and strong oversight by outside agencies, it is important to safeguard your dealership and customer information after an employee leaves.  In order to minimize the interruption to the flow of business we recommend the following key tasks to be accomplished before and/or immediately after the employee leaves .

Employees leaving with or without notice:
  • Have them write a detailed job description of their responsibilities and duties.
  • Make sure all keys have been turned in by employee.
  • Collect all company property/equipment, ex: phones, computers, tools, uniforms, dealer plates, toll passes, etc.
  • Obtain gas and other company credit cards, send notification to all vendors stating that employee is no longer with the company.
  • Stop direct deposit pay (if applicable), issue paper pay check.
  • Redirect phone calls and emails to designated person or people.
  • Remove access to the company DMS as well as all external and internal websites used by the dealership.
  • Copy employee's hard drive from their desk top workstation. 
  • Notify healthcare and all other insurance providers of termination.
  • Alert administrator of 401k plan
  • Change all local, state and/or federal documents that employee was named on.
Employee termination:
  • Alert  IT that you are beginning the termination in your office.
  • During termination process have your IT personnel copy the hard drive of your employee's desktop.
  • Redirect phone calls, emails and remove all access before employee returns to their office.
  • Accompany terminated employee back to their office or desk to collect their personal items.
  • Proceed immediately with all steps above.

IRS 8300 Forms Deadline
8300 Statements: January 31st Deadline 

The IRS requires that:  "Each person engaged in a trade or business who, in the course of that trade or business, receives more than $10,000 in cash in one transaction or in two or more related transactions, must file Form 8300.  File Form 8300 by the 15th day after the date the cash was received. If that date falls on a Saturday, Sunday, or legal holiday, file the form on the next business day"

In addition to the 8300 form  "You must give a written or electronic statement to each person named on a required Form 8300 on or before January 31 of the year following the calendar year in which the cash is received. The statement must show the name, telephone number, and address of the information contact for the business, the aggregate amount of reportable cash received, and that the information was furnished to the IRS. Keep a copy of the statement for your records." 

Penalties.   "You may be subject to penalties if you fail to file a correct and complete Form 8300 on time and you cannot show that the failure was due to reasonable cause. You may also be subject to penalties if you fail to furnish timely a correct and complete statement to each person named in a required report. A minimum penalty of $25,000 may be imposed if the failure is due to an intentional or willful disregard."

For more information from the IRS on this topic please click here.

"If you can dream it, you can do it ."  - Walt Disney 

Phyllis Goldie and Associates, LLC | | 239.826.9544 |