Legal Update: IRS Electric Vehicle Credits—Late Reporting

NADA is reporting that the IRS has temporarily reopened its Electric Vehicle Tax Credit portal to allow for late submission of time of sale reports so that qualifying buyers can claim the Electric Vehicle Income Tax Credit. IRS to Reopen Time of Sale Reporting for 2024 Transactions | NADA.

Information for dealers, including time of sale reporting, can be found on the IRS website at: Clean vehicle credit seller or dealer requirements | Internal Revenue Service.  The IRS website still says that time of sale reports must be submitted within 3 days of the purchase date.  However, some dealers have reported that they can submit older Electric Vehicle sale reports.  According to reports for older sales, dealers will be required to include a picture of the door jamb label, showing the VIN, a copy of the customer’s identification, and proof of purchase date. 

To repeat, the IRS has not provided guidance on late filing of the EV sale reports, so we urge you to proceed carefully until the IRS provides clarification.

10 Steps to Privacy and Safeguards Compliance: A Roadmap for Auto Dealers

Your dealerships collect some of the most sensitive information from consumers. From social security numbers to financial data, the personal information that passes through your dealership requires rigorous protection. With multiple regulations to navigate and severe penalties for non-compliance, dealers need a clear roadmap to privacy and safeguards compliance.

Our trusted partner, KPA, takes a look at the 10 essential steps that every dealership should implement to protect customer information and comply with regulations like the Gramm-Leach-Bliley Act, the FTC Safeguards Rule, the Red Flags Rule, and emerging state privacy laws.

Follow the 10-step journey to compliance