Important NABD Tax and Compliance Update for 2015

Important NABD Tax and Compliance Update for 2015

By: Kenneth Shilson, CPA

President / Founder NABD

 

     Last week I participated in the NIADA Leadership Meetings in Washington, D.C.  This allowed me to discuss matters of great importance to the BHPH Industry with both regulators and members of congress.

 Here are some take aways from those meetings:

     1. Several members of Congress indicated that the "tax extender" provisions will likely be approved by Congress before they recess in December!  This indicates that tax refunds should not be delayed significantly in 2015 although I anticipate that the tax refunds will begin around February 1st provided that Congress acts as they indicated.  The competition for these refunds has increased as Subprime lenders, credit unions, and franchise dealers compete for BHPH customers.

 

     2. The CFPB and Department of Justice continues to closely monitor our industry for deceptive advertising, alleged unfair and deceptive lending practices, data privacy, and discrimination. Operators must avoid these problem areas in 2015 to be compliant. You can't afford to make legal and regulatory mistakes . . .

 

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