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Tax Credit dopped to $2500???

I just learned from my accountant a last minute drop in tax code this month put the tax credit 2013 to $2500 from $7500 limit. I was counting on 2013 being $7500 credit. If this is true there are going to be a lot of upset Tesla owners.
Could this be true?
Jack

You might look into getting a better accountant.

Simple Google search does not verify this at all. Everything still says its $7500 for individuals.

You need a new accountant. Fire him.

Already discussed.
http://www.teslamotors.com/forum/forums/7500-tax-credit

You need a new tax guy.

See

http://www.irs.gov/Businesses/Plug-In-Electric-Vehicle-Credit-(IRC-30-and-IRC-30D)

dated Jan 6, 2014

Bob

dr.jacks, the answer to your question is no. However, it is really a silly question. Why would you listen to a person that has no understanding of the tax code?

#fail

Why do some of you assume the accountant is a male?

Holy crap. Where was this accountant's last job, McDonald's?

That was the same person who set up the Madoff pyramid scheme...

After the working the night shift at McDonald's.

I think my TurboTax is doing a better job than your accountant.

Is TurboTax male or female? ;-)

Exactly, TurboTax. The more things you learn to do on your own without paying an "expert," the better.

@Velo1 because most accountants are male?

And why do some of you assume the use of "him" isn't generic?

Transgender ?

Wanna buy some land?

Or a bridge?

You accountant may be confusing the state rebate with the federal tax credit.

Perhaps he (or she) is an IRS double agent.

http://www.irs.gov/Businesses/Plug-In-Electric-Vehicle-Credit-(IRC-30-and-IRC-30D)

It does concern me that Tesla does not appear to be reporting manufacturing numbers. If you wade thru all this it states IRS approval can be withdrawn if they don't report. The tax credit only applies to the first 200,000 cars sold then it phases out.

They don't appear to be complying with the reporting.

http://www.irs.gov/Businesses/IRC-30D-%E2%80%93-Plug-In-Electric-Drive-M...

I hate it when page links truncate.

http://www.irs.gov/Businesses/Qualified-Vehicles-Acquired-after-12-31-2009

Open this then select the Tesla link.

(2) Failure to Make Timely Quarterly Report. If a manufacturer (or, in the case of a foreign vehicle manufacturer, its domestic distributor) fails to make a quarterly report in accordance with section 5.05 of this notice and at the time specified in section 6.02 of this notice, the acknowledgment letter issued under section 5.04 of this notice may be withdrawn, and purchasers will not be entitled to rely on the related certification for quarters beginning after the date on which the Service publishes an announcement of the withdrawal (generally, quarters beginning after the due date of the report). If the quarterly report is filed subsequently, the Service may reissue the acknowledgment letter and retract the withdrawal announcement.

The neighborhood electric vehicle credit was $2500. That's the credit Luddite accountants know about. Unfortunately that includes my accountant.

Fire him. No matter his gender.
Read line 15 on form 8936. Plain as day if you actually read the whole paragraph.

@ Roamer - It isn't possible that IRS simply left Tesla off that table due to an oversight? That seems far more likely than Tesla not reporting numbers and violating an IRS rule. Tesla reports quarterly production in all of its quarterly reports, there is no reason Tesla would withhold this information from IRS.

Didn't mean to ruffle feathers asking why assume the accountant is a male. Mine is female and she made the same mistake on both my Fed and Colorado State returns for 2012. It was only through this forum did I gain information the educate her on this car and the tax credits, practically doing her job I paid her to do.

Tesla reports quarterly, which is what the requirement says. Other car companies report monthly, not required.

@velo1, if you have to educate the accountant, you are paying too much.

@DTsea - that's what I told her! But frankly, the biggest issue was with the State of CO, which was granted some Model S owners the tax credit and denying others. The Sate was still trying to figure it out, but the forums help me put my hands on the exact forms and my return with the State was accepted.

I would normally think of finding a new accountant, but her philosophy on taxes is the same as mine - If you have not been audited, then you are paying too much.

@dr.jacks.tesla - Is this in California? If your accountant has never dealt with EVs before, it's possible he's confusing the CARB clean air vehicle rebate (which is $2,500) with the federal $7,500 tax credit.


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