As of January 1, 2024, buyers of electric (EV), plug-in hybrid (PHEV), and fuel-cell vehicles can transfer the Clean Vehicle Credit to dealerships at the time of purchase for an immediate discount. The credit is worth up to $7,500 for new vehicles and $4,000 for used vehicles, but eligibility depends on income limits and vehicle qualifications. Check eligible vehicles here: FuelEconomy.gov.

The IRS has delayed new 1099-K reporting rules that would require third-party payment processors to issue forms for transactions over $600. Instead, for 2023, the previous threshold of $20,000 and 200 transactions remains in place. In 2024, the threshold will be phased in at $5,000, with the full $600 rule postponed until at least 2025. This delay prevents confusion over non-taxable payments like personal reimbursements.