This four-hour course addresses the various tax issues flowing from the “Clean Car Tax Credit” that affects prospective clean vehicle purchasers, current vehicle owners, car dealers who sell and lease these vehicles..
The Inflation Reduction Act of 2022 made numerous changes to the tax credits provided for qualified plug-in electric drive motor vehicles. Various publications and alerts have set forth general advanced information that have created some misconceptions regarding the various rules about the tax credit. Beyond the general guidelines, there are multiple complex limitations, qualifications, restrictions, etc. that prospective buyers, clean vehicle owners, clean car vehicle dealerships and tax preparers may not fully understand.
This course will provide clarification of the rules relating to the credit and produce better informed buyers and current owners and car dealerships and tax practitioners that will enhance the quality of service they provide to their customers and clients. Our panel will also identify the areas that seem to be unclear, in light of IRS guidance to date.
- Practitioner’s guide to calculating the amount of the credit.
- Information required relating to the type of vehicle.
- Facts, circumstances, and the type of vehicle determine the credit.
- How the “non-refundable” credit is claimed and documented.
- Preparation of IRS Form 8936.
Prospective clean vehicle purchasers, current vehicle owners, car dealers who sell and lease these vehicles. CPAs and tax preparers who represent clients considering these vehicle purchases or who are asked to prepare federal income tax returns for purchasers.
Learn about “Clean Vehicle Credit”. Get an overview of rules and tax planning.
James Smith, BPN Inc
James A. Smith, CPA, serves as Managing Director of Smith, Jackson, Boyer & Bovard, PLLC, a Dallas based, full service Certified Public Accounting firm. Mr. Smith began his career with a major international accounting firm where he served in both the audit and tax divisions. Mr. Smith has appeared as a featured commentator on all four Dallas/Ft. Worth network news stations, including three and one-half years as a featured business commentator on KXAS, TV5; on the TSCPA “CPAs on Call” state wide tax television program; and on various radio news programs. He has conducted seminars on tax and financial planning for the Dallas Chapter of the TSCPA and stock brokerage firms and life insurance companies, and on marketing and practice management for the TSCPA, the North Carolina Association of CPAs, the Arkansas Society of CPAs, the Pennsylvania Institute of CPAs, and the American Institute of CPAs. Mr. Smith served as Chair of the Texas Society of CPAs (TSCPA) for the 2007-2008 year, and as a member of its Executive Board and its Board of Directors. He is currently serving a three year term as an elected member of the American Institute of CPAs (AICPA) Council and is an appointed member of the AICPA Accounting and Review Services Committee. In recognition of his service, Mr. Smith has been named by the TSCPA as Outstanding Steering Committee Chairman for the year 1999-2000, Outstanding Committee Chairman for the year 1995-1996, and Outstanding Committee Member for the Year 1992-1993 and 1995-96. The Dallas Chapter of the TSCPA also named him CPA of the Year for 1999-2000. Mr. Smith is a Certified Public Accountant in the state of Texas and is a graduate of Southern Methodist University with a BBA in Accounting and Economics.
Non-Member Price $159.00
Member Price $129.00