If dealers cannot submit a time-of-sale report within the standard 3-day window, the IRS has provided extensions and alternative submission methods to accommodate such situations:
- Dealers have been granted extensions beyond the typical 3-day period. For example, for vehicles sold between January 1 and January 16, 2024, dealers could submit time-of-sale reports by January 19, 2024. For 2023 qualifying clean vehicle sales, the IRS extended the deadline up to February 15, 2024.
- When unable to file within the 3-day window, dealers should take advantage of these extensions, using the additional time provided by the IRS to submit the required reports.
- The IRS offers two methods for submitting time-of-sale reports:
- Email a password-protected Excel file or Form 15400 (or equivalent) to the IRS at cleanvehiclecredit@irs.gov, then immediately send a follow-up email with the password for the file.
- Fax the required information to 855-755-7437.
- Dealers are encouraged to use these options only if they cannot successfully file within the normal 3-day timeframe, ensuring compliance with reporting requirements for clean vehicle credits.
- Additionally, the IRS provides support to dealers during critical reporting periods, including scheduled telephone Q&A sessions to assist with time-of-sale reporting questions.
In summary, if dealers cannot submit the time-of-sale report within the 3-day window, they should use the IRS-approved extensions and file their reports via the designated email or fax options promptly. They should also utilize IRS support resources to resolve any issues and maintain compliance with reporting deadlines for clean vehicle credits. This helps ensure the buyer’s eligibility for the credit and avoids potential penalties.
Original article by NenPower, If reposted, please credit the source: https://nenpower.com/blog/what-steps-should-dealers-take-if-they-cannot-submit-a-time-of-sale-report-within-the-3-day-window/
