Clean Vehicle Tax Credits: Important Updates for Dealers and Sellers

The IRS has announced additional guidelines on the clean vehicle tax credits. This continues to be a developing topic. The IRS and Treasury Department continue to provide additional information. We review the program highlights and cover what is new for 2024 here.

New Electronic Filing Requirement for the IRS Form 8300

The IRS recently updated the process for filing Form 8300, Report of Cash Payments Over $10,000 Received in a Trade or Business. Starting on January 1, 2024, the form must be filed electronically. While there are specific exclusions to the electronic filing requirement, most dealerships will not qualify for an exception or waiver. Let us take a moment and review the Form 8300 rules that primarily impact dealers here.

Scott Lowe, CPA, MAcc

[email protected]

423.756.7771

Fraud Week: Preventing and Detecting Fraud in your Business

We all want to trust people. We especially want to trust the people that work for us and with us. This would be great if everyone was trustworthy or stayed trustworthy throughout their careers. However, some people, even employees with a high moral compass, given the right circumstances, will stray way off their compass and steal from their employers. The statistics show employees stealing from their companies, also called occupational fraud, is very likely the costliest and most common form of financial crime in the world. According to the Association of Certified Fraud Examiners (ACFE) Occupational Fraud 2022: A Report to the Nations, companies who reported internal fraud across the world lost more than $3.6 billion dollars due to occupational fraud. Certified Fraud Examiners estimate more than $4.7 trillion dollars lost to fraud globally, reported and unreported. Find out ways businesses can prevent and detect fraud here.

Joel Freund, MST, CPA, CFF, CVA, CFE

[email protected]

901.683.4234

Alternative Fuel Vehicle Refueling Property Credit: Does My Business Still Qualify?

Since the Energy Policy Act of 2005, the Federal Government has implemented numerous tax credits and incentives for businesses to invest in alternative vehicle refueling property to decrease our country’s dependence on fossil fuels. For the past several years, businesses could receive a credit of the lesser of 30% or $30,000 of alternative fuel vehicle refueling property placed in service at each location of their business via Form 8911. With the passing of the Inflation Reduction Act of 2022, several changes have been made to this credit beginning in 2023. Find out the changes and if you qualify here.

Jacob Pardue, CPA

[email protected]

423.756.7771

ERC Update

In September 2023, the IRS announced that it would stop processing new claims for the Employee Retention Credit (ERC) until the end of this year to combat fraud. This credit was created to help companies keep employees paid and decrease the risk of massive layoffs during covid. What emerged was marketing schemes targeting taxpayers in order for them to claim the credit, when they really weren’t eligible.

Because of the surge of thousands of claims and many not being eligible, the IRS has stopped processing claims and has clarified the requirements to be eligible to receive the ERC with updated FAQs in order to help taxpayers better understand if they are eligible or not. Read the top four questions to ask yourself here.

Brittany Carman, CPA

[email protected]

423.756.7771

Michael Vance

[email protected]

423.541.2026