skip to main content

New Tax Rules May Spark Business Switch to EVs

New Tax Rules May Spark Business Switch to EVs

A wave of new tax rules and incentives are starting in 2023 as older provisions begin expiring of scaling down. While some of these focus on the new push for electric vehicles, business owners should also take advantage of the payroll tax credit.

According to senior manager Tom Sena, any business that didn’t evaluate eligibility for the Employee Retention Credit, a refundable payroll tax credit that can be up to $26,000 per employee, still can amend and claim the credit for certain tax years. “Generally the period of limitations to claim and file an amended return starts to expire three years from the date the quarterly payroll tax return was filed,” he said.

Even then, businesses could have up until April 15 of the following year to file. This means if a business met the eligibility criteria and qualified wages were paid during March 2020 to September 2021, they could still be eligible for the credit, Sena said. This makes April 15, 2024, and April 15, 2025, key dates for business owners looking to file an amended return for the credit.


Read the full article published by Newsday.

Have a question?

Fill out the form to speak with Tom

Hide Firm Disclaimer


UHY LLP is a licensed independent CPA firm that performs attest services in an alternative practice structure with UHY Advisors, Inc., and its subsidiary entities. UHY Advisors, Inc.’s subsidiaries, including UHY Consulting, Inc., provide tax and business consulting services through wholly owned subsidiary entities that operate under the name of “UHY Advisors” and “UHY Consulting”. UHY Advisors, Inc., and its subsidiary entities are not licensed CPA firms. UHY LLP, UHY Advisors, Inc. and UHY Consulting are U.S. members of Urbach Hacker Young International Limited, a UK company, and form part of the international UHY network of legally independent accounting and consulting firms. “UHY” is the brand name for the UHY international network. Any services described herein are provided by UHY LLP, UHY Advisors and/or UHY Consulting (as the case may be) and not by UHY or any other member firm of UHY. Neither UHY nor any member of UHY has any liability for services provided by other members.

On this website, (i) the term "our firm", "we" and terms of similar import, denote the alternative practice structure conducted by UHY LLP and UHY Advisors, Inc. and its subsidiary entities, and (ii) the term "UHYI" denotes the UHY international network, in each case as more fully described in the preceding paragraph.