The typical timeline for a dealer to submit a corrected time-of-sale report varies depending on when the correction occurs relative to the original sale date and IRS processing.
- Dealers must submit the original time-of-sale reports within 3 calendar days of the sale through the IRS Energy Credits Online (ECO) system for vehicle sales in 2024 and beyond.
- Dealers can submit corrected time-of-sale reports even for transactions that occurred more than 3 days prior. However, for such corrected reports, dealers should anticipate that the time-of-sale report will only be available after the IRS has completed a review and agrees with the attestations submitted by the dealer. This review process generally causes the corrected reports to take additional time to process.
- The IRS has temporarily suspended the strict three-day deadline for submitting 2024 time-of-sale reports, allowing dealers to submit outstanding reports late but urging immediate submission to allow enough processing time before year-end. Dealers who cannot meet the three-day deadline should submit the report promptly with an explanation for the delay.
In summary, while the initial report is due within 3 calendar days of sale, submitting a corrected time-of-sale report typically takes longer because the IRS must review and concur with the correction before the report is finalized. Dealers should submit corrected reports promptly upon discovering errors to avoid further delays and ensure proper processing.
Original article by NenPower, If reposted, please credit the source: https://nenpower.com/blog/how-long-does-it-typically-take-for-a-dealer-to-submit-a-corrected-time-of-sale-report/
