The IRS has issued an extension of time for clean vehicle dealers and sellers to submit their time-of-sale reports. These reports are normally required to be submitted within three days of a sale, but dealers and sellers now have until January 19, 2024, to submit time-of-sale reports for vehicles sold January 1, 2024, through January 16, 2024. The extension was provided to allow dealers and sellers time to get used to using the IRS Energy Credits Online (IRS ECO) portal, which became available on January 1, 2024.
The IRS encourages reporting entities to use the extension only if they are unable to successfully submit the time-of-sale report within the three-day window.
Sellers of vehicles eligible for a new clean vehicle credit must furnish a report to both the buyer and the IRS at the time of sale for those vehicles to be eligible for the credit. Dealers who sell vehicles eligible for a previously owned vehicle credit also must furnish reports to both the buyer and the IRS at the time of sale for those vehicles to be eligible for that credit.
Representatives from the IRS will be available January 9, 10, and 11, and January 16, 17, and 18, from 2:00 to 2:30 p.m. EST to answer dealers’ and sellers’ time-of-sale reporting questions.
If you have any questions regarding the extension of the time-of-sale reports or the Clean Vehicle Credit, we’re here to help. Contact HBK Dealership Solutions at Kenneth Kimble at (330) 758-8613.
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