IRS Extends Time for Dealers To File Clean Vehicle Time-of-Sale Reports

The Sales Report Extension

While it was set to begin January 1, 2024, the IRS has announced that they are providing dealerships with more time to prepare for this new system. They are temporarily extending the three-day time period to submit time-of-sale reports provided in Revenue Procedure 2023-38 through January 16.

That means, dealerships and sellers have until January 19 to submit a time-of-sale report for vehicles sold January 1 through January 16. While the IRS updates and makes enhancements to this new system, they are encouraging dealerships to submit time-of-sale reports using IRS ECO.

Should You Take Advantage Of The Extension?

The IRS is still encouraging sellers to use this extension period ONLY If you have been unable to successfully submit a time-of-sale report when the customer intends to claim the credit on their tax returns.

If you need help, please let your Brady Ware Dealership Advisor know. They are remaining up-to-date on the latest from the IRS.

IRS EV Credit Office Hours

The IRS is also hosting office hours to help dealers and sellers with time-of-sale reporting between January 9 and the 18^th. Here are their options with the corresponding registration links (all sessions are from 2 p.m. to 2:30 p.m. ET):

In the meantime, please do not hesitate to reach out if you have questions. If you have not yet registered to use this system, go here.

We will be following up with more information in our regular newsletter, “Driving Profits,” including insights from an IRS webinar on this topic from January 4.

Navigating New Business Requirements

As we see in this case, rules and requirements are always subject to change. Each client has a different situation that requires careful analysis to ensure compliance. Brady Ware Dealership Advisors help guide clients through these complex standards while staying on track to meet high-level goals.