NADA has recently updated its website with information regarding federal and state EV credits. While the state of Iowa does not offer EV credits to its residents, Iowa dealers may have customers from other states who qualify for …
Tax credit permitted if sale is handled per usual Here’s the situation: A customer buys a new car and tells you that he’s already sold his old car to his neighbor. He asks you to take the old …
The Internal Revenue Service issued a revenue procedure that provides simplified methods for determining the value of demo used and the amount, if any, to be included in income. It specifically provides simplified methods for determining: The full exclusion …
In 1998, the Internal Revenue Service said that without written records to substantiate business and personal use, the use of demos, even by salespeople, was not excludable from income as a working condition fringe benefit. NADA asked the …
With the county registration system, it is easy for the Department of Revenue to follow up on titled vehicles when a use tax exemption has been claimed. When dealers put county plates on a vehicle, there are two …
If a dealer delivers a vehicle to a resident American Indian on a reservation and at a later time the resident American Indian registers the vehicle at a county treasurer’s office, no tax is due since the delivery …
Parts and Supplies Purchased for Resale The rules on when the dealer pays sales tax on parts and supplies and when the customer pays sales tax on the same parts and supplies are complicated. However, the general rules …
This policy statement is designed for use by dealers that wish to adopt the partial exclusion methods of accounting for use of demonstrator vehicles provided to full-time automobile salespeople. Material in italics explains how to use the policy …
This policy statement is designed for use by dealers that wish to adopt the out/in or full exclusion methods of accounting for use of demonstrator vehicles provided to full-time automobile salespeople. It may also be used to explain …
There is a special procedure for the lease of motor vehicles subject to registration with a gross vehicle weight rating of less than 16,000 pounds, not including motorcycles and motorized bicycles, when actually leased for 12 months or …
GAP (Guaranteed Asset Protection) and GAP Waiver are forms of debt cancellation coverage that protect consumers when the insurer pays less for a totaled or stolen vehicle than the balance remaining on the account. The federal administrative rule, …