News & Resources

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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