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Industry News: JVC Offers Guidance For Electronic Cash Transaction Reports; MJSA Expo Seminar List February 25, 2015 (0 comments)
Reporting Cash Transactions: File Electronically for Security and Speed
New York, NY—Our industry has an obligation to report transactions of more than $10,000 cash to the U.S. Treasury Department. Suzan Flamm, senior counsel of the Jewelers’ Vigilance Committee, reminds jewelers that the filing—8300 Forms—can be done online, and in fact this is a safer and more preferable way to do the reporting.
The 8300 Form must be filed any time you receive over $10,000 in cash in one transaction or in two or more related transactions. (Any transactions conducted by the buyer and the seller in a 24-hour period are considered related transactions. They are also considered related if the seller knows, or has reason to know, that the transactions are connected.) Note that when filling out the 8300 Forms, you will be required to provide identifying information concerning the buyer, including the Taxpayer Identification Number for an individual or sole proprietorship, or the Employer Identification Number for corporations, partnerships or estates. Submit the 8300 Form within fifteen days of the date you receive the cash.
Electronic filing is the quickest way to report cash transactions to FinCEN, the office of the Treasury Department that reviews the reports. Delivery is immediate, and filing acknowledgements, which serve as receipts, are sent back within 48 hours.
Electronic filing also is more secure than regular mail, which can be lost, delayed, misrouted, or even end up in the wrong hands, she says. The electronic filing system is strongly encrypted.
Reports submitted electronically are processed sooner than paper, which means information about potential money laundering and terrorist financing is reviewed and acted upon far more quickly. Finally, electronic filings are becoming more customary and at some point may well be mandatory, making familiarity with FinCEN’s e-filing system a good idea to learn now.
For more information about e-filing, and the enrollment process, visit this FinCEN webpage: http://bsaefiling.fincen.treas.gov/. Contact the Jewelers Vigilance Committee if you have any questions about cash transactions or 8300 Forms, or any other anti-money laundering obligation. (212) 997-2002 or askamlexpert@aol.com.
Wearable Technology Expert To Keynote MJSA Expo New York
New York, NY—Ben Smithee, a consumer-trends expert who was nominated as one of the Top 10 Youth Marketing Professionals in the U.S., will deliver the keynote presentation on wearable technology and other "disruptive" trends at MJSA Expo New York, March 8-10 at the Hilton New York.
Smithee's session, "The Cyborg Consumer: From Wearable Tech to 3-D Printing," will anchor a seminar program that also includes renowned educator Blaine Lewis of the New Approach School in Franklin, TN; pricing guru David Geller of JewelerProfit in Atlanta, GA; gemologist/author Antoinette Matlins, co-author of Gem Identification Made Easy: A Hands-on Guide to More Confident Buying and Selling; and marketing expert Chris Ciunci of TribalVision in Providence, RI. The program was developed and sponsored by the MJSA Education Foundation.
Expo also will feature three special educational events, including MJSA Journal Live in which the latest welding and CAD/CAM technologies will be available for testing and comparison.
Smithee's presentation (March 9, 10:30 a.m. to noon) will focus on the new era of technology-driven production and consumption, in which jewelry can monitor its wearer's health and 3-D printing is changing the way jewelry is made. Lewis will give an "At the Bench Live" presentation on how to set marquise, pear-shaped, and other sharp-angled gems that are coming back into fashion (March 8, 3 to 5 p.m.).
Geller will offer his insights into how to properly price and profit from custom design and repair work, ensuring all costs are covered and margins remain high (March 8, 1 to 2:30 p.m.). Matlins will give lessons in how to buy and sell colored gems (March 8, 10:30 a.m. to noon) and how to identify enhanced gems and synthetics (March 9, 1 to 3 p.m.). Ciunci, founder and managing partner of the TribalVision marketing company, will explain how to develop a strategic plan, generate leads, and boost revenue (March 9, 3:30 to 5 p.m.). All of the sessions will take place on the third floor of Expo New York.
The MJSA Journal Live CAD/CAM and welding technologies session will be all day March 8 and 9. Custom jeweler Joel McFadden will lead Jewelry Making 101 (and Beyond), offering instruction in bench work from beginner to advanced levels, all on March 9. Finally, industry experts Ben Janowski of Janos Consultants, Cindy Edelstein of the Jeweler's Resource Bureau, Eugene Brill of Jewelry.com, and Matthew Perosi of the Jewelry Website Advisory Group will be available for informal, one-on-one "Ask the Expert" sessions on March 8 and 9, from 2 to 4 p.m.
For more information click here or call (800) 444-MJSA (6572).
DEF Diamonds In The Sky Gala Set For May 28 In Las Vegas
New York, NY--Following its successful Diamonds in the Sky Las Vegas Gala in 2014 the Diamond Empowerment Fund (D.E.F.) announced today that the 2015 Diamonds In The Sky Gala will take place in the Four Seasons Ballroom on Thursday, May 28, 2015 beginning at 6:30pm.
Presentation of the Diamond Empowerment Fund’s 2015 Global Empowerment Award will be made to Prime Minister Narendra Modi and the Government of the Republic of India in recognition of their global leadership and contributions to democracy, development and the growth and expansion of the international diamond industry. D.E.F president Phyllis Bergman says, “We are thrilled to honor India at Diamonds in the Sky Las Vegas 2015.”
Diamonds In The Sky Las Vegas 2014 saw a historic gathering of global diamond industry leaders as the 2014 Global Empowerment Award was presented to President Ian Khama and the Government of the Republic of Botswana. Over $1 million dollars was raised to benefit D.E.F’s global 'Diamonds Do Good' mission of supporting education initiatives that help people from diamond communities around the world.
Premier Presenting Sponsors for 2015 include Chow Tai Fook Jewellery Group, Inc., De Beers Group of Companies Rio Tinto Diamonds, and Signet Jewelers Limited (Kays Jewelers, Jared the Galleria of Jewelry, Zales Jewelers).
Top image: Livetradingnews.com