The IRS review and processing of corrected time-of-sale reports for clean vehicle credits involve several steps:
- Submission: Dealers can submit corrected time-of-sale reports for transactions that occurred more than three calendar days from the date of sale through the IRS Energy Credits Online portal. This process is available for transactions in calendar year 2024 and later.
- Review Process: Once submitted, the IRS reviews the corrected report, along with any attestations provided with the sale. Dealers should be prepared for additional time needed for processing these reports, as they require concurrence from the IRS.
- Documentation: In some cases, the IRS may request additional documentation as part of the review process. It is essential to maintain records, such as the buyer’s attestations and election to transfer the credit, for possible review.
- Portal Updates: As of recent updates, the IRS has reopened time-of-sale reporting for 2024 transactions, allowing dealers to submit reports even after the initial three-day deadline. This change aims to address issues faced by customers and dealers due to unfiled reports.
- Processing Timeline: After submission, the status of the report will be updated once the IRS completes its review and accepts the changes. Given that these reports require additional review, dealers are advised to submit them promptly to ensure timely processing.
Original article by NenPower, If reposted, please credit the source: https://nenpower.com/blog/how-does-the-irs-review-and-process-corrected-time-of-sale-reports/
