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
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
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
You might not notice what color fuel you are putting into your engine, but both the IRS and EPA are paying close attention. On Road Off Road Undyed Fuel – Clear Dyed Fuel – Red Subject to Excise Tax
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
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
IRS has announced that the optional mileage allowance for owned or leased autos (including vans, pickups or panel trucks) will decrease by 0.5¢ to 53.5¢ per mile for business travel after 2016. This rate can also be used by
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