IRS: EV Credit Fraud Costing Millions

Electric Windmills at Dawn

According to research conducted by Forbes magazine and the Treasury Inspector General, potentially $100 million in EV credits were wrongfully claimed since 2013. The Service publishes a list of allowable vehicles that are eligible for credit. In general, the credit is limited to plug in electric vehicles, and is subject to a phase out. Forbes found that on audit 7 – 20% of taxpayers make erroneous claims that their vehicles qualify, when they do not. At $7,500 per vehicle credit. this adds up quickly. Read more about it HERE.

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