Search Results for keywords:"qualified nonpersonal use vehicles"

Found 2 results

Search Results: keywords:"qualified nonpersonal use vehicles"

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  • 2024-30280 — Substantiation Requirements and Qualified Nonpersonal Use Vehicles; Correction
    Type:Proposed Rule
    Citation:89 FR 104468
    Reading Time:about 2 minutes

    The Internal Revenue Service (IRS) and the Treasury Department have issued a correction to a previously proposed rule about the definition of qualified nonpersonal use vehicles. The correction pertains to the contact information of a person named Stephanie Caden, which was published in the Federal Register on December 3, 2024. Interested parties can send comments or request a public hearing by March 3, 2025. Comments can be submitted electronically through the Federal eRulemaking Portal or sent via mail to the IRS.

    Simple Explanation

    The IRS and Treasury Department made a small correction to a previous announcement about which vehicles businesses can use and not count for personal driving. They fixed a mistake about who to contact for questions, and people have until March 3, 2025, to share their thoughts or ask for a meeting.

  • 2024-28040 — Substantiation Requirements and Qualified Nonpersonal Use Vehicles
    💰
    Type:Proposed Rule
    Citation:89 FR 95727
    Reading Time:about 22 minutes

    The Treasury Department and the IRS are proposing new rules that would define certain unmarked vehicles used by firefighters, rescue squads, and ambulance crews as "qualified nonpersonal use vehicles." This change is intended to exempt these vehicles from substantiation requirements usually needed to justify business-related vehicle expenses for tax purposes. The rules aim to provide similar tax treatment for emergency responders as currently granted to law enforcement using unmarked vehicles, considering the vehicles are minimally used for personal purposes. The proposed regulations welcome public comments and will apply to tax years beginning after the final rules are published.

    Simple Explanation

    The government wants to make a new rule that lets certain secret-looking cars used by firefighters and ambulance workers skip the extra paperwork that cars need to prove they're being used for work. They think this will help these heroes do their jobs without worrying about extra rules.