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    Utilizing the IRS ECO Portal tool
    National Auto Dealers Association (NADA)Dec 12, 2024 10:52:01 AM1 min read

    IRS ECO Tool Now Open for Time-of-Sale Reports for Any 2024 Transactions

    IRS ECO Tool Now Open for Time-of-Sale Reports for Any 2024 Transactions
    1:47

    On December 10, the IRS announced that it temporarily suspended the three-day deadline for submission of 2024 Time-of-Sale reports in the ECO portal. Dealers can now submit time-of-sale reports in the portal for any calendar year 2024 transactions of new or previously owned clean vehicles.

    PARTNER SPOTLIGHT

    The temporary suspension enables dealers who missed the regular three-day deadline, either because their portal registration remained pending or for other reasons, to submit time-of-sale reports and seek reimbursement for clean vehicle tax credits applied to their outstanding 2024 transactions.

    In its announcement, the IRS urged dealers to immediately submit their outstanding 2024 time-of-sale reports to allow sufficient time for processing before year-end. The IRS also noted that, if dealers are, in the future, unable to submit a time-of-sale report within three calendar days of the date of sale, they should nevertheless promptly submit the report and include an explanation as to the reason why they were unable to submit it by the deadline.

    Dealers are advised that all such submissions are subject to review of the attestations submitted, and, if a buyer elects to transfer the credit on a time-of-sale report submitted after the three-day deadline, dealers may be asked to provide additional documentation.

    Dealers encountering problems with submitting a time-of-sale report should follow the steps outlined in Q1 of the new IRS FAQ document. If the issue persists, dealers should send the IRS a message through the portal’s new secure messaging tool. Dealers may find guidance on how to use the new messaging tool via the IRS ECO Secure Messaging User Guide.

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    National Auto Dealers Association (NADA)

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