Posts by Nicholas

In response to the petition for judicial review sought by NADA and the Texas Automobile Dealers Association (TADA), the Federal Trade Commission (FTC) has issued an Order postponing the effective date of the Vehicle Shopping Rule pending judicial review of the petition. The FTC’s order notes that “it...

This afternoon, the IRS provided updated guidance to address privacy and data security concerns associated with the submission of 2023 clean vehicle sales reports, which NADA flagged for members earlier this week. Given this new guidance, NADA recommends that dealers resume submitting 2023 clean vehicle sales reports. As explained...

Dealers are required to collect an administrative fee of $0.50 from each consumer who purchases a used motor vehicle in the State of New Jersey. Dealers are required to mail to the Used Car Lemon Law Unit, the following: A check or money order made payable to the "New Jersey...

The IRS has extended the deadline to report the sale of EVs for 2023 to January 31, 2024.  Dealers may submit their reports in excel format (preferred), individual Form 15400 or equivalent forms. Dealers must submit the information detailed below. For vehicles placed in service in 2023, you needed to provide the...

Following the launch of a new online portal and to help industry, the Internal Revenue Service (IRS) recently announced an extension for dealers and sellers of clean vehicles to submit time-of-sale reports. Seller reporting in IRS Energy Credits Online (IRS ECO) became available on January 1,...

For your information and use in business and personal planning and scheduling, listed below are the legal holidays for 2024 as set by New Jersey and federal statutes: #* Monday, January 1- New Year’s Day #* Monday, January 15- Martin Luther King, Jr.’s Birthday #* Monday, February 19- Presidents’...