IRS reminds businesses to report large cash transactions; e-file encouraged

Mark Campanale Government Relations Updates, Members Only

WASHINGTON — The Internal Revenue Service today reminds businesses of their responsibility to file Form 8300, Report of Cash Payments Over $10,000, and encourages e-filing to help them file accurate, complete forms.   Although many cash transactions are legitimate, information reported on Form 8300 can help stop those who evade taxes, profit from drug trading, engage in terrorist financing and conduct other criminal activities. The government can often trace money from these illegal activities through payments reported …

Understanding how to report large cash transactions

Mark Campanale Government Relations Updates, Members Only

Although many cash transcations are legitimate, the government can often trace illegal activities through payments reported on complete, accurate Forms 8300, Report of Cash Payments Over $10,000 Received in a Trade or Business. Here are facts on who must file the form, what they must report and how to report it.   Who must file  Generally, any person in a trade or business who receives …

Republic Metals Corporation

Mark Campanale Members Only

Recently, pawnbrokers have mentioned bankruptcy, and in particular the Republic Metals bankruptcy proceeding that commenced on November 2, 2018. Pawnbrokers and vendors will recall that Team GRC distributed three Alerts on Republic Metals’ filing for reorganization during November 2018. These GRC Alerts remain available on the NPA website.    In the third quarter of 2020, the bankruptcy trustee began filing actions (known as “preference” actions or “claw backs”) to recover funds paid out in the 90 days prior to November …

Follow-Up for NPA Pawnbroker and Vendor Members Who Have Been Customers of Republic Metals Corporation or its Affiliates

Mark Campanale Members Only

November 12, 2018Last week the NPA Government Relations Committee issued an alert about a Chapter 11 Bankruptcy reorganization filing by Republic Metals and two of its affiliated companies on November 2, 2018 in the Southern District of New York. Some pawnbrokers have already been contacted by Donlin Recano & Company, the firm that will manage issues for Republic in the …

Federal Bills File; Background Checks on Firearms Transfers

Mark Campanale Government Relations Updates, Members Only

Two bills were filed in the House of Representatives on March 1, 2021. H.R. 8 was introduced by Rep. Mike Thompson (D-CA) and is described as a ‘universal background check bill’. Although the bill contains some exceptions, it would become a criminal act for a non-licensed individual to sell, give, hand over, etc. a firearm to another person without having the transfer done by a Federal Firearms Licensee …

New Mexico proposed 36% APR legislation does NOT include pawn

Mark Campanale Government Relations Updates, Members Only

Reports from some trade associations that represent non-depository lenders, not pawn industry related, discuss bills filed in New Mexico that call for a 36% APR cap. In fact, there are 3 bills under consideration by the Legislature there that apply a 36% APR to loans made under the New Mexico Small Loan Act of 1955 and the New Mexico Bank Installment Loan Act of 1959.   Contrary to …

HOW TO UPDATE YOU PROFILE ON PAWNFINDERS.COM

Mark Campanale Members Only

When a customer searches Pawnfinders.com for a pawn shop in their area, how does your profile appear?  Do you have your logo, pictures of your store, social media links, and a promo deal?  The NPA has produced a step-by-step video to make it easy for you to get noticed on Pawnfinders.com. We developed Pawnfinders.com to build trust with consumers.  When a potential …

TEAM GRC MONITORING STATE LEGISLATURES

Mark Campanale Government Relations Updates, Members Only

Last fall the NPA Board authorized Team GRC to contract with a tracking service that would allow monitoring of all state legislatures for bills filed that may impact the pawn industry. Some state pawn associations may already have this process in place, but others may not.   This week initial bill tracking reports were prepared for 28 states and emailed to …

PPP PROCESSING DELAYS CONTINUE

Mark Campanale Government Relations Updates, Members Only

Some pawnbrokers report having received PPP loan forgiveness with no problems, while others are still waiting. One pawnbroker recently received a request from their bank of additional information needed for the SBA such as…1) Description of the business activities; 2) Tax Return; 3) Company marketing information. Also reported was a SBA ‘Hold Code’ notation “NAICS 522-Credit Intermediation-Borrower appears to be engaged in lending-Potential eligibility issue.”   The …

WHAT DO I GET FOR ‘LIKING’ YOU ON FACEBOOK?

Mark Campanale Expert Guidance, Members Only

by Mark Campanale, Digital Marketing Manager The sign says, ‘Like Us On Facebook!’ Ok.  Done.  Now what? I know that when I ‘like’ a musician on Facebook, I’ll get new music updates, tour info, contests, and more.  Yet, I’m seeing a lot of small businesses jumping on the FB train and asking friends, co-workers, customers, etc. to go to their page …

YUP, YOU SCREWED UP. NOW LET’S FIX IT.

Mark Campanale Expert Guidance, Members Only

by Mark Campanale, Digital Marketing Manager Accidents, mistakes, and bad experiences happen; and ‘happen’ is a great word, as it means ‘come to pass’ or ‘took place’, which I take to mean ‘opportunity!’ Yes, ‘opportunity!’ with the exclamation point. When bad things happen in the workplace, you can do 1 of a million things: This Content is for Members Only

How to Empower the Pawn Industry Using Effective Communication with Lawmakers

Mark Campanale Members Only

[administrator notice: content below memberonly folder=”Pawnbroker Members, International PB Members, IP Members, Canadian PB Members, staff, Members Only Code” message=”This Content is for Members Only”] Topic: How to Empower the Pawn Industry Using Effective Communication with Lawmakers  When: March 11, 2021 04:00 PM Eastern Time (US and Canada) Do your elected officials know who you are and what you do? In this webinar, …

MEET THE NPA STAFF

Mark Campanale Members Only, NPA News

With a “New Day” at the NPA, we bring you a new team of highly dedicated professionals working hard in every area to bring the pawn industry our very best every single day.  We know our valued members and Industry Partners look to the NPA and our Board of Directors for guidance, insight and support which is why we are committed to serving our members fully, equally and …