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The Equipment Dealers Association (formerly North American Equipment Dealers Association) is committed to helping dealers succeed.
If you have more than 50 employees combined from all owned businesses, employers must comply with the requirements under the Employer Shared Responsibility Mandate (Pay or Play) provisions of the Affordable Care Act. If your business is an Applicable Large Employer the IRS requires you to send every employee a 1095 and file a 1094 form or face penalties.
The Equipment Dealers Association is working with TASC to help dealers determine whether they are impacted by the Employer Shared Responsibility Mandate and the many other ACA requirements and mandates.
For more information click here.
The U.S. Department of Agriculture (USDA) has released a series of fact sheets illustrating how the newly reached Trans-Pacific Partnership (TPP) agreement can boost the U.S. agriculture industry, supporting more American jobs and driving the nation's rural economy. Created by the USDA's Foreign Agricultural Service (FAS), the fact sheets graphically depict how each state and individual commodities stand to benefit from increased agricultural trade with the 11 other TPP countries. More information can be read here.
The Equipment Dealers Association is again reminding its members to insure that they have appropriate credit card processing equipment. As of October 1, 2015, all businesses that accept in-person payments must be able to take cards embedded with chips, or risk being responsible for card fraud losses. Chip cards are more secure than magnetic stripe cards, which data thieves can easily skim for cardholder information. This is different from the way things are today, when the bank or association that provides the cards bears the responsibility for card present fraud losses. It will continue to be their responsibility after Oct. 1 if you have equipment that enables you to take chip cards. So as the year goes by, banks and card associations will send your customers new chip cards, and they will want to use them to take advantage of the security that chip cards offer. If you do not have the accepted processing equipment please contact your credit card processor. Elavon, NAEDA’s endorsed credit card processor has provided the following information for your reference.
NAEDA in Action: Letter issued in support of proposed tax legislation which, if enacted, would allow taxpayers without certain financial statements to deduct up to $2,500 for equipment repairs.
Current IRS regulations provide a $5,000 de minimis safe harbor deduction for capital expenditures provided that the taxpayers maintain and file specific financial documents, typically an audited financial statement. Many of NAEDA’s members do not need to file the applicable financial statements given the structure of their businesses. For those businesses, the IRS only provides a de minimis safe harbor of only $500 per invoice or item. NAEDA does not believe that its members or it’s member’s customers should have to bear an unnecessary accounting burden simply to qualify for a more reasonable exemption. Such costs are clearly incurred to keep equipment in an ordinarily efficient operating condition.
NAEDA’s VP of Government Relations, Natalie Higgins, met with Representative Rod Blum’s (IA) office to discuss the measure earlier this month. After providing NAEDA’s feedback on the initial measure, NAEDA issued a letter in support of the proposed legislation. NAEDA’s letter expressed approval of Rep. Blum’s efforts to increase the de minimis safe harbor from $500 to $2,500 per invoice or item. For a full copy of the letter, click here.
USDA recently released data showing the opportunities for agriculture of the Trans Pacific Partnership (TPP) to help boost agricultural exports across the 50 United States. TPP is a 21st century trade agreement that will promote job growth, increase farm income, generate greater rural economic activity, and help expand U.S. agricultural exports to some of the fastest growing countries in the Asia-Pacific region. USDA released its TPP data today after President Obama announced a set of new executive actions to help grow manufacturing in rural areas and to provide new markets to small businesses across our nation's heartland.
At its recent meeting in St. Louis, the NAEDA Board of Directors approved sweeping changes to the structure of the association’s committees and councils. The changes are intended to encourage greater participation at the national level and offer enhanced opportunity for members to provide input on policies, strategies and key issues fundamental to their success.
Free Webinar to Watch on How to Achieve Greater Success in Hiring National Guard Members and Other Veterans