Mandatory Filing for $10k Cash Payments and Updated EV Federal Tax Credits
January 3, 2024
In this edition of Above the Line, we highlight two pivotal updates: the new IRS mandate for electronic filing of cash transactions over $10,000 and the latest federal tax credits available for select electric and plug-in hybrid vehicles. We translate these 2024 regulatory shifts into actionable insights for your business, ensuring you grasp their potential financial impacts and can adapt your tax planning accordingly.
As always, just contact us with any questions.
Electronic Filing Mandatory for Cash Payments Over $10,000 from Jan 1, 2024
Journal of Accountancy
As of January 1, businesses are now required to file Form 8300 electronically for cash payments over $10,000. This rule, announced in August, has now come into effect and represents a significant update in financial reporting requirements as mandated by the IRS. It's a crucial change that businesses need to be aware of to ensure compliance and avoid potential penalties.
EVs and PHEVs Eligible for Federal Tax Credits in 2024
Forbes Analysis
Forbes lists the few remaining electric and plug-in hybrid vehicles that continue to qualify for federal tax credits. The new policy sets specific price caps for tax credits on electrified vehicles: trucks, vans, and SUVs must be under $80,000, while passenger cars need to have MSRPs below $55,000. Furthermore, the tax credit is only available to households with certain income levels: $300,000 for joint filers, $225,000 for heads of households, and $150,000 for single filers.
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