Quote:
Originally Posted by slazLA
So the IRS is in a bind trying to enforce the language of the bill Congress passed, but I agree issuing guidance when it was too late to do anything about it is infuriating.
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My friends told me that in the last few months they have gotten calls from local BMW(and Audi and Rivian too?) CAs to pay some down payments(not sure >=5% or not) and sign a purchase agreement, and some of them did pay up and sign.
So many knew about this pending change, and did something about it.
A CPA friend said he and other CPAs are advising clients to follow IRS's 5% guidance, i.e. anything less than 5%(including unlimited damage) will likely trigger audit.