News & Resources

Tax Credits for Electric Vehicles

  President Biden signed the Inflation Reduction Act of 2022 into effect on Tuesday, August 16th. One of the major provisions in the new act contains updated guidelines on tax credits for electric vehicles (EVs). The Act extends the $7,500

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Plug-In Electric Vehicle Credits

The IRS has added several 2021 model year Honda and Volvo vehicles to the list of vehicles eligible for the plug-in electric drive motor vehicle credit. Taxpayers are eligible for a credit for the purchase of a qualified plug-in electric

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Tesla $7,500 Credit Phasing Out

  The IRS has announced Tesla, Inc. has sold more than 200,000 vehicles eligible for the plug-in electric drive motor vehicle credit under Code Sec.30D(a) during the third quarter of 2018. As a result, a phase out of the tax

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Attention Indiana Auto and Equipment Dealers

  The Indiana Department of Revenue gave us all quite a scare by revising the “trade in deduction” guidance when computing Indiana sales tax liability. Essentially, the revised interpretation reduced the value of a trade by any lien or encumbrance

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Notice to all Auto and Equipment Dealers

  Urgent Notice to all Auto and Equipment Dealers: The Indiana Department of Revenue recently changed their guidance on the sales tax deduction attributable to the value of a trade in.  Before December 1, 2016 the fair market value of

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