As the year comes to a close, many companies prepare for year-end audits, an important process that can impact financial reporting, regulatory compliance, and investor confidence.

Starting January 1, 2024, dealers selling vehicles that are eligible for the Clean Vehicle Tax Credit (IRC Sections 30D and 25E) must file time-of-sale reports within three days via the IRS ECO Tool. To address compliance challenges, the IRS has introduced temporary relief.

Other federally declared disasters this year include widespread flooding in Illinois, wildfires in New Mexico, and tropical storms in Pennsylvania and Georgia. Victims of these disasters may be eligible for tax relief.

Our 2024- 2025 Tax Planning Guides contain the insight needed to help navigate the latest legislation and plan for the year ahead, while taking advantage of tax saving strategies.

Jacob Pardue, manager at HHM CPAs, dives into key dealership-specific tax planning strategies and considerations. He discusses how automotive businesses can navigate the challenges of expense control, budgeting, and year-end planning to optimize their tax positions.