Multimedia | Up to Speed
New reporting requirements for 2024
In this month’s episode of Up to Speed, Baker Tilly’s Mike Mader, principal with the dealership team, provides important updates and changes to reporting requirements for the 2024 tax season. New reporting requirements include:
- The reporting rule – beneficial ownership information (BOI)
- EV reporting requirements for electric vehicle sales
- Form 8300 cash reporting
Delay submitting 2023 clean vehicle sales reports
Due to possible privacy and data security concerns involving the submission of documents containing sensitive customer data to a potentially unsecure IRS email address, the NADA recommends delaying the submission of 2023 sales reports. Currently, the deadline for these reports is Jan. 31, 2024. The IRS is aware of this issue and further guidance is expected shortly.
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