myCPE
myCPE

Inflation Reduction Act: Electric Vehicle Credits - 1 Year Later 1 Credit

Oct 17, 2024, 09:30 AM ET

Inflation Reduction Act: Electric Vehicle Credits - 1 Year Later 1 Credit

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  • Access the course at your convenience
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Oct 17, 2024, 09:30 AM ET

Learning Objective

  • To review the expansion of the Clean Vehicle Tax Credit.
  • To analyze the battery requirements and the manufacturing requirements for the new Clean Vehicle Tax Credit.
  • To discuss the income phase-out of taxpayers who qualify for the Clean Vehicle Tax Credit, and the Used Clean Vehicle Tax Credit. 
  • To discuss the new Used Clean Vehicle Tax Credit, and the new Clean Commercial Vehicle Tax Credit. 
  • To know the weight requirements for the Clean Commercial Vehicle Credit.
  • To discuss the efficiency of a commercial clean vehicle.

Course Overview

The horizon of tax savings just got brighter as the clean vehicle tax credit expands its potential impact. Individual taxpayers now stand to gain up to $7,500, while business owners can drive their benefits up to a staggering $40,000. 

Limits have been taken on how many cars a company can produce and qualify for the credit (like Tesla with the previous credit). However, there are more restrictions on the manufacturing of the vehicle for it to qualify for full credit. This CE Tax Webinar will equip tax professionals with the information they need regarding expanding the clean vehicle tax credit. The information learned in this course will give participants the confidence to answer their clients' inquiries and be a reliable resource to save their clients money on their taxes using this credit.

A code section will also be provided so that if participants do not know the answer to an inquiry they will know where to research and look for updates. A resource will also be shared for participants to review in the future for an update on what cars qualify for the credit.  

During our time together the speaker will also cover the new criteria that taxpayers must meet to qualify for the credit. An introduction will also be given to the new credit for used clean vehicles. This introduction will also cover qualifications for both the taxpayer and the vehicle. 

Key topics covered in this course:

  • The original clean vehicle tax credit vs. the Inflation Reduction Act expansion
  • The two parts of the $7,500 credit
  • Battery mining requirements for the credit
  • Income thresholds for individuals claiming the credit(s)
  • The restrictions to the Used Clean Vehicle Tax Credit

Join this CPE Course, which will cover commercial clean vehicle credit. We will also examine whether these credits make sense for financial efficiency purposes.

Looking to fulfill your Enrolled Agent (EA) Continuing Education (CE) requirements? MY-CPE online Enrolled Agent CE courses are the best for you. Earn EA CE credits while enhancing your domain knowledge and expertise in diverse tax regulations and practices. Our courses are designed to provide you with the latest updates and deep insights to keep you ahead in your field. With flexible scheduling and a user-friendly platform, MY-CPE offers you a greater convenient and interactive learning experience. Join MY-CPE today and take the next step in advancing your career as an Enrolled Agent. 

Podcast Credits

Short Video Credits

On Demand Credits

Live Credits

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Add your qualification details to easily track your compliance. You can also add multiple qualifications for comprehensive coverage.

Additional Information

Credit

1

Course Level

Basic

Instructional Method

QAS Self Study
Group Internet Based

Pre-requisites

None

Advance Preparation

None

IRS APPROVED

MY-CPE LLC, 1600 Highway 6 south, suite 250, sugar land, TX, 77478

MY-CPE LLC (Sponsor Id#: GEHNZ) has entered into an agreement with the Internal Revenue Service, to meet the requirements of 31 Code of Federal Regulations, section 10.6(g), covering aintenance of attendance records, retention of program outlines, qualifications of instructors, and length of class hours. This agreement does not constitute an endorsement by the IRS as to the quality of the program or its contribution to the professional competence of the enrolled individual. Credit earned by attendees with a PTIN will be reported directly to the IRS as required of all providers. To ensure your CPE hours are reported, update your profile in My Account to include your PTIN number. Please note: IRS CE is only mandatory for EAs and ERPAs. For all other tax return preparers, CE is voluntary.

NASBA APPROVED

MY-CPE LLC, 1600 Highway 6 south, suite 250, sugar land, TX, 77478

MY-CPE LLC (Sponsor Id#: 143597) is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors.

About Instructor

Timalyn Bowens
Timalyn Bowens

Owner, Bowens Tax Solutions

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TIMALYN BOWENS is the owner and lead accountant for Bowens Tax Solutions. She is also affectionately known as “America’s favorite enrolled agent” by clients and colleagues across the U.S. 

As an enrolled agent, Timalyn is licensed by the Internal Revenue Service as a tax expert and given clearance to officially represent your case to them. 

At Bowens Tax Solutions, she spearheads a team of industry specialists with 24+ years of collective experience serving clients and getting results. 

Timalyn began her career in 2011 at a distinguished global accounting firm, where she fell in love with taxes and tax law.

“You don’t deserve to be paralyzed by tax debt. That’s why I’m on a mission to fill the tax literacy gap one taxpayer at a time. Navigating the IRS alone can be nerve-wracking. Let us help make it a pain-free process. ” 

Timalyn has been praised for her ability to teach as she works by her clients and for being knowledgeable, patient, and reliable by her peers and mentees. 

When she isn’t fighting tax debt, you can find her outside with her husband and daughter enjoying everything that nature has to offer.

On Demand FAQs

What is Self Study (QAS)?

Self Study QAS (Quality Assurance Service) is a NASBA and other regulatory bodies approved program designed for Professionals to complete their Continuing Professional Education credits through self-paced, interactive courses that meet the highest standards of quality and compliance. We are approved by NASBA, IRS, CFP Board, HRCI, SHRM, Payroll Org, FP Canada, and 25+ other regulatory bodies.

How do I earn CPE credits through self-study?

To earn CPE credits, you must complete the self-study course, pass the required assessments, and submit the necessary documentation. Credits are awarded based on the completion of course hours and successfully passing the assessments.

Are the self-study courses approved by NASBA and other regulatory bodies?

Yes, all our self-study courses are approved by NASBA, IRS, CFP Board, HRCI, SHRM, Payroll Org, FP Canada, and 25+ other regulatory bodies, ensuring they meet the rigorous standards for quality and educational content set by these organizations.

What are the requirements to maintain compliance with self-study courses?

To maintain compliance, you must follow the guidelines set by NASBA and other regulatory bodies, which include completing the course within the specified timeframe, passing the assessments, and keeping accurate records of your learning activities.

How can I access my course completion certificates?

After successfully completing a self-study course and passing the assessments, you can access and download your course completion certificates from your account dashboard on our platform. These certificates are recognized by NASBA, IRS, CFP Board, HRCI, SHRM, Payroll Org, FP Canada, and 25+ other regulatory bodies for compliance and reporting purposes.

How are credits reported to governing bodies?

We issue instant credit certificates, ensuring they are valid for presentation to governing bodies. Typically, we report IRS, CTEC, CFP, IDFP, IWI, VBOA Ethics credits within 7 days – the fastest in the industry.

Live Webinar FAQs

What is a Live Webinar Group Internet-Based Credit?

A Live Webinar Group Internet-Based Credit is an interactive, real-time online seminar where professionals can earn Continuing Education credits by participating in live sessions led by experts in various fields. These sessions meet the standards set by NASBA, IRS, CFP Board, HRCI, SHRM, Payroll Org, FP Canada, and 25+ other regulatory bodies.

How do I earn credits through live webinars?

To earn credits, you must attend the entire live webinar, actively participate in any polls or questions, and complete any required evaluations or assessments. Credits are awarded based on your attendance and participation in the live session.

Are the live webinars approved by NASBA and other regulatory bodies?

Yes, all our live webinars are approved by NASBA, IRS, CFP Board, HRCI, SHRM, Payroll Org, FP Canada, and 25+ other regulatory bodies, ensuring they meet the high standards for quality, interactivity, and educational content set by these organizations.

What are the requirements to maintain compliance with live webinar courses?

To maintain compliance, you must adhere to the guidelines set by NASBA and other regulatory bodies, which include attending the full duration of the webinar, participating in interactive elements, and completing any post-webinar evaluations or assessments.

How can I access my webinar completion certificates?

After successfully attending a live webinar and fulfilling all participation requirements, you can access and download your completion certificates from your account dashboard on our platform. These certificates are recognized by NASBA, IRS, CFP Board, HRCI, SHRM, Payroll Org, FP Canada, and 25+ other regulatory bodies for compliance and reporting purposes.

How are credits reported to governing bodies?

We issue instant credit certificates, ensuring they are valid for presentation to governing bodies. Typically, we report IRS, CTEC, CFP, IDFP, IWI, VBOA Ethics credits within 7 days – the fastest in the industry.

Ratings and Review

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KM

Kitti Mason, EA

I like how the information was presented. Following along was easy and I feel I will retain most of the information but have the handout so that I can refer back.

TRA

Thomas R Angus, CPA (US)

Great course and really enjoyed the presenter's insight! I wish this could be updated for tax year 2025 to go through the actual forms

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Inclusions
  • Multiple Credits
    Multiple Credits

    Earn continuing education credits with flexibility. Choose from live webinars, on-demand courses, e-books, or podcasts to fit your learning style and schedule.

  • Certifications & Reporting
    Certifications & Reporting

    We issue instant credit certificates, ensuring they are valid for presentation to governing bodies. Typically, we report IRS, CTEC, CFP, IDFP, IWI, VBOA Ethics credits within 7 days - fastest in the industry.

  • Credit Tracker
    Credit Tracker

    Track and manage your compliance across all 50 states and over 100 designations. Our Credit Tracker keeps your CPE credits and compliance requirements always up-to-date.

  • Certificate Vault
    Certificate Vault

    Certificate Vault to upload, manage, and access certificates earned from various sources and an integrated credit tracker, allowing users to monitor and manage their credits conveniently for compliance.

  • Compliance Reminders
    Compliance Reminders

    Stay current with our automated reminder system. Receive timely alerts for your CPE requirements, ensuring you never miss a deadline.

  • Mobile App Access
    Mobile App Access

    The myCPE Mobile App allows you to learn on the go, providing access to educational content on Android and Apple iOS devices. You can learn anytime and anywhere, making it convenient for busy schedules.

  • Live Support
    Live Support

    Our support team is available via live chat, email, and phone from 9 AM to 5 PM ET. We're here to help with any questions or issues, ensuring you have a seamless experience.

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